Pay Day Cash Advance - Don't Let Stupid Mistakes Haunt You

Those searching to take out a pay day cash advance in Illinois might run into a difficult time this year. Since part of a bunch of brand new legislation directed to solve budget failure issues, the Illinois General Assembly passed on a new law in an effort to curb payday lending and fill up a few of the perceived holes in previous payday lending legislation. A new bill was also enacted to be able to lessen the troublesome amount of salary theft, which is on the rise in the government. These new regulations over Illinois cash advances seem to be a part of a recently available trend, as other states are too passing laws trying to help restrain payday loans.

The completely new cash advance law in Illinois, HB 537, gone through the two houses of the legislature unanimously and reins in to lenders in many ways. For starters, they will be prevented from asking more than 99 percent interest. This is seen as a big difference, although payday loan interest amount is often calculated fairly deceptively. Also, payday loans direct lenders only amounts will end up being set at revenue level, and equal monthly payment payday advance payments will be required as well. Though these changes are not really particularly radical, they definitely will affect both companies and consumers in various ways.

SB 3568 Strives to Control Increasing Wage Theft

Furthermore to the most recent cash advance legislation, the Illinois General Assembly also enacted a new bill, SB 3568, which could make it simpler for workers to be able to report wage theft of $3000 or less. Last year, there has been over 10000 reported cases of salary theft, and since this is certainly such a major problem that absolutely adds to higher cash advance, the bill is predicted to help solve predatory cycles. It is estimated at the moment that employers across the state owe far more than $7 million. To prevent this number from skyrocketing further, the bill will in addition make it a felony for a company to be able to owe $500 or more in back earnings.

Payday Loan Alternatives in the Wake of Illinois’ New Laws

In the wake of Illinois’ brand new payday lending legislation, residents in Peoria or Chicago looking to take out a payday loan may find it harder, though not impossible, to do so. For those in other states, nevertheless, it would definitely not be surprising to find new payday lending legislation cropping up across the nation, so if you can be in need of a cash loan, you should look into your own state’s laws and regulations and watch out for different developments in state legislation.