Consumer advocates suspect Opportunity Financial, or OppFi, is fighting back against the limit of 36% on loan interest, but the company isn’t discussing its lobbying aims.
Published May 12, 2021 •
Updated on May 12, 2021 at 7:01 am
SHUTTERSTOCK
Illinois state regulators have released answers to frequently asked questions about payday-type loans after new restrictions took effect this spring. Don t miss local breaking news and weather! Download our mobile app for iOS or Android and sign up for alerts.
That legislation signed into law by Gov. J.B. Pritzker on March 23 prohibits loans with an annual percentage rate of more than 36%. Loans covered by the law but taken before March 23 are void and lenders may not attempt to collect any part of it.
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