Using data for the last quarter of 2020 and first three quarters of 2021, the study examined the effects of the 36% rate cap imposed by the Illinois Predatory Loan Prevention Act which became effective in March 2021. The study found that the cap significantly decreased the availability of small-dollar credit in Illinois. We first discuss the types of loans affected by the rate cap, the users of such loans, and the data sets used to study the cap’s effects. We then discuss the study’s results, the authors’ response to criticism of the study, and the issues raised by a potential national rate cap.
Alan Kaplinsky, Senior Counsel in Ballard Spahr’s Consumer Financial Services Group, hosts the conversation.
View all episodes
By Ballard Spahr LLP
4.9
4545 ratings
Using data for the last quarter of 2020 and first three quarters of 2021, the study examined the effects of the 36% rate cap imposed by the Illinois Predatory Loan Prevention Act which became effective in March 2021. The study found that the cap significantly decreased the availability of small-dollar credit in Illinois. We first discuss the types of loans affected by the rate cap, the users of such loans, and the data sets used to study the cap’s effects. We then discuss the study’s results, the authors’ response to criticism of the study, and the issues raised by a potential national rate cap.
Alan Kaplinsky, Senior Counsel in Ballard Spahr’s Consumer Financial Services Group, hosts the conversation.
9,159 Listeners
8,486 Listeners
8,652 Listeners
359 Listeners
30,672 Listeners
32,087 Listeners
6,275 Listeners
25,791 Listeners
110,759 Listeners
1,458 Listeners
10,143 Listeners
16,072 Listeners
15,481 Listeners
9 Listeners
13 Listeners