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Illinois has joined the growing number of states that have restricted high-cost payday loans, but it’s taken a different path to get there: state house. Illinois Governor JB Pritzker (D) signed a law on March 23 that caps interest rates on payday loans, auto title loans and installment loans at 36%. Similar efforts in other …

An invoice addressed to Tennessee Gov. Bill Lee’s office allows some lenders to increase service and maintenance fees and add additional closing costs on some fixed installment loans. Credit: Adobe Stock Low-income borrowers will be disproportionately burdened by a bill passed by the Tennessee Senate on Monday, critics said, that will increase the fees lenders …

Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners. The idea that your student loans have little impact on your credit score is a common myth. The two accounts that regularly …

But Senator Justin Wayne of Omaha argued that the proposal would allow installment lenders to prey on people without good credit records. He pointed out that no consumer had come to ask for the change. The only witness supporting the bill was OneMain Financial, a company offering installment loans. Other critics include Senator Carol Blood …