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20 million predatory loans drained over $2.4 billion from consumers

Summary by The Chicago Crusader

CRL update documents surge in online lending despite state reforms New research from the Center for Responsible Lending (CRL) finds that in just one year – 2022 – cash-strapped borrowers took out over 20 million predatory loans totaling nearly $8.6 billion. The triple-digit annual percentage rates (APRs) and high costs attached to these loans – […]

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The Chicago Crusader

20 million predatory loans drained over $2.4 billion from consumers

CRL update documents surge in online lending despite state reforms New research from the Center for Responsible Lending (CRL) finds that in just one year – 2022 – cash-strapped borrowers took out over 20 million predatory loans totaling nearly $8.6 billion. The triple-digit annual percentage rates (APRs) and high costs attached to these loans – […]

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The Chicago Crusader broke the news in 2 days ago on Friday, February 21, 2025.

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