Illinois Cash Advance Stores Sold Due To The New Laws

Illinois cash advance stores

American cash advance lenders offering fast cash loans which help to cover a consumer’s expenses till the next payday are now seriously hurt by the new laws implemented by most of states. Well, Illinois cash advance is not an exception. In fact, they limit the interest rates which can be charged on payday advance loans.

IL Cash Advance Lenders Leave The State

According to the reports performed by Reuters, some cash advance lending companies have already pared down their operations due to the increased regulation of their major business. Some of Illinois cash advance stores, for instance, were sold before the enacting of the new laws which will definitely make the business less profitable. Following the statements of the business owners, such disposition give them the opportunity to get out of the state market avoiding the expense associated with the law’s compliance. Besides, the selling price for the ten cash advance loan stores can comprise up to $19.7 million.

Expansion Of Pawn Operations

However, now some of US cash advance lenders try to expand their pawn operations in order to make their income increase. According to the latest reports, a chain of retail pawn stores were already purchased by one of the largest provider of cash advance loans in Missouri and Indiana. Actually, such changes can become absolutely natural for cash advance lenders in Illinois who have already sold their stores.

So, on one hand, Illinois lawmakers protected consumers limiting the interest rates, though, on the other hand, a lot of people have lost their jobs due to the closing of some cash advance stores. Then, what is better: keep consumers from loading into debt, they do of their own free will, or leave people with no source of income?