Loans produced by an unlicensed lender—like ZocaLoans—to an Illinois resident at an curiosity amount bigger than nine p.c also violate the Illinois Interest Act, which enables a consumer to Recuperate statutory damages of twice the interest contracted for—a significant penalty.
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Due to the MLA, payday along with other higher-cost lenders regularly don&rsqu
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Lawsuits and controversies: Tread frivolously When contemplating an app that’s been involved with a lawsuit. Although not a ensure, a lawsuit could issue toward predatory lending.
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