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“No one wants to give so you can a person that have $100,100000 from inside the college loans, so it was very difficult for me to locate a classic financing,” Warren told you.

The loan came with a yearly interest rate out of 197%. One to ballooned this lady very first $step 1,250 loan for the a complete commission away from $step three,eight hundred you to definitely she reduced very early a week ago. Got she not over that, it might possess pricing this lady various other $2,one hundred thousand.

South-side condition Sen. Jacqueline Collins co-sponsored the latest Illinois Predatory Credit Protection Operate, which would cap annual rates to your quick-title money within thirty six%. Read more