From previous Predatory Financing Prevention Act (PLPA), and therefore imposes a beneficial 36% Annual percentage rate cap to your rates to have consumer fund lower than $forty,one hundred thousand, Illinois joins 18 almost every other claims and also the Region off Columbia in the capping interest rates with the consumer financing at the thirty six% or smaller. The fresh PLPA covers payday loan, automobile title financing, and fees loans, and you can border unlock-avoid personal lines of credit and you can signed-prevent fund. The brand new PLPA try modeled to your federal Army Financing Act (MLA) and you can is based on meanings centered from the MLA. Such as the MLA, the brand new PLPA takes an enthusiastic “all-in” way of figuring Apr.