Sharks don’t like shark cages; Online lending industry resists regulation

by Bruce Rushton

A bill to regulate online lenders that target small businesses with loans that can carry more than 100-percent annual interest rates is moving, albeit slowly, through the Illinois General Assembly.

...Brent Adams, a lobbyist for the Woodstock Institute in Chicago that does research on fair lending practices, said that he’s not surprised by opposition to the bill.

“We have observed that some of these alternative lenders offer loans on terms that we would consider predatory,” Adams said. “Whenever you take a financial system and seek to implement major reforms, you’re going to get some objections."

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