Business News
Miller after Illinois rate caps introduction: ‘Fewer loans and fewer dollars lent to borrowers with credit scores below 600’
Following the implementation of a 35% all-in rate cap in Illinois, a study co-authored by Mississippi State University Professor of Finance Tom Miller Jr. sheds light on the adverse effects experienced by subprime borrowers.
Rate cap analyst Sheffield: ‘We have no idea what type of exploitative practices have expanded in the wake of this poorly-designed rate cap bill’
The debate over the efficacy of rate cap laws in the lending industry has intensified, with conflicting perspectives emerging on their impact on unbanked individuals.