As we are dealing with these unprecedented and trying times, many people are being faced with great financial uncertainty. Some of the biggest financial concerns relate to having outstanding loans. Here are some things to be aware of if you have outstanding loans or you’re planning to borrow a payday, title, installment or auto loan:
- As of March 26, Illinois has suspended the repossession of vehicles. This Executive Order was issued by Governor J.B. Pritzker and is currently in effect until April 30. During this time your car will not be repossessed.
- If a lender decides to close its doors for health reasons, they will have to give notice to the Illinois Department of Financial and Professional Regulation (IDFPR). They must also provide reasonable ways to ensure that borrowers can make payments and avoid delinquency.
- During this time, it is absolutely essential that consumers search for the most affordable loans possible. Always take into account and consider the advertised Annual Percentage Rate (APR) and any other loan costs.
- The IDFPR is requiring its lenders to work with borrowers and consumers in offering and providing forbearance on payments without interest.
- If for any reason you are experiencing or having trouble with a lender, you can file a complaint. You can do so by contacting the following:
- Contact IDFPR at http://www.idfpr.com/DFI/DFIComplaintForm.asp
- Contact the Illinois Attorney General’s Office at https://illinoisattorneygeneral.gov/consumers/filecomplaint.html
- Contact the Consumer Financial Protection Bureau at https://www.consumerfinance.gov/complaint/