SPRINGFIELD, ILL - The continuing battle of payday loans has begun to escalate once again.
As an industry with annual interest rates creeping into the 400 percent range, legislators are looking to pass a bill that will cap annual interest rates statewide.

The new bill would not only cap the small consumer loans, but it would eliminate the fees that most lenders are currently charging.

Payday loan owners argue this point by stating that capping a short-term loan would be similar to capping the price on a cup of coffee or limiting hotel nightly fees.

President of PLS Financial Services Inc., Bob Wolfberg, believes there are two different types of loans. "For longer term debt there's certain types of debt that's better," he said, "and for shorter term debt there's certain types of debt that's better."

PLS will be working with the Illinois Department of Financial Institutions very closely during this process and hopes to have their concerns heard.

This bill would not affect the litigation finance industry, who's annual percentage rate is closer to the 50-60 percent range.

Advance Case Loans, which is a licensed litigation financing institution, offers a strictly fixed rate loan with no compounding of interest. This program helps individuals in the midst of a legal dispute that involves being involved in a car accident, slip and fall or injured at work.

If you can't pay your bills and are in the middle of a lawsuit it is much, MUCH more affordable to go to Advance Case Loans than to go to a payday loan store.