State issues Illinois Trends Report on short-term lending

[February 15, 2013]  CHICAGO -- The Illinois Department of Financial and Professional Regulation has released a Trends Report prepared by the vendor that manages the database of all loan transactions for Illinois families who use payday loans, short-term consumer loans, title loans and other consumer loan options.

The report, released Wednesday, is the first comprehensive look at Illinois borrowing patterns since the summer of 2011, when legislation expanded the existing statewide database that tracks payday loans to also track consumer installment loans.

The report provides historical data on the number of borrowers, the average loan and interest amounts, and the number of loans in specific categories.

The new report is posted at www.idfpr.com.

[Text from Illinois Department of Financial and Professional Regulation file received from the Illinois Office of Communication and Information]