CHICAGO (WBBM NEWSRADIO) — The Illinois Department of Financial and Professional Regulation has released its annual Consumer Lending Trends Report, which showed a decrease of more than 40% across reported loans in 2020 compared to 2019.
The report tracked trends in the consumer lending marketplace, including how many loans are made, the type of loans, the amount of the loans, the income of those taking out the loans, and how many of the loans default.
State officials said the report reflects the significant impact of the COVID-19 pandemic on consumer lending in 2020.
The decrease was evident across all reported loan types including payday loans, title secured loans, and small consumer loans.
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