13 Jul Illinois alleges in suit an illegal predatory lending scheme

Published by The Associated Press
Posted Apr. 20th, 2:49PM
By Associated Press

CHICAGO (AP) — Attorney General Lisa Madigan’s office is suing a company for what it says is an illegal predatory lending scheme that targeted the retirement benefits of Illinois residents.

Madigan’s office says in a news release that Nevada-based Future Income Payments LLC made installment loans without a license and tried to disguise them as “pension sales.”

The release also says the company charges extremely high finance charges, meaning people pay the company thousands of dollars more than they were loaned.

The company did not return telephone calls for comment.

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