April 19, 2018 / 11:59 PM / a year ago

Illinois AG accuses pension advance company of illegal lending

Illinois Attorney General Lisa Madigan has sued Future Income Payments, a Nevada company that offers cash advances in exchange for pension benefits, saying its products are actually loans with illegally high interest rates.

Filed on Wednesday in Sangamon County state court, the lawsuit said the company’s “predatory lending scheme” is exploiting vulnerable consumers, hitting them with hidden finance charges of up to 200 percent. Many consumers end up paying tens of thousands of dollars more to the company than they receive in a cash advance, the lawsuit said.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2qMbL0k

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