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Store’s Finance Charges — Is There No Limit?

Question:  Is there a limit on the finance charges that a store can charge? Answer:  In Illinois, there is a limit to the finance charges that can be added to the price of goods purchased on an installment plan. The finance charge must be disclosed on the contract. Any charge in excess of the limit is illegal, and the contract may be canceled at the buyer’s option. A lawyer can provide you with information about the limit on finances and can provide the advice to keep from entering into an unfavorable contract.