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CHICAGO (AP) -- A new state law caps interest rates on loans from storefront lenders.

But Illinois Attorney General Lisa Madigan is still warning consumers to only resort to these kinds of loans as a last resort because they still have expensive interest charges.

Gov. Pat Quinn signed the law that caps rates on consumer installment loans that officials say have carried interest rates as high as 1,000 percent.

When the law goes into effect in January, rates on those kinds of loans will be capped at 99 percent for loans of $4,000 or less and 36 percent for loans greater than $4,000.

The law also makes lending for these loans based on a borrower's income.

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