Illinois attorney general Lisa Madigan has accused payday lender All Credit Lenders of misleading borrowers and skirting the state's usury laws. In a lawsuit against All Credit Lenders, Madigan contends the company deceived borrowers into buying a product pitched as a way to protect them from falling behind on payments in the event of a job loss. But those protections never materialize, the lawsuit said. In fact, the fee is designed to raise interest rates and circumvent the state’s usury cap of 36 percent. The lawsuit referred to the loans as "cash incinerators" with minimum payments that cover only the interest and the mandatory maintenance fee charged each month. “This is one of the more egregious products I have come across,” Madigan said.