Pawnbrokers and their lobbyists stopped the Illinois General Assembly from passing legislation that would have made it illegal for pawn shops to charge triple-digit interest rates on consumer loans, despite the passage of the 2021 Predatory Loan Prevention Act...
Households that do not have a bank account are nearly five times as likely to be pawnshop borrowers as households with a bank account. Over 80% of pawnshop loan borrowers are unbanked, which is one reason consumers turn to...
Faith leaders held a press conference December 23 to caution consumers about turning to predatory loans over the holidays.
Reprinted from Nov. 16 Chicago Sun-Times letters to the Editor Friday was Veterans Day, when we honor and recognize veterans for their sacrifice of blood sweat and tears in service to our country. In Illinois, though, one way veterans...
Download our latest Close the Pawn Broker Loophole Fact Sheet and read the release for a November 30 news conference. The release highlights progress in Springfield toward capping pawn broker rates and fees at 36% under the Predatory Loan...
For Immediate Release: September 27, 2022 Contact: Brent Adams | 773-844-5544 Jane Doyle | 708-527-7568 Predatory Lenders’ Predictions of Gloom-and-Doom Fail to Materialize as Consumers Embrace Illinois’s Interest Rate Cap ILLINOIS – To test predatory lenders’ claims about the...
We’ve launched a 3-month campaign that leverages multiple media streams to direct consumers to the resources available at WeProsperIL.org, prompting them to share their story and inviting them to join the advocacy network.
Capping payday loan interest rates worked, allowing more wealth to stay in communities as consumers find new sources of fast cash.
Raul Raymundo and TRP’s Director of Financial Wellness Lizette Carretero joined U.S. Rep. Chuy García, D-Ill. and the Woodstock Institute team in briefing 50 Latino legislative and community leaders Monday about prospects for a national 36% APR cap, affordable...
With the start of a new year, we decided to look back on the impact of the 36% interest rate cap set by the Predatory Loan Prevention Act (PLPA) on Illinoisans in 2021. The bottom line is that the...