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...
WeProsper is a new partnership - and new site at weprosperil.org - dedicated to educating lawmakers and the public about predatory financial practices that strip wealth from communities, with a special focus on lower-income communities and communities of color....
Consumer advocates say the law protects car buyers by making the true cost of their auto loans more clear, and could pressure lenders to offer more favorable terms. The law does not apply to loans from banks, but does...
Illinois’ 36% APR cap on personal loans took effect March 23, the day Governor Pritzker signed the Predatory Loan Prevention Act. “Within days, we saw an increase in Illinois’ daily application volume of about 70%," says Andy Posner, CEO...
Rule Threatened to Re-Open the Doors to 200% APR Loans in Illinois FOR IMMEDIATE RELEASE: June 24, 2021 CONTACTS: Brent Adams, badams@woodstockinst.org, 773-844-5544 Jane Doyle, jdoyle@woodstockinst.org, 708-527-7568 CHICAGO: Consumer advocates are applauding Congress’s 218-208 vote today to repeal the...
Predatory loans can set-off a debt spiral and can lead to overdraft fees, loss of a bank account, bankruptcy, and even poor health. Before turning to a loan, consider some of these strategies to cut expenses and boost income....
Regulation Threatens to Undermine Illinois’s New 36% Rate Cap FOR IMMEDIATE RELEASE: May 12, 2021 CONTACT: Jane Doyle, 312-368-0310 ext. 2022, jdoyle@woodstockinst.org CHICAGO: Consumer advocates are applauding the United States Senate’s vote last night to repeal the so-called “true...
The Predatory Loan Prevention Act coalition created a fact sheet in support of Illinois’s new 36% interest rate cap on consumer loans. More than 140 supporters have signed on to the fact sheet, including lenders, government and elected officials,...
The PLPA established a 36% APR cap on consumer loans in Illinois. Two bills recently filed in Springfield, SB 2306 and HB 3192 would throw a loophole into the Predatory Loan Prevention Act (PLPA) by redefining how APR is...
The Predatory Loan Prevention Act (SB1792 - PLPA), signed into law by Governor Pritzker today, marks a significant milestone for economic equity in Illinois and potentially sets the stage for other states to follow. Years in the making, advocates—including...