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Press Releases

Pawnshop ticket with triple digit interest

Pawnbrokers and Their Lobbyists Win at the Expense of Illinois Consumers

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...

January 11, 2023 at 11:41 am read more
Faith leaders at podium with flags and blue curtain behind them

Religious Leaders Condemn Predatory Pawn Loans Over the Holidays

Faith leaders held a press conference December 23 to caution consumers about turning to predatory loans over the holidays.

December 23, 2022 at 3:29 pm read more
close pawn broker loophole fact sheet excerpt

Making Loans at 240% APR and Higher, Pawn Brokers Preying on Illinois Military Families   

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...

November 3, 2022 at 1:29 pm read more
Payday loan neon sign. Predatory Lending.

Predatory Lenders’ Predictions of Gloom-and-Doom Fail to Materialize as Consumers Embrace Illinois’s Interest Rate Cap

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...

September 28, 2022 at 8:39 am read more
PLPA Birthday news conference in Springfield-Rep Harper

297% Interest Rates and Payday Lending a Thing of The Past Thanks to The Predatory Loan Prevention Act, Signed Into Law One Year Ago Today

In just one year, Illinois consumers have saved over $200 million in fees for high-cost loans, and families in underserved communities are finding safer alternatives for accessing cash

March 23, 2022 at 12:54 pm read more
Payday loan shop storefront - with CLOSED sign

Illinois consumers find affordable alternatives to predatory loans: survey

Capping payday loan interest rates worked, allowing more wealth to stay in communities as consumers find new sources of fast cash.

February 26, 2022 at 1:25 pm read more
a bulldog against a backdrop of cages

Predatory Loans for Puppies in Illinois Must be Stopped

A new report describes how TAB Bank helps predatory lender EasyPay make high-interest puppy loans. Woodstock Institute is teaming up with national consumer and animal welfare advocates to launch a campaign to stop TAB Bank from helping EasyPay gouge...

February 14, 2022 at 10:57 pm read more
FDIC Logo

Advocates Call for FDIC, under New Leadership, to Stop Banks from Fronting for Predatory Lenders

Letter Identifies Six Out-of-State “Rogue Banks” that Enable Predatory Lenders to charge 100%+ Interest in States with Rate Caps

February 4, 2022 at 9:44 am read more
smiling and frowning plush faces in front of naughty or nice sign

Who’s Been Naughty & Nice in 2021

Santa isn’t the only one keeping a list and checking it twice this year--to recognize both good and bad actions in the area of financial services in 2021, we're releasing our first annual “Naughty & Nice List.”

December 21, 2021 at 10:25 am read more
oportun-logo

Woodstock Challenges Other Lenders to Follow Oportun

Oportun Extends Credits and Refunds to Over 3,600 Illinois Borrowers, Woodstock Institute Challenges Other Lenders to Take Similar Action FOR IMMEDIATE RELEASE: November 18, 2021 PRESS CONTACT: Jane Doyle, jdoyle@woodstockinst.org, 708-527-7568 Beginning October 29 of this year, Oportun, one...

November 18, 2021 at 8:50 am read more
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