“‘Giving a person a high-cost loan for a problem is like throwing a brick at a drowning person,’ says Brent Adams, senior vice president for the Woodstock Institute, who was a co-author of the report and says predatory loans are part of a financial ecosystem that particularly hurts minorities and low-income people.

In 2019, Illinois consumers paid $607.4 million in interest and fees — fourth-highest in the nation — on more than 1 million payday loans, installment payday loans, auto-title loans and small consumer loans, the Woodstock Institute found. In 2022, a year after the predatory loan act took effect, borrowers took out 105 of those loans, and the fees totaled $1,279.”