Small Dollar Solutions is an effort from Woodstock Institute and the Corporate Coalition of Chicago to connect struggling Illinoisans with safe and affordable short-term loans to address cash shortfalls.
For too long, the predatory lending industry has profited off households’ financial precarity. Although Illinois’s capping of consumer loans at 36% (down from an average of 297% APR for payday loans) was a critical step forward, many households still have a need for quick access to cash, especially when bills are due before their next paycheck.
We’re excited to share that in 2026, Great Lakes Credit Union, in partnership with select employers, will roll out a new pilot program offering employees employer-sponsored small dollar loans, building on the success of similar models in New England, New York and California. These products are available same day, don’t require a credit check, and have an interest rate roughly half that of alternatives. We expect to have more lenders join the pilot program next year.
Learn more in this op-ed at Crain’s Chicago Business from Woodstock President & CEO Horacio Mendez and Corporate Coalition Program Director Sara Wasserteil.
