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...
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....
The new rate cap, which will be applied only to new loans, saves Illinois consumers over a million dollars in exorbitant fees and interest each day. A new Resource Guide offers options for people paying off a high-cost loan...
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...
A new Woodstock Institute report assesses the PLPA’s impact on Illinois’ economy and refutes claims by the legislation’s opponents that the new law will cost the state jobs.
How the Predatory Loan Prevention Act in Illinois benefits communities and increases equity.
“This Legislation Could End Illinois’ Payday Loan Industry” on WTTW Chicago Tonight & more recent coverage of Illinois’ proposed 26% cap
Among the flurry of bills passed in the five-day January lame duck session in Springfield was the Predatory Loan Prevention Act, a measure that would cap interest rates for consumer loans under $40,000—such as payday loans, installment loans, and...
On Feb. 5, Pedro Noda, host of Al Punto Con Su Dinero, a daily noon-hour radio show in Spanish, hosted Horacio Mendez and Andy Posner of Capital Good Fund to discuss SB 1792.