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36% Cap

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
Report over with Pawn shop image and report title

Pawn Loans and the Wealth Gap in Illinois

Households that do not have a bank account are nearly five times as likely to be pawnshop borrowers as households with a bank account. Over 80% of pawnshop loan borrowers are unbanked, which is one reason consumers turn to...

January 9, 2023 at 11:02 pm 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
Green block with report title and CFA + Woodstock logos

Alternatives to High-Cost Loans and Policy Solutions to Expand Affordable Options Report co-published with CFA

We're proud to work with Consumer Federation of America to publish this report detailing alternatives to high cost loans and policy solutions to expand affordable options.

December 20, 2022 at 7:26 pm read more
logo of Springfield Journal-Register newspaper

Lawmakers introduce legislation to close ‘pawnbroker loophole’

A court decision after passage of the Predatory Loan Prevention Act allowed pawn brokers to continue charging high APRs on loans. Now legislators hope to close the loophole.

December 1, 2022 at 9:46 am read more
WCIA TV host presents pawn loophole story

WCIA: Illinois Lawmakers considering legislation to close interest rate loophole for pawn shops

SPRINGFIELD, Ill. – Jazmine was laid off during the pandemic and needed money to pay her rent. So she got a loan from a pawn shop using her cameras and Macbook Air as collateral. “Not only did they give...

November 18, 2022 at 4:31 pm read more
Close the pawn broker loophole bill fact sheet

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 Loans Storefront

Center Square: Poll shows Illinoisans favor Predatory Loan Prevention Act which caps interest

(The Center Square) – As lenders highlight the negative effects of the Predatory Loan Prevention Act, a new poll shows Illinoisans are in favor of the law.  

October 8, 2022 at 4:21 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
Post promo image featuring We Prosper outreach flyers

WeProsper IL coalition launches media campaign to reach more consumers where they are

We’ve launched a 3-month campaign that leverages multiple media streams to direct consumers to the resources available at WeProsperIL.org, prompting them to share their story and inviting them to join the advocacy network. 

April 25, 2022 at 9:29 pm read more
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