WCIA-TV: “We can stop sinking”: Legislators celebrate anniversary of Illinois’ break-up with payday lending
Lawmakers celebrated the one-year anniversary of the passage of the Predatory Loan Prevention Act (PLPA) on Wednesday.
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
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.
Chicago Sun-Times: Chicago-based lender stymied by state cap on interest rates
"Consumer advocates suspect Opportunity Financial, or OppFi, is fighting back against the limit of 36% on loan interest, but the company isn’t discussing its lobbying aims."
Coalition Letter: Urging FDIC to Stop Banks from Using Predatory Rent-A-Bank Schemes
Woodstock Institute joined a coalition letter with other national consumer advocacy groups urging the Federal Deposit Insurance Corporation (FDIC) to stop permitting its supervised institutions to front for predatory lenders evading state interest rate laws.
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
Latino legislative & community leaders discuss predatory lending in Illinois and nationally
Raul Raymundo and TRP’s Director of Financial Wellness Lizette Carretero joined U.S. Rep. Chuy García, D-Ill. and the Woodstock Institute team in briefing 50 Latino legislative and community leaders Monday about prospects for a national 36% APR cap, affordable...
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...
Will Illinois borrowers find predatory loan alternatives? They already are, says Capital Good Fund’s Andy Posner
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...
Affordable Alternatives to Predatory Loans
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....