In 2010, the Monsignor Egan Campaign, of which Woodstock Institute is a long-time member, worked to create strong consumer protections for high-cost, short term loans.  The Act prevents long-term cycle of debt caused by over-lending, restricts rollovers and ensures that short-term loans don’t become a long-term financial problem.

 

Consumers who go online to borrow from websites may not know the identity of the lender or where it is located.  Many of these sites provide only toll-free telephone numbers or email addresses for consumers to contact them and all too often they make loans in clear violation of Illinois law.

 

“We applaud Rep. Harris for taking this much needed step to ensure that Illinois borrowers are guaranteed Illinois’ strong consumer protections,” said Tom Feltner, vice president of Woodstock Institute.

 

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