WeProsper Blog - Financial Tips and Legislative Updates

Ill-gotten Gains: Predatory Lending and the Racial Wealth Gap in Chicago

March 12, 2022

Illinois opened the door to high-interest lending in the 1980s. Since then, payday, short-term installment, car title loans, pawn loans, and other consumer loans often charged interest rates up to 400 percent. Many high-interest, short-term loans are targeted to communities of color, draining wealth from both Black and Latino/a residents.…

Testimonial of person burned by payday loan

Watch | Stolen from Under My Nose: Real-life Stories of Payday and Title Loans

February 24, 2022

A video compilation of borrowers’ stories. As part of the WeProsper Coalition, New America Chicago interviewed individuals who have taken out short-term, high-interest loans to learn more about their experiences before and after passage of the Predatory Loan Prevention Act (PLPA). We’ve compiled their stories to show how the PLPA is…

Make the Most of Your Money: Safe, Affordable Bank Accounts through Bank On Chicago

November 30, 2021

Prior to having my first job, I was not banked. I carried my money in my wallet all the time, even though I knew cash could be easily lost or stolen. However, as a young adult, I am proud to say that I took advantage of an affordable Bank On…

Finance Tips and More on WVON Radio

September 29, 2021

WeProsper coalition launches media campaign to reach more consumers with historic Black Chicago radio station WVON 1690AM Predatory lenders are history in Illinois communities but for many families the financial need remains. Since the 36% APR cap became law in March, advocates are adopting new strategies to promote access to…

Illinois Families Lost $346 Million to Exorbitant Installment Loans in 2019

September 2, 2021

High interest loans targeted Black and Latinx communities With an average interest rate of 233 percent, prior to the passage of the Predatory Lending Prevention Act (PLPA) in 2021, short-term installment loans were one of the most popular high-interest loans to low and moderate income Illinoisans. Unfortunately, the high cost…

Map of Nonprofit Financial Counseling and Services in Chicago

September 1, 2021

Nonprofits all over the city of Chicago provide financial coaching, counseling, and other services to help support people and build wealth in Black and Brown communities. Check out our resource map to learn more about these services. Some organizations offer virtual services via computer or phone. You can move around and click…

Getting Rich Off Cash-Strapped Illinoisans: Payday Loans by Zip Code

August 30, 2021

Payday loans have stripped millions out of Black and Brown communities Until passage of a new law this year, millions of dollars were stripped each year from low and middle-income communities across Illinois. No where was this more true than in Black and Brown neighborhoods struggling to build family and…