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