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 financial opportunity.
With support from 9 financial institutions, we launched a brand-new media campaign in partnership with WVON, Chicago’s historic Black radio station with more than 178,000 listeners per week.
This campaign forms part of the coalition’s strategy to reach more Chicagoans who might be struggling financially, and to protect Illinois’s new Predatory Loan Prevention Act (PLPA) and its 36% interest rate cap on consumer loans.
Data shows that predatory lenders have targeted communities of color in Chicago for decades. In 2019, a resident of the majority Black, lower income neighborhood of Austin was 13 times more likely to have a payday loan than a resident of the majority white, higher income neighborhood of Lincoln Park.
The campaign features interviews and financial tips and refers listeners to the new website at WeProsperIL.org.
Featured on the site is WeProsper’s Resource Guide on Affordable Alternatives to Predatory Loans, which can help consumers facing a financial emergency or a large purchase by providing strategies to lower bills and find one-time extra income. If they still need to find a loan, the Resource Guide also includes many safe and affordable lenders that don’t charge exorbitant fees or interest to borrowers.
Tune in to 1690AM throughout the day during the week to hear short finance tips based on the Resource Guide. And be sure to listen to WVON at 5:30pm on Wednesdays throughout September and October to hear WeProsper’s weekly interviews with the afternoon show hosts Matt McGill and Kim Egonmwan. Here’s the show line-ups so far:
Wednesday, Sept 15: Kesha Warren, title loan borrower and advocate, and Andy Posner of Capital Good Fund. You can listen via Facebook Live.
Wednesday, Sept. 29: Woodstock Institute CEO Horacio Mendez and Shriver Center on Poverty Law CEO Audra Wilson.
Wednesday, Oct. 6: Woodstock Institute Senior Vice President of Policy and Communication Brent Adams
We’ll be inviting coalition partners, impacted residents, and policymakers to share wealth building strategies and talk about the importance of the PLPA. You can listen to WVON on your radio at 1690AM or online via their website www.WVON.com.