Man worried re payday loan

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

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 not only an essential guardrail for consumer protections, but also how high interest loans have disproportionately impacted Black and Latinx communities. After passage of the PLPA, personal loans are still legal in Illinois, but interest rates are now capped 36 percent.

Learn how the PLPA made a difference and how you can get involved to help protect consumers at WeProsperIL.Org.

By Vanessa Rangel, Meegan Dugan Adell, Brent Adams, Jason Stewart, Samantha Webster, and Shannon Lynch

Make the Most of Your Money: Safe, Affordable Bank Accounts through Bank On Chicago
Ill-gotten Gains: Predatory Lending and the Racial Wealth Gap in Chicago

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed