Ending the Cycle: Alternatives to Payday Loans in Illinois
Channel: New America
Date: 2021-04-09

The pandemic and the economic crisis have left many Illinoisans with fewer resources and emotional bandwidth than before. Some have turned to payday or auto title loans. However, these loans have exorbitant interest rates that can keep people in a cycle of debt. Fortunately, there are many other new options. Advocates for the Predatory Loan Prevention Act, which establishes a 36% APR cap on consumer loans, have prepared a resource guide for people or families short on cash, which we hope will be especially useful for folks who are or have been payday or title loan customers.
 
Join us for a 30-minute presentation of this resource guide, a discussion on how it can help your constituents navigate the new ways to increase their income and lower their expenses amid the pandemic, and how they can access safe and affordable loan products.  
 
Speakers include:
 
Meegan Dugan Bassett, New America Chicago
 
Wynona Redmond, Wyn-Win Communications
 
Tracy Frizzell, Economic Awareness Council and Bank On Chicago
 
Brent Adams, Woodstock Institute 

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