Customer Protections. We continue steadily to see wealth stripped from communities across Illinois by dangerous and abusive lending options and methods.

Customer Protections. We continue steadily to see wealth stripped from communities across Illinois by dangerous and abusive lending options and methods.

About that Policy

We continue steadily to see wealth stripped from communities across Illinois by dangerous and abusive products that are financial methods. These lending options and services – including payday and automobile name loan providers, money exchanges, unregulated paid-tax preparers, loan companies, and much more – subscribe to the economic insecurity of Illinois families and communities. While frequently marketed in order to weather a economic storm or to ensure it is to another location paycheck, predatory loans trap individuals in a period of debt that will just just take years to recuperate from.

Predatory services and products disproportionately strip wealth from communities of color, which plays a role in the growing racial wide range divide. To construct racial equity, we should advocate for strong customer defenses, and commence to create policies that develop monetary safety. It’s time our policymakers place a conclusion to lending that is abusive and predatory economic solutions that trap families in a period of financial obligation and then leave communities economically insecure.

Policy Features

Riches Stripping in Illinois

Predatory financial products and solutions are stripping wide range from Illinois communities and families. […]

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