WeProsper

WeProsper launched in 2021 to end predatory lending practices in Illinois, protect the Predatory Loan Prevention Act, and promote affordable lending alternatives.

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For years, non-bank lenders and other businesses have pushed high interest rates, inflated prices for inferior financial products, and confusing, burdensome terms on marginalized communities already experiencing disinvestment, discriminatory policies, and pay gaps.

Despite less pay for equal work, Black and Latine communities in Chicago have to pay more to borrow—sometimes as much as 400 percent interest on short-term loans like payday, installment, or car title loans.

Those barely making ends meet pay huge premiums whenever their paycheck falls short. It’s no coincidence these communities are also banking deserts populated by alternative financial service providers.

Thanks to the leadership of the Illinois Legislative Black Caucus and Governor J.B. Pritzker, Illinois enacted a 36 percent rate cap on personal loans. The Predatory Loan Prevention Act is one of the strongest regulations in the country—but it must be fully protected and implemented across all of the state’s communities to be effective.

Led by the New America Chicago, Chicago Urban League, and the Woodstock Institute, WeProsper launched in 2021 to end predatory lending practices, protect the PLPA, and promote affordable lending alternatives.