Resource Guide: Affordable Alternatives to Predatory Loans

Meegan Dugan Bassett co-wrote an article for Woodstock Institute and the Illinois Asset Building Group on affordable alternatives to predatory loans.

For a newer version of this document from August 2021, see our updated Resource Guide.

Times are tough. The pandemic and economic crisis have left many Illinoisans struggling to make ends meet. Some have turned to payday or auto title loans to deal with emergencies or pay for big expenses. However, these loans charge excessive interest. In 2019, the average annual percentage rate (APR) on a payday loan in Illinois was 297%, and the average APR on an auto title loan was 179% APR.