Ending the Cycle

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