New America
New America Chicago

Untapped Potential: Consumer Insights for Better Loans

Event

When

Feb. 26, 2024
10:30 am - 12:00 pm

Where

The Chicago Community Trust
33 South State Street Chicago, IL 60603

This Event is taking place at The Chicago Community Trust from 10:30am to 12:00pm CST. Doors open at 10:00am.

New America Chicago invites you to a panel discussion on consumer insights to illuminate the demand for new lending products in low- to moderate-income communities. With keynote speaker, Illinois State Treasurer Michael W. Frerichs, we’ll explore the current personal loan landscape following passage of the Predatory Loan Prevention Act (PLPA) and how lenders and policymakers can work together to both expand customer bases and spur economic health in LMI communities. Addressing consumers’ needs for small dollar loans can be an impactful part of a financial institution's community outreach strategy, providing benefits for the Community Reinvestment Act (CRA) and developing a new client base.

In 2022 and 2023, New America Chicago hosted its first series of community design sessions as part of our CivicSpace community engagement initiative. Utilizing human centered design research principles, 32 Chicagoland residents with first-hand small dollar lending experience provided insight about trusted sources of loan information and desired loan features. 

While instituting the PLPA’s 36 percent APR cap on most consumer loans was a crucial step, the question remains how to meet the need for affordable, safe lending products in the communities hit hardest by predatory lending. Learn more about consumer perspectives on small dollar lending and join us for a rousing panel discussion with experts on innovative solutions to a current problem.

The keynote speaker for the event will be Illinois State Treasurer Michael W. Frerichs. Our discussion panel includes: Horacio Mendez (Woodstock Institute), Morgan Spears (Working Credit), Alberto Roman (Great Lakes Credit Union), and others pending. Space will be limited so RSVP today!

This event is co-hosted by BankOn Chicago and The Chicago Community Trust

  • Read here the full report with behavioral insights from New America Chicago’s community design sessions.
  • An executive summary of the report for a quicker read and easy distribution in English and Spanish.
  • The presentation slides from the February 26th event.
  • BankOn Chicago is having a virtual semiannual meeting on April 23rd at noon. Please RSVP to Moises at msanchez@econcouncil.org. Both financial institutions and community partners are welcome. Learn more at BankOnChicago.com.
  • Learn more about New America Chicago’s community-based research initiative CivicSpace.