Get Involved

Helping change policies and practices that strip wealth from Black and Brown communities is something we can all take part in. 

The 2021 Illinois Predatory Lending Prevention Act limits interest rates on many types of personal loans to 36 percent. After taking up to 400 percent in interest for years, some lenders are trying to fight the law. Here are a few ways for you to get involved.

Community Members

If you, a close friend, or family member have taken out a short-term, high-interest loan in the past, we encourage you to share your story! Hearing how these loans have harmed people financially helps legislators make the right choice. Share as much or as little as you feel comfortable with. We would like to use quotes and/or short videos with stories from the community on our website.

Sign up for Woodstock Institute’s legislative action network at our new website. You can sign up to receive updates on financial justice and ways to take action on bills relating to the PLPA and other wealth-protecting legislation.

Nonprofits

Join our coalition to advocate for changes in state and national policy to promote wealth-building in Chicago’s communities of color and low-income communities at our new website.

Banks, Credit Unions, and Nonprofit Lenders

Join our stakeholders group to provide alternatives to predatory lending in Chicago communities at our new website. You’ll receive just a few invitations each year to join our meetings. Lenders who support the PLPA, including nonprofits, fintech providers, credit unions, banks, and even government entities, are welcome to join.

Policymakers

In Illinois, the Predatory Lending Prevention Act is under attack. Learn more about news, fact sheets, and other resources related to the PLPA on the Woodstock Institute page.

Federal legislation could help by making exorbitant interest rates illegal nationally. Learn more about a bill from Representative Garcia that would cap short-term interest rates at 36 percent.

Do you have constituents who need help or have questions about the Predatory Loan Prevention Act? Sign up to keep tabs on this legislation at our new website or email jdoyle@woodstockinst.org with questions about resources.