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Metropolitan Family Services celebrates the passing of the Predatory Loan Prevention Act

Metropolitan Family Services celebrates the passing of the Predatory Loan Prevention Act

January 29, 2021

Metropolitan Family Services celebrates the passing of the Predatory Loan Prevention Act, SB1792, through the Illinois General Assembly’s Lame Duck that is recent Session. We turn to Governor Pritzker to signal the legislation and prohibit lenders from charging significantly more than 36% APR–extending the same protection in federal legislation for active-duty army to all the Illinois families.

We congratulate Representative Sonya Harper plus the Illinois Legislative Ebony Caucus to their strive to pass the Predatory Loan Prevention Act, section of their financial, Equity and Opportunity pillar.

For near to two decades Metropolitan Family Services spent some time working in coalition to finish the lending that is predatory of payday loan providers as well as other tiny customer lenders. Through our Economic Stability services including education that is financial work training and employment help, Metropolitan “Mpowers” people to thrive financially.

“It’s extremely expensive to be poor,” stocks Kevin Arndt, a Financial Coach at Metropolitan’s Financial chance Center, talking about the period of financial obligation a lot of people inside our communities experiencing poverty face. This period usually starts with predatory financing; insurmountable rates of interest are a giant impediment to stability that is financial.

“[This legislation] will assist in relieving your debt burden,” payday loans CA Kevin stocks. “If there’s a cap on loans there’s a cap on consumers’ money going down. You’re currently in a posture where you’re susceptible, and any additional dollar you have should be going into building wealth and paying down debt.”