Take Action to Stop the Payday Lending Debt TrapJoin us in Calling on Members of Congress to Support Payday Loan Rule
Several Members of Congress have introduced a resolution that would repeal the payday loan rule recently finalized by the Consumer Financial Protection Bureau, which will help prevent families from getting caught in the payday lending debt trap.
We need YOUR help to defeat this resolution and protect the payday loan rule. Sign on to this letter from Illinois organizations calling on our Members of Congress to oppose the resolution.
Protect these important consumer protections and sign on today!
Payday and auto title lending costs Illinois families half a billion dollars per year in fees. Payday loans in Illinois average 318% annual interest. These loans target lower-income families who are least able to afford these high-cost loans.
The new payday loan rule requires lenders to make loans only after they have determined whether the borrower can afford to pay it back. This is a commonsense measure that is designed to protect people from being trapped in predatory high-cost loans. Read more about the payday loan rule and its anticipated impact in Illinois.
Despite broad public support for the payday loan rule, some Members of Congress are siding with payday lenders and trying to strip away these new, important protections.