WE PROSPER: Affordable Alternatives to Predatory Loans

we prosper

The WeProsper initiative was created to help tackle predatory lending in Black and Brown communities in Chicago.

The pandemic has left many Illinois families struggling to make ends meet. In the past, many people turned to payday or auto title loans to deal with emergencies or pay for big expenses, which pushed families deeper into debt. In Spring 2021, a new Illinois law called the Predatory Loan Prevention Act capped interest on these and other personal loans at 36 percent. Many lenders now charge at or below 36 percent. Others chose to close rather than make their loans more affordable.

If you are struggling to make ends meet or pay for an emergency, this guide includes safe and affordable options to high-cost loans. It includes ways to lower what you owe or find other sources of one-time income, as well as lower-cost loans. Most of these options do not require you to take on more debt.


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