Illinois Law Saves Consumers $200 Million

Woodstock Institute Highlights Benefits of Predatory Loan Prevention Act

The Woodstock Institute sent an email highlighting the benefits of a new law in Illinois — the Predatory Loan Prevention Act.

In the email, Woodstock notes:

Comparing a 5-month period in 2019 to the same period in 2021, Illinois consumers saved over $200 million in fees for high-cost loans. At the same time, Capital Good Fund, a nonprofit small-dollar lender, reported a daily application…