Resident Action/Illinois continues our work to reform laws on pay day loans in Illinois, which lock Us citizens into a cycle that is insurmountable of. For more information on the Monsignor John Egan Campaign for Payday Loan Reform, or you have experienced difficulty with payday, automobile installment or title loans, contact Lynda DeLaforgue at Citizen Action/Illinois
The Monsignor John Egan Campaign for Cash Advance Reform
The Campaign for Payday Loan Reform started in 1999, soon after a bad girl found confession at Holy Name Cathedral and talked tearfully of payday loans to her experience. Monsignor John Egan assisted the lady in paying down both the loans together with interest, but their outrage to the unscrupulous loan providers had just started. He straight away started calling buddies, businesses, and associates to try and challenge this usury that is contemporary. Soon after their death in 2001, the coalition he assisted to generate had been renamed the Monsignor John Egan Campaign for Payday Loan Reform. Resident Action/Illinois convenes the Egan Campaign.
Victories for Consumers!
On June 21, 2010 Governor Quinn finalized into law HB537 вЂ“ The customer Installment Loan Act. Using the passage through of HB537, consumer advocates scored a substantial success in a declare that, just a couple of years back, numerous industry observers advertised would never ever see an interest rate cap on payday and customer installment loans. (más…)