Urgent: Tell Your Senator to Stop the Cycle of Debt

Written by Monsignor John Egan Campaign for Payday Loan Reform on March 18, 2010 - 12:00am

If you live in Illinois, call your State Senator and tell them to support the Consumer Installment Loan Reform Act (SB655 Amendment #1) today.

The General Assembly is preparing to vote on long-needed reforms for high-cost, long-term installment loans, and end the loophole in the Payday Loan Reform Act, and they need to hear from you.

The Consumer Installment Loan Reform Act will crack down on the industry’s worst abuses by capping rates at 99 percent, require consideration of borrower’s ability to repay the loan, and eliminate the cycle of debt created by frequent refinancing or balloon payments.

Let your Senator know that:

- 99 percent will end triple digit interest rates and keep credit available

- Eliminating balloon payments will help break the cycle of debt

- Lenders need to ensure that borrowers can repay the loan, not just pay the interest

 

We are in the final stretch of a three-year effort to end the worst abuses in the installment loan industry.  Call now and let your Senator you support real lending reform.

To find your State Senator, click here and enter your address.