Trending...
- NIUFO Examines European MiCA Regulation's Impact on Digital Asset Trading Markets
- Z-CoiL Footwear, Albuquerque's Original Spring Shoe, Steps Into ABC's Shark Tank Season Premiere
- Invisible Wounds Foundation Launches Brain Health Collaborative to Combat Traumatic Brain Injury in Service Members and Prevent Military Suicides
CHICAGO, May 11, 2021 /PRNewswire/ -- Hundreds of Illinois citizens have spoken of their fears for the future, as a new state lending law eliminates access to credit for more than one in four Illinoisans.
In a series of videos, citizens all over Illinois have called for the immediate repeal of SB 1792, which was signed into law by Governor Pritzker last month. The new law has effectively shut down the traditional installment lending industry in the state, leaving borrowers with no legal, licensed, in-state credit resources to draw upon. Coming hard-on-the-heels of the COVID-19 pandemic, this is likely to cause considerable hardship for estimated 25 percent of Illinoisans who have limited access to banking services.
"[This law] is going to hurt a lot," said Ms. J from Effingham, "How are people going to get the money they need, say, if a water heater goes out?"
Mr. L, an army veteran from Peoria, goes further: "I just want to send a message to you folks that have decided you are going to shut down these small consumer loan companies…. You don't realize what you are doing to the small consumer. What if a guy needs … 400 bucks to fix his truck or a mom needs to buy school clothes, or someone gets an unexpected medical bill? Why don't you reconsider this law you passed? Amend it, or do away with it, because you are going to help people like me and others out there, just trying to live their lives…."
More on illi News
Traditional installment loans have been available in Illinois for generations and are seen as a safe and affordable alternative to payday or title loans. They are often the only safe form of credit available to those with limited credit histories or damaged credit, who banks and credit unions will not serve. They also allow borrowers to establish a positive credit rating and become more financially mobile.
Industry spokesperson and former Illinois 9th District House Member, Arthur J. Turner, Jr., commented on the law, saying, "As these videos show, this well-meaning law goes way too far and will be disastrous for the very people it is intended to help."
He continued, "Artificially limiting the supply of safe forms of credit in this way, has no effect on demand. Families will be forced to go without essentials, or seek out unregulated forms of credit. This law must be repealed quickly if our state is to avoid a situation in which large numbers of our citizens face considerable hardship."
A selection of the videos is available at nilaonline.org/testimonials, with the remainder, nearly two hundred and counting - published to Vimeo. They can be viewed at https://vimeo.com/borrowervoices/albums.
More on illi News
A video explaining challenges associated with using Annual Percentage Rate (APR) caps as a means of regulating small-dollar loans is available HERE.
Notes for Editors:
Formed in 2008, the National Installment Lenders Association (NILA) is a membership organization dedicated to improving understanding of the nature and benefits of traditional installment loans, particularly among policymakers at the , state and local levels.
NILA members provide safe and affordable loans, underwritten and repaid in regularly scheduled installments that give borrowers a clear roadmap to pay down their debt. Traditional installment lenders report loan performance to the major credit bureaus, enabling responsible borrowers to improve their credit scores and helping consumers build or repair credit scores while providing tools to help them achieve their financial goals. www.nilaonline.org
Media Contact: Simon Keymer, [email protected]
SOURCE National Installment Lenders Association
In a series of videos, citizens all over Illinois have called for the immediate repeal of SB 1792, which was signed into law by Governor Pritzker last month. The new law has effectively shut down the traditional installment lending industry in the state, leaving borrowers with no legal, licensed, in-state credit resources to draw upon. Coming hard-on-the-heels of the COVID-19 pandemic, this is likely to cause considerable hardship for estimated 25 percent of Illinoisans who have limited access to banking services.
"[This law] is going to hurt a lot," said Ms. J from Effingham, "How are people going to get the money they need, say, if a water heater goes out?"
Mr. L, an army veteran from Peoria, goes further: "I just want to send a message to you folks that have decided you are going to shut down these small consumer loan companies…. You don't realize what you are doing to the small consumer. What if a guy needs … 400 bucks to fix his truck or a mom needs to buy school clothes, or someone gets an unexpected medical bill? Why don't you reconsider this law you passed? Amend it, or do away with it, because you are going to help people like me and others out there, just trying to live their lives…."
More on illi News
- Mayor Brandon Johnson Launches Protecting Chicago Website
- Youth Take the Lead: Kopp Foundation for Diabetes Hosts "By Youth, For Youth, With T1D" Gala on October 8 at Blue Bell Country Club
- How Rising Property Taxes Are Pushing Families Toward Foreclosure --4Closure Rescue LLC Responds
- Green Office Partner Named #1 Best Place to Work in Chicago by Crain's for 2025
- Prostate Cancer Survivor's Podcast Grows Audience And Builds Marketing Muscle
Traditional installment loans have been available in Illinois for generations and are seen as a safe and affordable alternative to payday or title loans. They are often the only safe form of credit available to those with limited credit histories or damaged credit, who banks and credit unions will not serve. They also allow borrowers to establish a positive credit rating and become more financially mobile.
Industry spokesperson and former Illinois 9th District House Member, Arthur J. Turner, Jr., commented on the law, saying, "As these videos show, this well-meaning law goes way too far and will be disastrous for the very people it is intended to help."
He continued, "Artificially limiting the supply of safe forms of credit in this way, has no effect on demand. Families will be forced to go without essentials, or seek out unregulated forms of credit. This law must be repealed quickly if our state is to avoid a situation in which large numbers of our citizens face considerable hardship."
A selection of the videos is available at nilaonline.org/testimonials, with the remainder, nearly two hundred and counting - published to Vimeo. They can be viewed at https://vimeo.com/borrowervoices/albums.
More on illi News
- CCHR, a Mental Health Watchdog Organization, Hosts Weekly Events Educating Citizens on Important Mental Health Issues
- Goat Skin Chicago Partners With Inkdnylon Custom Apparel to Strengthen Brand Growth
- "Leading From Day One: The Essential Guide for New Supervisors" Draws from 25+ Years of International Management Experience
- New Slotozilla Project Explores What Happens When the World Goes Silent
- The Two Faces of Charles D. Braun: How the Novel, Posthumously Yours, Came to Life
A video explaining challenges associated with using Annual Percentage Rate (APR) caps as a means of regulating small-dollar loans is available HERE.
Notes for Editors:
Formed in 2008, the National Installment Lenders Association (NILA) is a membership organization dedicated to improving understanding of the nature and benefits of traditional installment loans, particularly among policymakers at the , state and local levels.
NILA members provide safe and affordable loans, underwritten and repaid in regularly scheduled installments that give borrowers a clear roadmap to pay down their debt. Traditional installment lenders report loan performance to the major credit bureaus, enabling responsible borrowers to improve their credit scores and helping consumers build or repair credit scores while providing tools to help them achieve their financial goals. www.nilaonline.org
Media Contact: Simon Keymer, [email protected]
SOURCE National Installment Lenders Association
Filed Under: Business
0 Comments
Latest on illi News
- Which NFL Teams Can Rebound from Week 1? OddsTrader Breaks Down the Biggest Questions
- 5 Steps to Regain Control When You're Behind on Mortgage Payments insights from 4Closure Rescue LLC
- Apellix Deploys Breakthrough Spray-Painting Drones into Live Service Limited Beta Program Open for Advanced Contractors
- Author Charlene Wexler Earns Global Book Award for We Won't Go Back
- Chicago: Mayor Brandon Johnson Welcomes New Residents At Thrive Englewood
- HCSC Expands National Footprint for Medicare Advantage Products to 30 States
- Chicago-born 21-year-old Vidagua Founder Sells 100,000 Bottles Of Aguas Frescas In First Year
- September Career Reset - How Job Seekers Are Using WIOA to Pivot Before Year-End
- Fall Prep for Your Pond - Why September is the Best Month to Get Ready for Winter
- DivX Unveils New Educational Blog Series to Simplify MKV to MP4 Video Conversion
- CCHR: For Prevention, Families Deserve Truth From NIH Study on Psychiatric Drugs
- Sheets.Market Brings Professional Financial Model Templates to Entrepreneurs and Startups
- Webinar Announcement: Investing in the European Defense Sector—How the New Era of Uncertainty Is Redefining Investment Strategies
- AEVIGRA (AEIA) Analysis Reveals $350 Billion Counterfeit Market Driving Luxury Sector Toward Blockchain Authentication
- Brazil 021 Chicago Launches Kids' Jiu-Jitsu Program to Combat Bullying and Build Confidence
- Episode Highlight: Turning Tragedy into Purpose with Barry Adkins
- Nova Collective & Fairplay Merge to Redefine Bold, Human Learning
- AstroHermetic Launches Metaphysical Consulting to Help Organizations Unlock Hidden Insights
- Her Magic Mushroom Memoir Launches as a Binge-Worthy Novel-to-Podcast Experience
- Century Fasteners de Mexico Hires Saúl Pedraza Gómez as Regional Sales Manager in Mexico