cap could close payday loan loopholes - Chicago Daily Herald- Topic: Money Payday Loans
Rod Blagojevich signed a payday loan reform law designed to end what he called “a nightmare for thousands of working families who find themselves trapped in debts they can’t repay. They drove a Mack truck through the walls,” says Lynda DeLaforgue, co-director of Citizen Action/Illinois, the state’s largest public interest organization and a progressive political coalition dedicated to social causes. Sitting in his Cash Now Loans office in a Palatine strip mall, Henry Magiera counters that charge with testimonials from recovering alcoholics, gamblers, cancer patients and others who say they used his service in the last eight years to keep from falling into further financial problems while they got their lives in order. One recent study by the Woodstock Institute, a public action foundation that deals with economic development, showed the average borrower in Chicago and the collar counties paid a $1,769 finance charge to borrow $1,224 for 319 days. Learn more
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