Bill That Curbs High Payday Loan Fees Awaits Gov. Pritzker’s Signature

Nebraska Payday Loans
FILE - This Feb. 17, 2017 file photo shows an EZ Money Check Cashing store in Omaha, Neb. About 80 Nebraska businesses offer payday loans, according to the state Department of Banking and Finance, and several of these businesses, including EZ Money, have multiple storefronts. Nati Harnik, File / AP Photo
Nebraska Payday Loans
FILE - This Feb. 17, 2017 file photo shows an EZ Money Check Cashing store in Omaha, Neb. About 80 Nebraska businesses offer payday loans, according to the state Department of Banking and Finance, and several of these businesses, including EZ Money, have multiple storefronts. Nati Harnik, File / AP Photo

Bill That Curbs High Payday Loan Fees Awaits Gov. Pritzker’s Signature

Payday loans are criticized for worsening poverty and financial inequity, especially in Black and brown communities.

Reset hears about an Illinois legislative bill that would cap payday loan interest rates at 36 percent.

GUEST: Lisa Stifler, director of state policy at the Center For Responsible Lending