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I recently found out that some congressmen in the Illinois house snuck in a piece of legislation that will literally destroy minority families. They snuck it in because on the surface they think they are helping minority communities and on the surface it looks like they are... https://twitter.com/JBPritzker/status/1351196398037979139
The piece was put in to help minority communities and protect them from Payday Lenders and Title Loan lenders. The Government seems to think these communities are not smart enough make their own decisions about taking a loan.....
Let me preface this by saying that there are already laws and regulations in place to protect these communities. Laws state that lenders must disclose to people getting a loan what the interest rate is and what they will end up paying over the course of the loan.....
Lenders do this for their customers and ensure they know what they are getting themselves into. Payday lenders charge a larger interest for a number of reasons and these loans are structured to be short term loans to help people in emergencies.....
Most people see the interest rates charged and think that is taking advantage of people and is unfair but in reality the companies that offer these programs are taking major risks lending money to people with poor or little credit....
20 to 30 percent of these loans are never paid back.....These companies cannot survive charging the same rates a credit card company or a bank would charge but they also don't require immaculate credit either.....
The bottom line is that if you sign the expense bill with this sneaky legislation still in it, it will literally put thousands of minority people out of work the day it is signed.....You will essentially destroy an entire industry in one signature....
Here is the kicker....80% of the people who work for these companies are minorities. They are the same people who are in need of these services. Do you want to be the Governor who destroys an entire industry in a National Pandemic of minority peoples?
Do you want to be the person who shuts down some peoples only chance of getting a loan? The people who take these loans are able to provide relief for their families in dire times. The people can not get a loan from a bank or any other company. They are literally SOL!
I implore you to reconsider this part of the legislation because it will hurt far more than it will help. Trust me when I say these people are smart enough to understand what they are doing and understand no one else is there to help them.
How can this be good for our state's revenue? Don't these companies pay millions in taxes each year? Where can these people turn when times get tough? Will they have to go borrow from an actual loan shark who will break their legs if they don't pay?
Do what is right for the People of Illinois and help these disadvantaged communities be able to provide for their families.....Dr. King would be disgusted that you are even considering adding thousands of minorities to the unemployment line.....
