Monday, October 24th, Support Cap 36 in Bloomington!

Hundreds of thousands of people are occupying their communities to protest the power of the banks and corporations. In Bloomington, to curb their power, we are calling for a cap of 36% on the interest that lenders can charge. Payday lenders borrow their money from the big banks and then loan that money, often with shady advertising, to people at 400%.

On October 24 at 7:30 PM, the Bloomington City Council will be revisiting capping payday interest rates. Will you please attend and bring others with you? This is important regardless of what city you live in: the decision made by the Bloomington city council will likely impact the decisions made in other central Illinois cities.

Stop predatory lending in Bloomington — Pass a 36% cap on interest rates!

Local radio poll results 82% say BLM can regulate payday interest rates

Just before Cities 92.9 pulled its home page survey, a whopping 82% replied the city has the power to cap payday interest rates. We haven’t seen any reporting or follow-up to their survey. Cities 92.9 runs Glenn Beck in the morning and Rush/Hannity in the afternoon. If nothing else this survey shows progressives AND CONSERVATIVES think 400% payday loan sharks need to go.

Local Poll on Payday Lending

A local radio station in Bloomington-Normal is polling its website visitors on payday lending! Not sure how long it’ll be up, but you can vote here at http://www.cities929.com/.

Have Your Voice Heard

Bloomington City Council is holding a “Citizen Voice” meeting at Miller Park Pavilion, Monday evening, October 3, from 6:00 – 7:30 PM. When interviewed on WJBC yesterday about the city council work session on payday, the mayor invited members of the community to come out to the Citizen Voice meeting and tell the council what they think about the issue. We need to go and we need to go in numbers. The mayor had way to much to say about why the city might not want to cap interest rates at 36%. He basically reiterated what the payday lobby lawyer said. We need to counter that—and encourage the council to be courageous.

Stop the Loan Shark Rally! — Press Coverage

The Stop the Loan Shark Rally, and the subsequent discussion of the issue in the Bloomington Council work session, received a lot of press. Check out the articles and gear up for the next round!

Bloomginton Aldermen Appear Set to Curb Payday Lender Rates — WJBC
Bloomington May Cap Interest Lenders Can Charge for Some Loans — Pantagraph
Bloomington Plans to Take Action on Small Loan Percentage Rates (With Video) — Central Illinois Newscenter/WEEK/WHOI
The People Vs. the Loan Sharks in Bloomington — Just BloNo

Tell us of any more publicity in the comments below!

Stop the Loan Sharks Rally – Mon. 9/26, 5 pm (Resource Page)

There will be a large rally of hundreds of people, organized by Illinois People’s Action, to convince the Bloomington City Council that interest rates on loans should be capped at 36% within city limits. The rally starts at 5 pm, Monday, September 26, in front of Bloomington City Hall.

The proposed ordinance targets payday lenders who, through shady practices and promises of easy cash, ensnare working people into a web of financial debt. Payday lenders charge up to 400% annualized interest on loans.

The Stop the Loans Sharks Rally will begin at 5 pm with a full program of addresses, chants, prayer and fun. Then at 5:45, rally participants are invited to listen to the council discussion of payday lending.

There has been much publicity for the rally in recent days. You can find local coverage below, as well as the rally promo video.

Bloomington Aldermen to Tackle Payday Lending; Group Plans Rally – WJBC
City of Bloomington to Discuss Payday Lending – WEEK/WHOI
Rally Against Payday Lending Planned – WGLT

Resources:
Cap 36% Website
Cap 36% Facebook Fan Page
Cap 36% ‘Stop the Loan Sharks’ Rally Page
Illinois People’s Action Website
Cap 36% Youtube Channel
Cap 36% Twitter

Stop the Loan Sharks Rally — Bloomington, Illinois — 9/26

There will be a people-powered rally, attended by hundreds of people, that will seek to cap interest rates of all lenders in Bloomington, Illinois, to 36%. It will be Monday, September 26, 5 pm, in front of Bloomington City Hall (109 E. Olive, Bloomington, IL).

Bloomington council members will consider, in a work session, the issue of capping interest rates at 36%, targeting payday lenders who charge interest rates as high as 400%.

Payday lenders are just another way the U.S. financial system is a predator of working people. Banks and corporate America got bailed out by the business-dominated government, corporations sit on a mountain of cash, and working people languish with chronic unemployment and a major assault upon their living standards.

An upcoming BloNo action to oppose the power of the big banks and corporations is the Stop the Loan Sharks rally. Big banks and payday lenders have colluded to profit by short-term loans, made at exorbitant interest rates, contracted with working people who have been hit hard by the depression.

Join us in front of the Bloomington City Council, 5pm, Monday, September, 26. We will rally, demonstrate, pray, and take part in the festivities. Then, at 5:30, we will bear witness to the proceedings of the work session of the Bloomington City Council, in its consideration of the issue of predatory lending in Bloomington.

Check out our promotional video for the 9/26 Stop the Loan Sharks rally below.