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Stimulus checks might be purchased by loan companies unless state does more to intervene

24Feb

Stimulus checks might be purchased by loan companies unless state does more to intervene

Gov. J.B. Pritzker has brought some actions to guard the re payments, but more could possibly be done to block payday lenders, consumer installment loan providers, and loan companies from using CARES Act funds required by families.

A pay day loan loan provider situated at 2132 East 71st Street on Chicago’s Southern Side.

Federal stimulus re payments have begun to demonstrate up in individuals bank reports, many of the many in need of monetary support into the country’s growing financial crisis are vulnerable to having it diverted to collectors.

Customer advocates are “concerned that several thousand Illinoisans may have their stimulus checks consumed by non-essential loan re re re payments in the place of critical requirements like shelter, meals, and medication,” said Brent Adams, senior vice president of policy and interaction at Woodstock Institute.

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