Protesters shouted objections outside a payday loan store in Campustown when they were told Peoria has six times more payday loan stores per capita than Chicago.

Organizers of the protest rally from Illinois People’s Action told the group that 12 million Americans get trapped by payday loans that can exceed 300 percent in interest.

Protesters called on the Consumer Financial Protection Bureau to end the practice of predatory lending.

One organizer told of trying to help an elderly woman on Social Security who got trapped by a payday loan and worried that she wouldn’t live long enough to pay it off.

Candice Byrd, 29, of Bloomington, said she originally took out a $150 loan not understanding she was paying more than 500 percent in interest.

“My entire paycheck was going to the payday loan,” she said.

When she lost her job during the recession, the loan kept growing.

“The situation is getting worse because of the economy,” said Don Carlson, executive director of IPA.

Payday loans are typically in small amounts and are due in a short time, typically one pay period to the next before the loan is due. Interest averages about 340 percent but can exceed 500 percent.

The protest in Peoria was July 9 during a “Shark Week” campaign by IPA to raise awareness of the problem and demand an end to predatory lending. IPA is a faith-based community organization focused on social justice.