Nebraskans vote for initiative which places cap on payday loan interest rates


Nebraskans voted to place a cap on rates of interest for therefore referred to as “payday loans.”The rate of interest has been capped off at 36% for the loans. The loans are also called payday advances or delayed deposit loans.Opponents argued the initiative which set the cap on the rate of interest would harm individuals who cannot get loans elsewhere.Supporters mentioned, final 12 months, Nebraskans utilizing payday loans paid a mean rate of interest of 387%.As of 1:51 a.m., with 92.17% of precincts reporting, 671,096 voted in favor of capping the rate of interest of the loans.

Nebraskans voted to place a cap on rates of interest for therefore referred to as “payday loans.”

The rate of interest has been capped off at 36% for the loans. The loans are also called payday advances or delayed deposit loans.

Opponents argued the initiative which set the cap on the rate of interest would harm individuals who cannot get loans elsewhere.

Supporters mentioned, final 12 months, Nebraskans utilizing payday loans paid a mean rate of interest of 387%.

As of 1:51 a.m., with 92.17% of precincts reporting, 671,096 voted in favor of capping the rate of interest of the loans.



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