Nebraska Voters to Start Thinking About Limiting Payday Lending

Nebraska Voters to Start Thinking About Limiting Payday Lending

A ballot initiative will allow voters to decide for themselves if payday lenders should be forced to cap annual percentage rates in Nebraska after several stalled legislative attempts to regulate payday lending practices.

Ballot Initiative 428, promoted by Nebraskans for Responsible Lending, would limit the quantity that payday lenders may charge to a maximum apr of 36%.

Payday financing is an industry that is controversial employed by low-income those who require money quickly. Pay day loans are small-dollar, high-interest and short-term, aided by the typical expectation that your client can pay the mortgage and any accrued interest right straight right back by their next payday. Read More