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A red state is capping interest levels on payday advances: ‘This transcends governmental ideology’

Jacob Passy

‘once you ask evangelical Christians about payday financing, they object to it’

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Rates of interest on payday advances is likely to be capped in Nevada, after passage through of a ballot measure on Tuesday. An average of nationally, payday loan providers charge 400% interest on small-dollar loans.

Nebraska voters overwhelming decided to place restrictions regarding the interest levels that payday loan providers may charge — which makes it the 17th state to restrict rates of interest from the high-risk loans. But customer advocates cautioned that future protections pertaining to payday advances could need to happen at the federal degree because of present alterations in laws.

With 98per cent of precincts reporting, 83% of voters in Nebraska authorized Initiative 428, which will cap the interest that is annual for delayed deposit solutions, or payday financing, at 36%. Continue reading MarketWatch web Site Logo a hyperlink that brings you back once again to the website.