Nebraska becomes the latest state to cap cash advance rates of interest

Nebraska becomes the latest state to cap cash advance rates of interest

Nebraska voters overwhelmingly supported a ballot effort Tuesday that caps rates on payday advances at 36% through the state, even while federal legislation limiting these loans that are high-cost stalled.

В© given by CNBC Ahmed Morsi brings along their month-old son Omar, while filling their ballot at a polling place in Omaha, Neb., Tuesday.

Approximately 83% of Nebraska voters authorized Measure 428, according into the Nebraska Secretary of State, which supplies election outcomes. The ballot measure proposed placing a 36% yearly limitation regarding the level of interest for payday advances. Having its passage, Nebraska is currently one of 17 states, as well as Washington, D.C., to impose restrictions on pay day loan interest levels and charges, in line with the ACLU. (more…)

Continue ReadingNebraska becomes the latest state to cap cash advance rates of interest