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 work Tuesday that caps rates on payday improvements at 36% through the whole state, also while federal legislation restricting these high-cost loans remains stalled.

Р’В© given by CNBC Ahmed Morsi brings along their son that is month-old Omar while filling their ballot at a spot that is polling Omaha, Neb., Tuesday.

Roughly 83% of Nebraska voters authorized Measure 428, according to the Nebraska Secretary of State, which supplies election results. The ballot measure proposed putting a 36% annual limitation into the standard of interest for payday improvements. Having its passage, Nebraska happens to be considered one of 17 states, along side Washington, D.C., to impose limitations on pay loan rates of interest and charges, in accordance with the ACLU day.Continue reading