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Nebraskans vote to limit ‘exploitative’ payday advances

Voters in Nebraska sided with efforts to restrict pay day loans, moving an effort Tuesday that the Nebraska Catholic Conference had endorsed as a way to safeguard the indegent from becoming caught with debt.

The Lincoln Journal-Star reports over 80% of Nebraskan voters backed Initiative 248, which caps payday loans at a 36% annual percentage rate. Formerly, the appropriate financing price had been set at 400per cent.

Sixteen other states have actually similar restrictions, or prohibit payday lending completely.

The Nebraska Catholic Conference ended up being on the list of supporters of this effort. Continue reading