Nebraskans vote for initiative to cap payday loan interest rates

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” EXTREMELY UNFAVORABLE ‘. MELISSA: ELECTORS APPROVE A CAP ON PA

Nebraskans vote for initiative to cap payday loan interest rates

Nebraska residents voted to cap interest rates for “payday loans.” The interest rate was capped at 36% for loans. Loans are also known as payday advances or deferred deposit loans. Opponents argued that the initiative that put a cap on the interest rate would hurt people who cannot get loans elsewhere. 387% interest rate. At 1:51 am, with 92.17% of reporting constituencies, 671,096 voted in favor of capping the interest rate on loans.

Nebraska residents voted to cap interest rates on “payday loans.”

The interest rate was capped at 36% for loans. Loans are also referred to as payday advances or deferred deposit loans.

Opponents have argued that the initiative to cap the interest rate would hurt people who cannot get loans elsewhere.

Supporters said that last year Nebraska residents using payday loans paid an average interest rate of 387%.

At 1:51 a.m., with 92.17% of constituencies reporting, 671,096 voted in favor of capping the interest rate on loans.

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