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

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

Nebraska voters overwhelming decided to place limits regarding the interest levels that payday loan providers may charge — which makes it the state that is 17th restrict interest levels from the high-risk loans. But customer advocates cautioned that future defenses regarding pay day loans could need to take place during the federal degree because of current alterations in laws.

With 98per cent of precincts reporting, 83% of voters in Nebraska authorized Initiative 428, which will cap the yearly interest charged for delayed deposit solutions, or payday financing, at 36%.