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A red state is capping interest levels on pay day loans: ‘This transcends ideology that is political’

A red state is capping interest levels on pay day loans: ‘This transcends ideology that is political’

‘once you ask evangelical Christians about payday financing, they object to it’

Rates of interest on pay day loans will soon be capped in Nevada, after passing of a ballot measure on Tuesday. An average of nationally, payday loan providers charge 400% interest on small-dollar loans.

Nebraska voters overwhelming decided to place limitations regarding the rates of interest that payday loan providers may charge — which makes it the state that is 17th restrict rates of interest in the dangerous loans. But consumer advocates cautioned that future defenses pertaining to payday advances may prefer to happen during the level that is federal of present alterations in laws.