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

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

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

Interest rates on payday advances will undoubtedly 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 interest levels that payday loan providers may charge — which makes it the state that is 17th restrict rates of interest regarding the high-risk loans. But customer advocates cautioned that future protections pertaining to pay day loans might need to take place in the federal level because of recent alterations in laws.