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Nebraska becomes the latest state to cap cash advance rates of interest

Nebraska becomes the latest state to cap cash advance rates of interest

Nebraska voters overwhelmingly supported a ballot effort Tuesday that caps prices on pay day loans at 36% through the entire state, even while federal legislation limiting these loans that are high-cost stalled.

В© supplied by CNBC Ahmed Morsi brings along their month-old son Omar, while filling their ballot at a place that is polling Omaha, Neb., Tuesday.

Approximately 83% of Nebraska voters authorized Measure 428, according towards the Nebraska Secretary of State, which supplies election outcomes. The ballot measure proposed placing a 36% yearly restriction regarding the level of interest for payday advances. Using its passage, Nebraska happens to be certainly one of 17 states, as well as Washington, D.C., to impose restrictions on cash advance rates of interest and charges, in accordance with the ACLU.