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A red state is capping interest levels on payday advances: ‘This transcends ideology that is political’

A red state is capping interest levels on payday advances: ‘This transcends ideology that is political’

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

Interest rates on pay day loans is supposed to be capped in Nevada, following passage through 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 restrictions regarding the interest levels that payday loan providers may charge — which makes it the state that is 17th limit rates of interest regarding the high-risk loans.