Nebraska voters approve interest rate cap on payday lenders

Your Local Election HQ

Ahmed Morsi brings along his month-old son Omar, while filling his ballot at a polling place in Omaha, Neb., Tuesday, Nov. 3, 2020. (AP Photo/Nati Harnik)

OMAHA, Neb. (AP) — Nebraska voters have overwhelmingly approved a measure to cap the annual interest rate on payday loans at 36%.

Initiative measure 428 changes existing state law, which allows lenders to charge more than 400% annually.

Supporters of the measure argued that such high rates victimize low-income borrowers and those who do not understand lending requirements.

Industry officials countered that the high rates are misleading because most loans are short-term and that capping the interest rate will put lenders out of business.

For the latest election results, click here.


Latest Stories

Copyright 2021 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Washington DC Headlines

More Washington-DC

Local News

More Local News