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.
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