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

Jacob Passy

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

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Rates of interest on pay day loans is 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 thought we would place limitations in the rates of interest that payday loan providers may charge — which makes it the state that is 17th restrict interest levels in the high-risk loans. But customer advocates cautioned that future defenses linked to payday advances may prefer to take place during the federal degree because of current alterations in laws. Continue reading MarketWatch web Site Logo a web link that brings you returning to the website.