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

Jacob Passy

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

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Interest rates on payday advances will likely to be capped in Nevada, after 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 thought we would put restrictions in the rates of interest that payday loan providers may charge — rendering it the seventeenth state to restrict interest levels in the dangerous loans. But customer advocates cautioned that future defenses pertaining to pay day loans could need to take place during the federal degree because of current alterations in laws. Continue reading “marketplace Watch web web Site Logo a web link that brings you back into the website.”