Nebraska Latest State to Ban Payday Loans as Feds Pull Back

Nov. 4, 2020, 8:32 PM

Nebraska voters overwhelmingly approved a ballot measure that will stop high-interest payday lending in the state, joining 16 other states that have enacted curbs.

Initiative 428 bars lenders from offering loans with interest rates above 36% in Nebraska, where loans with interest rates as high as 459% are currently legal. The initiative garnered nearly 83% of the vote Tuesday with all precincts reporting, according to the Nebraska Secretary of State’s office.

President Donald Trump (R) won Nebraska in the presidential election, highlighting the bipartisan support capping interest rates can attract. South Dakota passed a similar 36% rate cap in 2016...

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