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

Jacob Passy

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

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Rates of interest on pay day loans will likely be 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 on the interest levels that payday loan providers may charge — rendering it the 17th state to restrict interest levels regarding the high-risk loans. (more…)

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