Nebraska becomes the latest state to cap cash loan interest levels

Nebraska voters overwhelmingly supported a ballot effort Tuesday that caps rates on payday improvements at 36% through the whole state, also while federal legislation restricting these high-cost loans is still stalled.

Р’В© given by CNBC Ahmed Morsi brings along their son that is month-old Omar while filling their ballot at a spot that is polling Omaha, Neb., Tuesday.

Around 83% of Nebraska voters authorized Measure 428, according to the Nebraska Secretary of State, which offers election results. The ballot measure proposed putting a 36% annual limitation into the amount of interest for payday improvements. Featuring its passage, Nebraska is one among 17 states, along side Washington, D.C., to impose restrictions on pay time loan interest rates and fees, relative to the ACLU.

“this could be a triumph that is huge Nebraska consumers as well as the battle for attaining monetary and racial justice,” Ronald Newman, nationwide government manager through the ACLU, stated in a declaration. […]