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A red state is capping interest levels on pay day loans: ‘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 will soon 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 decided to place restrictions on the rates of interest that payday loan providers may charge — which makes it the seventeenth state to restrict interest levels regarding the dangerous loans. But customer advocates cautioned that future defenses pertaining to pay day loans may prefer to take place during the federal degree because of current alterations in laws.

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