A ballot initiative will allow voters to decide for themselves if payday lenders should be forced to cap annual percentage rates in Nebraska after several stalled legislative attempts to regulate payday lending practices.

Ballot Initiative 428, promoted by Nebraskans for Responsible Lending, would restrict the quantity that payday lenders may charge to a maximum apr of 36%.

Payday financing is a controversial industry mainly employed by low-income those who require money quickly. Payday advances are small-dollar, high-interest and short-term, aided by the typical expectation that the customer can pay the mortgage and any accrued interest right right back by their next payday. Continue reading →