You Can Reduce Rates Charged by Payday Lenders
Payday Lending companies now charge Nebraskans an average 387% Annual Percentage Rate (APR) for small amount, short term loans. In this current election you can help reduce that APR to no more than 36%. How?
1. On your ballot vote FOR Initiative Measure 428
2. Ask your friends and family to vote FOR Initiative Measure 428
3. Help spread the word
Nebraska’s Department of Banking and Finance report shows payday lenders charged 387% APR in 2019 for loans that averaged $346. These loans were taken out by 51,967 Nebraskans who needed emergency cash. The entire amount of the loan and fees must be paid in full within a few days. This often leads borrowers to take out another (and higher) loan. This endless cycle puts financial and emotional strain on hardworking families.
Nebraskans for Responsible Lending, a coalition of concerned local organizations like Omaha Together One Community, gathered enough signatures to put a 36% rate cap on the November ballot as Initiative Measure 428. Ballot wording: Shall Nebraska statutes be amended to (1) reduce the amount that delayed deposit services licensees, also known as payday lenders, can charge to a maximum annual percentage rate of 36%; (2) prohibit payday lenders from evading this rate cap; and (3) deem void and uncollectable any delayed deposit transaction made in violation of this rate cap? A vote “FOR” will amend Nebraska statutes; a vote “AGAINST” will not cause statutes to be amended.
If 428 passes, Nebraska will join 16 other states and Washington, DC where the rate cap for payday loans is already 36%.
For more information: https://www.votefor428.org/