Nebraska becomes the latest state to cap pay day loan rates of interest

Nebraska voters overwhelmingly supported a ballot effort Tuesday that caps rates on pay day loans at 36% through the state, even while federal installment loans OH legislation limiting these loans that are high-cost stalled.

В© given by CNBC Ahmed Morsi brings along their month-old son Omar, while filling their ballot at a polling place in Omaha, Neb., Tuesday.

Approximately 83% of Nebraska voters approved Measure 428, according towards the Nebraska Secretary of State, which supplies election outcomes. The ballot measure proposed placing a 36% yearly restriction regarding the level of interest for pay day loans. Using its passage, Nebraska happens to be certainly one of 17 states, along with Washington, D.C., to impose restrictions on pay day loan rates of interest and charges, in accordance with the ACLU.