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Without a doubt about brand brand New Payday Loan Ruling Is Bad News for Borrowers

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On Election Day month that is last a lot more than four away from five Nebraska voters authorized a ballot effort that will cap rates of interest on short-term, ultra-high-interest payday advances at 36 per cent. The past legislation allowed yearly rates to rise because high as 459 per cent.

Yet 1 week ahead of the election, an obscure branch regarding the U.S. Treasury Department, called any office for the Comptroller associated with Currency (OCC), issued a ruling that numerous consumer advocates state could undermine the Nebraska voters’ intention—as well as anti-payday legal guidelines various other states across the nation. Continue Reading…