For years, payday lenders have issued predatory, fee-packed loans to our neighbors across Nebraska. Payday loans are designed to trap borrowers in a cycle of debt that is extremely difficult to break. Just last year, the Nebraska Department of Banking reported the average contracted annual percentage rate on payday loans was 405%. Marketed as a short-term fix, the loan terms result in borrowers paying back several times the amount of the original loan over a long period of time.
The Solution:
#Votefor428. Initiative 428 would cap the annual percentage rate on payday loans at 36%. When you Vote for 428, you help protect Nebraskans from being caught in a cycle of debt.
How to show up:
In the upcoming weeks, the Nebraska Secretary of State (SOS) is providing opportunities for you to share your support. While the Secretary of State is holding listening sessions in-person, you can share your support by sending your comments to the Nebraska SOS by:
| Email
Write in the subject line: Initiative 428 |
Mail
Elections Division |
Listening sessions across the state:
|
Lincoln Thursday, October 8 at 1:30 – 4:30 p.m. CST / 12:30 – 3:30 p.m. MT |
North Platte Monday, October, 19 |
|
Omaha Thursday, October, 22 |
|
Nebraskans for Responsible Lending Virtual Event
The Sky Doesn’t Fall: States who have already passed the rate cap
Wednesday, October 21 at 7 – 8:30 p.m CST / 6 – 7:30 p.m. MT
Can’t make it to the SOS listening sessions? Join us for a virtual event with advocates to learn more about how Initiative 428 can positively impact Nebraskans!
Your voice makes a difference. Share your experience on payday lending by contacting me at tostenso@neapplesseed.org, (402) 438-8853 x134, or replying to this email.
Follow Nebraskans for Responsible Lending on Facebook and Twitter for updates on Initiative 428! By voting FOR Initiative 428 in November, you help protect Nebraskans from being caught in a cycle of debt.
