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Initiative 428: A historic accomplishment. The long road to consumer defenses in payday lending

Initiative 428: A historic accomplishment. The long road to consumer defenses in payday lending

This blog post is in collaboration with Tori Ostenso, Economic Justice community organizer and Bhagya Pushkaran, Economic Justice intern.

Over 700,000 Nebraskans, or higher 83%, voted FOR Initiative 428 into the 2020 election to reform pay day loans and limit interest at 36% APR (apr) (1, 2). , This landslide success over predatory financing techniques in Nebraska lead from several years of appropriate research, policy advocacy, and community arranging in the state and nationwide level.

In this website, we’re searching right back at more than a decade’s worth of advocacy efforts to modify the payday financing industry to be able to appreciate the importance of this Initiative 428 victory and appear ahead at what to anticipate as Nebraska implements the measure that is new.

Although we, at Nebraska Appleseed, been employed by to eliminate poverty since our founding, our involvement in payday lending reform began in 2008. We supported a few legislative bills reforming payday financing from Senator Amanda McGill (3) and Senator Danielle Conrad.

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