Payday Lending Issue Cafe
35 leaders met at Urban Abbey on February 28 to hear from Ken Smith, lawyer with Nebraska Appleseed about the state of payday lending in Nebraska. With the passage of LB 194 in last year’s legislative session, a few small steps were made to close a loop hole that could allow payday lenders to register as “Credit Service Organizations,” give a once-a-year payment plan option, and require more reporting to the Nebraska Department of Banking. The first report came out in December 2019 (view it here). See our analysis here of what this report shows about the status of where payday lending happens, how many loans are made, what people have to pay, and the average percent rate of 404%.
Ken Smith also asked supporters to practice how to respond to common arguments for payday lenders:
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