By Patricia Jones, Task Force on Poverty
For those who have acquired your ballot, youвЂ™ve noticed Initiative 428: a call to amend Nebraska legislation to limit delayed deposit solutions licensees, generally speaking called payday loan providers. Payday advances are often regarded as being abusive of individuals who are now living in poverty. But they generally allow people who have hardly any other use of funds to cover their bills.
Payday advances are particularly high-rate loans to high-risk people, so named since they are short term installment loans supposedly made to last just before the borrower gets their next paycheck and repays the cash. Most loans are for 1 month or less and assist borrowers settle payments that simply cannot be delayed. (mais…)