A ballot campaign seeking to tighten the cap on how much interest payday lenders can charge in Nebraska has gotten a major boost from a national donor, increasing the odds that it will succeed in placing the issue on the 2020 ballot.
Nebraskans for Responsible Lending received $485,000 in cash and in-kind contributions last month from the Sixteen Thirty Fund. The fund is a liberal, Washington-based group that has helped in other states with campaigns to expand Medicaid, raise the minimum wage and restrict payday lending. Aubrey Mancuso of Nebraskans for Responsible Lending says she's optimistic the campaign will get the resources it needs to run a successful petition drive. Organizers are looking to cap the annual interest rate on payday loans at 36%.