When it comes to Nebraska and payday loans it seems like this state is doing it’s best to change the laws despite huge efforts from the payday loan lobbyists to stop them.
We here at Help With Payday Loan Debt are very pleased with the state’s efforts.
There are new laws taking effect that will make payday loan companies follow strict terms when it comes to giving out payday loans and this will help the borrowers from getting in over their heads with these loans.
Payday loan companies are notorious for giving out multiple loans and larger loan amounts than people can afford to pay back and this is just not right as it traps the poor and is considered taking advantage of the disadvantaged!
Let’s take a look at what is happening in Nebraska and how it will affect the industry and the customers who may be thinking about taking out one of these loans.
Need help with payday loan debt in Nebraska or any other state?
Nebraska has new laws being introduces this spring that will regulate how payday loan companies decide which customers may receive a payday loan based on their ability to pay.
In the past, these companies would just grant their loans to anyone who had a checking account and make a minimum of $800.00 a month with no regard to any other debt loan the potential customer may have.
This kind of behavior has led to large amounts of customers becoming trapped in the payday loan trap
Once caught in this trap people have gone as far as losing their house, filing bankruptcy and spending thousands of dollars getting out of this trap and their loans started out as a few hundred dollars!
Some pawn all their belongings, some have even committed suicide because of the harassment and threat of jail by these companies.
They will soon have to change their practices and conform to these new laws, which will make them screen their potential customer’s ability to pay the loans back under the terms of the loan without any extension fees and interest.
Unfortunately, the new laws still do not go far enough as Nebraska has failed to advance any legislation that would establish a statewide database so the loan companies could monitor the number of payday loans any potential customer may have out at any given time.
This would be a huge help in determining a potential customers ability to pay back the loan in a timely manner.
This method does work in other states but again, the lobbyists make sure this type of legislation does not move forward but that is changing!
Special Interest Groups
We make it one of our missions here at Help With Payday Loan Debt to keep people up to date on current state payday loan laws. and to inform everyone that the payday loan industry spends millions of dollars every year to buy politicians to do their dirty work.
They get these senators, governors, and the likes to advance their agendas and make sure the payday loan laws favor the lending companies and not the customers and to us, this is just plain wrong!
I urge everyone to check the voting records of any government figures before you vote for them and understand where they stand in this and any other matter concerning the welfare of the people they are supposed to be working for.
That being said many states are changing their laws and calling out these corrupt politicians and their voting records and New York has really been leading the way on this.
This state has accomplished this by getting the laws changed and enforcing them. They have made online payday loans illegal and anyone caught doing business online in New York State will be prosecuted.
Cudos to New York!
While Nebraska is getting on the wagon and changing their laws and how they deal with payday loans, there are still many states still at the mercy of these companies and more needs to be done.
Support your politicians and lawmakers in fighting these loans and making the payday loan industry become more involved in helping people instead of eating them up alive!
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