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Nebraskans for Responsible Lending’s First TV Spot to Run Statewide


LINCOLN – Nebraskans for Responsible Lending plans to launch their first TV ad of the campaign season.
The ad, “Underwater,” illustrates how predatory payday lenders make borrowers feel like they are drowning in debt. It will hit Nebraska airwaves this week, beginning Thursday, Sept. 24.
See the ad here: https://www.youtube.com/watch?v=kSsXwYPChYA
The ad is running statewide on broadcast, cable, and digital platforms. The script states:

You don’t have to borrow much to get underwater in debt with a payday loan. Payday lenders charge over 400% annual interest, preying on vulnerable Nebraskans…Military veterans, communities of color, seniors, and young people.
It’s time for this to stop.
Initiative 428 would make sure they can’t charge more than 36%, protecting Nebraskans’ financial future in these uncertain times.
Vote for 428 to stop predatory lending. It’s the fair thing to do.

Kate Wolfe, campaign manager for Nebraskans for Responsible Lending, said the ad explains how borrowers don’t have to borrow much to get underwater in debt when payday lenders charge an average of over 400% APR. She encourages Nebraskans to vote in favor of Measure 428, which reduces rates to 36% and will appear on the November ballot.

“Payday lenders don’t check to make sure a loan is affordable to a borrower,” Wolfe said. “Affordability doesn’t matter to them because payday lenders are always the first paid – they gain the ability to take money directly out of a borrower’s bank account on payday, before the borrower can pay for necessities like rent and groceries. In fact, payday lenders are incentivized to make loans borrowers cannot afford, because the borrower must then repeat the loan indefinitely, often until they are completely bled dry.”

Payday loans are associated with the inability to cover living expenses, insufficient funds fees and overdraft fees, closed
bank accounts, and bankruptcy. Reducing rates to 36% APR means Nebraska borrowers would no longer face unmanageable debt, Wolfe said.

“This ballot measure puts common-sense safeguards into place to stop predatory lenders from taking advantage of members of our community.”
Similar rate caps have already been implemented by 16 states and the District of Columbia. Those states include Colorado and South Dakota, which both passed rate caps on the ballot by wide margins.

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