Nebraskans vote to limit 'exploitative' payday loans

Voters in Nebraska sided with efforts to limit payday loans, passing an initiative Tuesday that the Nebraska Catholic Conference had endorsed as a means to protect the poor from becoming trapped in debt.

Over 80% of Nebraskan voters backed Initiative 248, which caps payday loans at a 36% annual percentage rate, the Lincoln Journal-Star reports. Previously, the legal lending rate was set at 400%…