This Campaign is the 19th ballot win by The Fairness Project in just four years
On Tuesday, Nebraskans took a huge step toward stopping predatory lenders who have taken advantage of seniors, communities of color, and low-income workers for far too long.
“This pandemic has shined a bright light on what isn’t working for most Americans. People are tired of payday lenders and other big companies who turn a profit by preying on those most vulnerable at their moment of greatest need,” said Jonathan Schleifer, Executive Director of The Fairness Project, a lead supporter of Nebraska’s predatory lending initiative.
“No longer will payday lenders in Nebraska be allowed to take advantage of those seeking financial help in their most vulnerable moments. No longer will they be allowed to make astronomical profits off people struggling to put food on the table or make rent.”
Payday loan annual interest rates in Nebraska currently exceed 400% and are designed to trap hardworking families in a cycle of debt. The ballot measure will limit annual interest rates (APR) to no more than 36%.
Voters across the political spectrum have supported predatory lending initiatives and legislation. The Fairness Project has now helped guide two predatory lending ballot initiatives to victory: in Colorado in 2018 and now Nebraska in 2020. While lawmakers may have taken this corrupt industry’s campaign contributions and looked the other way, voters across the US are demanding change.
The Fairness Project has now won 20 of its 21 races and has no intention of slowing down with its ballot measure strategy. “We put voters first, and win when politicians refuse to act,” he said.
The Fairness Project most recently helped voters make Medicaid expansion a right in Oklahoma and Missouri. The campaigns were part of a multi-year strategy by The Fairness Project that led to six red and purple states expanding Medicaid. The organization has also passed minimum wage and paid sick leave ballot measures across the country.