A $300 loan in Omaha now sits in a different cost universe than it did before 2020 — Nebraska’s rate cap changed the math even at small dollar amounts.
Quick answer: A $300 Nebraska payday loan, capped at 36% APR, costs only a few dollars for a couple of weeks — far less than the pre-2020 average. A credit-union PAL or earned-wage advance can still be cheaper, but the gap is smaller than in uncapped states.
The $300 price menu
- Nebraska payday loan (36% cap): a few dollars in interest for a couple of weeks.
- Credit-union PAL: at a 28% interest cap, similarly modest cost.
- Earned-wage app: often a flat few dollars or optional tip — sometimes free.
- Credit-card advance: fee plus interest, typically $10–$20 if repaid fast.
Why the gap narrowed
Before Initiative 428, small loans carried the steepest percentage costs of any product. Since the 36% cap applies to every dollar borrowed, Nebraska is one of the few places where a small payday-style loan and a credit-union PAL now land in a similar cost range.
The move
For $300, still compare all four options — the free or near-free earned-wage route usually wins, but the payday-style option is no longer the outlier it once was.
Frequently asked questions
Only a few dollars in interest under the 36% cap — a fraction of the pre-2020 cost.
An earned-wage advance, often free or nearly so.
Yes — PALs and app advances don’t hinge on credit scores.
Educational content, not financial advice. Always verify a lender is licensed by the Nebraska Department of Banking and Finance (NDBF) before borrowing.