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What are the payday loan laws and regulations in Nebraska?
Obtaining a payday loan is legal in Nebraska. All sorts of loans and credit transactions are regulated by the Neb. Stat. Ann. §§ 45-901 law with certain terms and conditions.
The basic conditions:
- Debtor has to be above the legal age of 18
- Debtor has to be a US citizen or hold a residence card in the state of Nevada
- Debtor has to confirm that he/she has a proper employment with a regular salary
- Debtor has to have a bank or check account
Further data might be needed depending on the exact loan company where someone is applying for a loan. ID card might also be needed.
How much can you be charged by a payday lender in Nebraska?
The following rules and regulation apply alongside the additional costs:
- Maximum amount of loan: USD 500
- Maximum term of loan: 34 days
- Finance charge: 17, 65% per USD 100
- APR: 459% / year
- Maximum number of outstanding loans at one time: two
- No rollovers are permitted.
- Debtor cannot repay neither refinance nor consolidate a loan
- Collection fee: USD 15 NSF
Loans and credits are regulated by the following state office: Nebraska Department of Banking & Finance.
Your rights as a borrower in NE
Lenders must be licensed to hold the right to offer payday loans. All lender must refer to the Nebraska Department of Banking and Finance for any changes in laws and regulations. Additional fees may be applied.
Borrowers are strongly advised to check for a lending company who is respectable, licensed and has a long history in lending money without any brushes with the law. Borrowers are also suggested to view Payday loans as a last resort opportunity and do obtain one until it is absolutely sure that he or she can pay it back within the pre-specified time with the specified conditions according to the contract.