If you live in Nevada and need money fast, a payday loan might be a good option.
Nevada is officially the state of gambling, therefore it’s no wonder that payday loans are legal in this particular state. To say a few words about payday loan this is a loan that’s pretty regularly used in the US. It’s called payday loan due to its nature (small-term, small-amount) and that people regularly obtain this in-between salaries. Also, as such this loan does not have many conditions, but one of them is for the borrower to be legally employed and receive a regular salary, as a sort of a collateral to make sure the borrower can pay the loan back in a timely manner. This is also why the overall sum to be borrowed is generally not higher than USD 500.
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What are the payday loan laws and regulations in Nevada?
Payday loans are legal to obtain in the state of Nebraska and they are regulated according to the following law: Nev. Rev. Stat. 604A.010 et seq. with the following terms:
- Maximum amount of loan: it cannot be higher than 25% of the borrower’s monthly income (with taxes)
- Maximum term of loan: 35 days
- Maximum finance rate: while it is not specified, the law states that the default interest rate must be either equal or less than the interest rate counted by the largest bank in Nevada. A maximum of an additional 10% of interest rate can be added to the pre-specified interest rate.
- Maximum number of outstanding loans at a time: not regulated
- Rollovers: rollovers are permitted if they come with the proceeds of a new loan. Extension of max. 60 days is allowed beyond the initial payback date.
How much can you be charged by a payday lender in Nevada?
The following charges apply for a payday loan in Nevada As there is no limit on finance charges and no limit on APR it’s the lender’s right to decide what charges to apply. Collection fee: 25% of dishonored check fee. The lenders also charge for all fees which are due to debtor’s inability to pay the loan back. These may include court costs, attorney’s fees and all other process costs.
Your rights as a borrower in NV
Contact Nevada Financial Institutions Division which is the regulatory state office concerning loans for both debtors and borrowers. The conditions of license when someone wants to deal with small or payday loans are not specified therefore lenders need to obtain this information directly.
Nevada is one state that’s been designated for all sorts of loans, pawns and gambling activities, therefore it’s also the state where there is a higher number of companies which deal with payday loans. Upon checking for payday loans we advise you to be extra careful when it comes to choosing the right company for you. Choose a loan company which has a long history of dealing with small and payday loans.