Nevada Payday Loans
An unexpected bill or emergency expense could have you strapped for cash. If you’re considering a payday loan, learn about the regulations in place before you borrow so you can make a smart decision when it comes to your financial future. Nevada payday loans could be an ideal choice for your situation.
Are Payday Loans legal in Nevada?
Yes, payday loans are legal in Nevada. Payday loans are governed by Nevada Revised Statutes 604A.010 et seq., which requires lenders to be licensed and to abide by Nevada short-term lending law. The maximum loan amount is usually 25% of individuals expected gross monthly income. This comes with a maximum loan term of 35 days.
Reasons to get a Nevada Payday Loan
There are an endless amount of reasons why you may need extra cash. But if you do find yourself in one of these situations, we may be at your service.
- Struggling to cover your utilities, rent, bills, and groceries.
- You don’t want to borrow from your relatives or friends.
- Satisfy a debt that can cost you a lot if you miss it.
What costs and regulations do Nevada Payday Loans have?
Nevada payday loan laws have a bearing on how much your loan may end up costing. Here’s what you need to know:
- Maximum finance rate and fees: There is no limit on the finance charge or APR for a payday loan. After default, a lender cannot charge interest exceeding the prime rate at the largest bank in Nevada plus 10%.
- NSF fees: A lender may charge two non-sufficient funds fees of $25 each and one $25 fee for a closed account.
- Court costs: If you default, you may be required to pay court costs and reasonable attorney fees.
- Rollover fees: There are no specifics surrounding rollover of payday loans in Nevada, but you should expect to pay the financing fees for taking out a new loan as well as any other fees to cover the cost of the previous loan.
How do I apply for a Payday Loan in Nevada?
The application process is relatively easy provided you have everything you need close by. Here are some conditions that come with applying for a payday loan:
- You must be at least 18 years old or over. Lending money to a person under this age is illegal in the USA.
- You need to be a legal resident of Nevada.
- Your bad credit is not a problem, but you still need a stable source of income or are in employment. This way, we can be sure that you can handle the repayment.
But remember that this type of loans can’t cure serious financial troubles. Getting too many loans from a few companies at the same time is not the best decision, as you risk damaging your financial stability.