Nevada payday loan laws overview

In Nevada, payday loans are also known as cash advances. In this article, we’ll try to give some useful information and tips regarding Nevada payday loans.

Nevada is the 7th biggest state by land size in the US and is its 35th most populous in terms of population. Tourism, cattle ranching and mining play a big part in its economy. Its tourism is mainly gambling and entertainment related, which makes this industry the state’s biggest employer. Moreover, Nevada is the world’s fourth-biggest producer of gold.
Nevada’s income per capita in 2009 was over $38,000. In 2010, the state’s total product was $126 billion. Nevada’s unemployment rate in December 2016 remained at 6.8%.

Are payday loans legal in Nevada?

Nevada payday loans

Nevada payday loans

Yes, cash advances or payday loans are completely legal in Nevada. Nevada payday loans laws state that a moneylender cannot give a loan surpassing 25% of a borrower’s gross month to month salary. The maximum term  a loan can have is 35 days. This can, however, be extended for up to 90 days if the initial contract allows you to make installments in portions without being liable to an extension.

A lending company that give payday loans in Nevada needs to have a valid license issued by the Financial Institutions Division of Nevada. You can cancel a Nevada cash advance before or by the end of the company’s business hours on the next business day.

Why take out a payday loan in Nevada

  • Numerous options. There are various direct payday loan lending companies in the Nevada that you can choose from. While some of these lending companies operate only online, others have physical stores too. If you prefer not to do broad researches on your own, you can get an advance co-ordinating support to find a loan best suited for your situation.
  • Simple process. Applying for Nevada payday loans online may take only a couple of minutes. If a payday lending store is near your workplace or your home, you can also apply conveniently. Depending the way you choose to apply, you can get your money either on the day of your application or by the next business day.
  • Bad credit is ok. You don’t need to have a perfect credit score to submit an application for a payday loan in Nevada. That’s because, in Nevada, your existing financial situation and ability to repay are also taken into account by the loan lenders.

Nevada payday loans fees and charges 

Maximum fees & finance rate

Maximum fees & finance rate

Nevada has payday loan laws that dictates how much your credit may end up costing you. There are a few things you should know:

  • Maximum fees and finance rate. Payday loan laws in Nevada do not explicitly point to a maximum finance rate. That results in unlimited charges or annual percentage rate for a 14-day $100 loan. After default, a lending company cannot charge interest exceeding the prime rate at the biggest bank in Nevada with 10% added.
  • Collection fees. In Nevada, payday lending companies can charge a fee for  dishonored check of up to $25. A lending company in Nevada cannot charge a fee for not having sufficient funds in the borrower’s account more than two times and can’t charge more than one fee for a closed account. The borrower may also have to pay court costs, attorney’s fees and service of process costs.
  • Rollover fees. There aren’t any specific regulations regarding rollover of payday advances in Nevada. However, a moneylender can’t augment a term past 60 days after the expiry of the underlying loan term.

How to apply for a payday loan in Nevada

How to apply for a payday loan in Nevada

How to apply for a payday loan in Nevada

Applying for a payday loan in Nevada is very simple. You can submit a loan application form by dropping by a payday lender’s store or you can do it online. To submit an application, you must meet the following requirements:

  • You must be at least 18 years old
  • You must be an American citizen or a permanent resident of the United States
  • You need to have a regular source of income

Prepare to submit the following information to complete your loan application successfully:

  • Your name, birth date, social security number and a legitimate type of ID, for example, your driver’s permit or identification
  • Your phone number, home and email address
  • Details about your income and employment
  • In case you decide to apply for a loan online, you also need to show your current financial records

Cities in Nevada where you can find payday loan lenders:

  • Battle Mountain
  • Boulder City
  • Carson City
  • Crystal Bay
  • Dayton
  • Elko
  • Ely
  • Fallon
  • Fernley
  • Gardnerville
  • Henderson
  • Las Vegas
  • Laughlin
  • Lovelock
  • Mesquite
  • Minden
  • Nellis Afb
  • North Las Vegas
  • Reno
  • Sparks
  • Stateline
  • Sun Valley
  • Winnemucca
  • Yerington