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.

Get loans quickly from nearby lenders in Nevada. Need Help? Call Us Now! (800) 961-5909

 

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

 

Benefits of car title loans

Benefits of car title loans

If you are employed, maybe you are on a day job, at a specific date that is far away from your payday, the financial struggles in your life are at their best at this time. By saying so, it means that if you meet with an emergency, it becomes a pain to try and solve it.

Emergencies could range from repayments of mortgage loans, school fees for your kids to unexpected situations like illness and accidents. All these require money to settle. It’s never that easy to cope, especially if the only source of income you have is what you get at the end of the month.

Car title loans have emerged as a great alternative to help you get out of tricky financial situations. It’s all about getting yourself a lifeline before you receive your salary by the month-end payday.

According to statistics, car title loans are becoming popular among people these days.

A car title loan requires you to use your car as collateral. Loan amounts can range from between $150- $1500 but it could be as high as $5000. The loan amount is determined by the value of the car that you are using as collateral. The loan amount is about 45% of the car’s market worth at the time of loan application.

Loan application

car title loans benefits

car title loans benefits

You can approach the lending company either by physically making your way to the office or apply online. After the application is submitted, you should submit your car title and its photo identification.

The company also asks for a copy of the car keys and then asks you to buy a roadside plan. After processing your loan, the company gives you the loan amount in the form of a check or deposit the money into your deposit account.

The company expects you to pay back the money as stipulated by the contract that you sign upon getting the loan. It includes the interest and other fees. If you cannot repay the loan, the company may end up repossessing your car and selling it to recover the outstanding loan.

A car title loan, however, has many advantages. That is why it is very popular among people.

1.  Ability to provide cash

A car title loan is designed to help you in times of financial difficulties. It offers cash conveniently and quickly just when you need it.

The loan helps you get out of financially difficult situations by providing cash to solve the problem at hand. We are talking about solving all the emergencies that may happen at a time when your next payday is still a few weeks away.

2.  Getting your money fast

Getting your money fast

Getting your money fast

The application and approval of a car title loan take a very short time. In fact, you could be getting your loan in a matter of a day or two. Compared to other types of loans, this is quite fast. It does not require you to keep making applications and waiting in line at the banks.

After you are approved for a car title loan, your car is then inspected and its value is determined. The lender and you will discuss before the former lays down the terms and conditions for the car title loan.

The speed of the car title loan processing and approval is a result of the simplicity of the loan and how it is designed.

3. Minimal requirements

For your loan to be processed, you will need to actually own a car. There are no bank account or credit checks. The car which you will be using as collateral for the car title loan is what matters.

Therefore, it is easy to process the loan and get the money that you need in less than two days. The credentials needed include basic personal information, the car title, the car itself during the application for assessing its value and its photo identification. Within a day or two, the loan is processed and you are on your way to solving your emergency.

Other loans require a lot of credentials and background checks before they approve the loan. This takes a lot of time. This is why most people are turning to car title loans for quick cash solutions.

4. Use the car as usual

Use the car as usual

Use the car as usual

A car title loan is very different from going to the pawnshop. This is because it allows you to continue using the car which you had used as collateral as you normally do.

The only thing the car title lending company needs is the car title. You are required to do is keep making prompt payments for the car title loan to avoid repossession of the vehicle.    

If you go to pawnshops, they will require the car or automobile to be left in their care until the loan has been repaid in full. It is only then that you will get your car back.

5. Credit scores

As stated earlier, the only documents and credentials needed are just your personal details, the car title and the car and its photo identifications. It is important to understand that a car title loan uses the car as collateral.

Essentially the car is the loan’s source of security. For this reason, the lenders barely look at the credit score of the borrower. The only thing they need is the car title.

Looking at traditional loans and other types of loans, the credit scores of the borrower are very important for the loan to be approved. Hence, car title loan are very suitable as most people as long as they own a car.

6.  Cheaper than cash advances

Car title loans are way cheaper

Car title loans are way cheaper

Car title loans are way cheaper than cash advances. The annual percentage rate (the real cost of borrowing) of cash advances are at about 400% or 450% compared to 300% annual percentage rate of car title loans.

While interest rates for both types of loans are quite high, interest rates for car title loans are definitely lower than those of cash advances.

As a borrower, you want a loan which with a low-interest rate.Hence, most people are attracted to car title loans.

7. Convenient repayment options

Car title loans offer a variety of loan repayment options. They include physical over-the-counter payment and online payment, among others. Compared to other types of loan servicing, this is flexible and efficient. You can make payment from anywhere at any time of your choice. This makes a car title loan very attractive.

8. No stress

A car title loans relieve you from financial stress. Emergencies are easily solved since the loan is approved. Moreover, you don’t need to stress about your credit score.