Editor's choice: OppLoans Installment Loans
- APR starting at 4.66%
- Funding as soon as the next business day
- Accepts fair credit
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Short-term loans are designed to help you get from one payday to the next when you’re facing a tough financial crisis and don’t have anywhere else to turn. If you live in Carson City, this guide should help you locate a lender that suits your needs.
Both online and storefront lenders are required to abide by Nevada Revised Statutes 604A.010 et seq. You can borrow up to 25% of your gross monthly income for 35 days or less, and you are able to cancel the loan if you no longer need it.
It’s important to read the full contract and be careful when you accept a loan. Nevada doesn’t limit the amount of interest a lender can charge you for a short-term loan, meaning the cost of the loan can be much higher than what you initially borrow.
Check the websites of any providers you’re interested in to confirm they operate in Nevada.
Orson’s dog needed immediate surgery, but he didn’t have enough money to cover the bill when it came due. The credit card he usually uses is maxed out and he doesn’t have the best credit, so Orson decided to apply for a short-term loan. He was approved for $400 for a term of four weeks. Orson read his contract carefully, which stated that he would need to pay a fee of $25 for every $100 he borrowed.
At the end of his loan term, the lender debited the payment from his account. Because it fell on his next payday, he was able to pay back the full $500 without being charged any collection fees.
There are some, but you’ll need to read over your loan contract to make sure a lender is abiding by the rule of law. Should you change your mind about borrowing, you can cancel the loan by the end of the next business day. If you default, lenders may charge you no more than the prime rate of the largest bank in the state plus 10%.
It’s best to avoid taking out a payday loan unless you’re sure you can repay it. Payday loans are known to be costly forms of credit, so if you can’t afford it, don’t take it out.
You can visit a short-term lender’s storefront or submit an application online. You’ll need to provide proof of your employment and your monthly income as well as your Social Security number and access to your checking account. This is so lenders can confirm your identity before they approve you for a loan.
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