If you need quick cash, a short-term loan in Carson City, NV could be the answer.
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.
What should I know about short-term loans in Carson City?
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.
Here are some short-term lenders you might want to look into
Check the websites of any providers you’re interested in to confirm they operate in Nevada.
Here are a few positives when it comes to borrowing a payday loan
- Plenty of locations. If you want to visit a storefront, there are plenty of shops you can visit. Likewise, there are multiple online lenders that make the application process quick and easy.
- Bad credit is OK. Even if you don’t have the best credit, you can still apply for a payday loan from a Carson City lender. Most lenders consider your total financial situation, not just your credit, when determining if you’re approved.
- Short loan term. Since Nevada sets a term limit on payday loans, you won’t have to worry about interest accruing over months. As long as you pay on time, your loan shouldn’t be overly expensive.
Orson needs to take his dog to the vet
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.
Are there any consumer protections in Nevada?
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.
Ready to apply? Here’s how to submit your application
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.
Why do lenders need to know my income?Nevada passed a new law in 2017 that forces lenders to confirm a person has the ability to repay a loan before they’re approved. This means payday lenders will need to know your income in order to determine whether or not you can afford a loan. In addition, Nevada law prevents you from borrowing more than 25% of your monthly income in the form of payday loans. With these two rules in mind, lenders want to make sure you can afford a loan and will need your income to confirm it.
Short-term loans near you in Carson City, Nevada
Where can I go to get a short-term loan?
- Paycheck Advance. 1621 US Highway 50 E #C, Carson City, NV 89701
- Quik Cash. 2050 N Carson St Suite A, Carson City, NV 89706
- TitleMax Title Loans. 2020 E William St, Carson City, NV 89701
- US Auto Title & Payday Loan. 4338 S Carson St, Carson City, NV 89701
- USA Cash Services. 1111 N. Carson St, Carson City, NV 89701