Editor's choice: OppLoans Installment Loans
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If you’re facing a tough financial situation, you might be considering taking out a payday loan. Find out what you need to know before you apply — including local laws and fees to expect.
Yes. Payday loans are legal in Nebraska and governed by Nebraska Statutes Annotated §§ 45-901, defined as the Delayed Deposit Services Licensing Act. These laws state you may have no more than two loans taken out at a time and limit the amount of fees a lender can charge.
The maximum you can borrow is $500.
When you borrow a payday loan, you’ll be expected to pay a financing fee. If you miss a payment or default, lenders can charge you extra. The list below is a simple breakdown of all the potential costs of a loan.
When you apply, whether it’s online or in-store, you’ll need to give your lender some basic information about yourself. This generally includes your name, address, a way of contacting you, details about your income and your Social Security number. In addition, if you apply online, a lender will likely want access to your checking account in order to deposit your loan funds and then debit your payment when it’s due.
Before you apply, you should be at least 18 years old, an American citizen or permanent resident and have a regular source of income.
Before you take out a payday loan, you should be sure to check out all your other options. There are assistance programs available in Nebraska if you’re in need of a little extra help paying for everyday costs. These include the Emergency Cash Assistance Program, Supplemental Nutrition Assistance Program (SNAP) and the Nebraska Low Income Energy Assistance Program.
You might also want to consider other options like getting a loan from a credit union or finding an online installment loan. These give you more time to pay back your debt and generally have slightly better interest rates.
If you’re a looking into a payday loan, be sure you have enough to pay back the principal and interest. These can be a suitable way to recover from an expensive financial situation, but don’t forget to consider your other options before you apply.
You won’t be able to apply for a new loan unless you’re a returning customer.
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