We cover all the costs of taking out a payday loan in Nebraska
If you’re facing a tough financial situation, you might be considering taking out a payday loan. This guide takes you through Nebraska payday loan laws as well as the issues to consider before applying for one.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
Are payday loans legal in Nebraska?
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.
More regulations being consideredEarly in 2017, some senators of Nebraska were considering limiting the total APR to 36% like many other states, but it failed to be written into law. However, as more states adopt payday lending regulations, it’s quite likely some lawmakers in Nebraska will attempt to enact similar laws in the coming years. These consumer protections are meant to help the borrower avoid a nasty cycle of debt. Keep an eye out to see what happens.
Consider these payday lenders
Check the websites of any providers you’re interested in to confirm they operate in Nebraska.
What fees and charges do Nebraskan payday loans come with?
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.
- Financing fees: $15 per $100 borrowed
- Financing charge: A 14-day $100 loan costs $117.65
- APR: A 14-day $100 loan has an APR of 459%
- Collection fees: A lender may charge a $15 non-sufficient funds (NSF) fee
How can I apply for a payday loan in Nebraska?
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 desposit your loan funds and then debit your payment when it’s due.
Before you apply, you should be t least 18 years old, an American citizen or permanent resident and have a regular source of income.
What should I consider before taking out a loan?
Before you take out a payday loan, you should be sure to check out all your other options. There are assitance 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 Assitance 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 good way to recover from an expensive financial situation, but don’t forget to consider your other options before you apply.
Frequently asked questions
Can I roll over a payday loan?
No. Nebraska law doesn’t allow for refinancing or rolling over a loan.
Can get an extension on a payday loan?
Upon your request, a payday lender can offer an extension of no more than 34 days, provided it does not charge any additional fees.
Who should I contact to file a complaint about a payday lender in Nebraska?
You should get in touch with the Nebraska Department of Banking & Finance.