Looking for information about payday lending in Nebraska? We’ve got you covered.
Some emergencies and expenses can hit hard financially in a way that can’t be recovered from without a little assistance. When you’re in need of fast cash, and don’t have the best of credit, you may be considering a payday loan, also referred to as a cash advance or short term 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. Nebraska Statutes Chapter 45 Article 9, defined as the Delayed Deposit Services Licensing Act, governs the operation of all payday lenders in this state.
The maximum you can borrow through a Nebraska payday loan is $500. However, you cannot take more than two concurrent payday loans through any one lender. In addition, you cannot hold one or more loan from a single lender with the aggregate exceeding $500. The maximum loan term of payday loans in this state is 34 days.
Consider these Nebraska short term loans
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
How a payday loan in Nebraska could help you
Here’s why an increasing number of people are looking at cash loans in Nebraska:
- Poor credit history is alright. You can apply for a Nebraska cash advance even if you have poor credit. What’s important is for you to have a steady job. Payday lenders don’t follow the same stringent lending criteria as banks; their main focus is whether you can repay the loan from your current income.
- Apply easily. With online providers, you can apply from almost anywhere, provided you meet the required eligibility criteria. If you pick a suitable lender, you can complete the identification process online. Many payday lenders have stores in Nebraska, so applying in person is also an option.
- Get money quickly. If you apply in-store, you can get the money you need almost as soon as a lender approves your application. Several online payday loan providers disburse approved funds by the next business day. However, some might take a little longer.
- Use funds for any purpose. What you do with proceeds from a payday loan is entirely up to you, given it’s used legitimately. You can use this money to repair your car, go on a vacation, pay bills or simply get by after a temporary setback.
What fees and charges do Nebraskan payday loans come with?
When charging fees, lenders have to follow Nebraska payday loan laws. This should give you an indication of how much your loan may end up costing:
- Maximum finance rate and fees. The maximum a payday lender in Nebraska can charge as fees is limited to $15 per $100, or pro rata for any part thereof on the loan amount. The maximum finance charge of a 14-day $100 loan is $17.65. The maximum APR of a 14-day $100 loan is 459%.
- Collection fees. A payday lender in Nebraska can charge no more than one $15 NSF fee.
- Rollover fees. You cannot rollover your payday loan, so rollover fees don’t apply.
How can I apply for a payday loan in Nebraska?
You can submit an online application or apply by visiting a store-front. To apply, you’ll have to meet these eligibility criteria:
- You should be at least 18 years of age
- You should be an American citizen or a permanent resident of the US
- You should have a regular source of income
To complete your application successfully, prepare to submit some basic information:
- Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Important information about payday loans
While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.
Frequently asked questions
Is there any way I can seek an extension on a payday loan in Nebraska?
Upon your request, a payday lender can offer an extension of no more than 34 days, provided it does not charge any additional fees.
I am currently in Iowa, but my ID shows me to be a resident of Nebraska. Can I apply for a Nebraska payday loan online?
As long as you meet other eligibility criteria, you can.
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.
Where else are payday loans available?
