Editor's choice: Check Into Cash Payday Loan
- No application fees
- Loans up to $1,000
- Receive funds as soon as next business day
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An unexpected bill or emergency expense could have you strapped for cash. If you’re considering a payday loan, learn about the regulations in place before you borrow so you can make a smart decision when it comes to your financial future.
Yes, payday loans are legal in Nevada. Payday loans are governed by Nevada Revised Statutes 604A.010 et seq., which requires lenders to be licensed and to abide by Nevada short-term lending law. A lender can’t provide a loan exceeding 25% of a borrower’s gross monthly income with a maximum loan term of 35 days, with the option of a 60-day extension. A payday installment loan, however, can last up to 90 days, although there is no extension allowed.
You may choose to cancel your loan before the end of the next business day.
Check the websites of any providers you’re interested in to confirm they operate in Nevada.
Nevada payday loan laws have a bearing on how much your loan may end up costing. Here’s what you need to know:
The application process is relatively easy provided you have everything you need close by. A lender will require tht you be at least 18 year old, an American citizen or permanent resident and have a regular source of income before you apply, and you will likely need to supply your Social Security number and access to your checking account (if you’re applying online).
Have a valid form of ID close by and information about your income, employer and personal details while applying to keep things quick.
Local resources include the Energy/Utilities Emergency Assistance program and Temporary Assistance for Needy Families (TANF). These can help cover some basic bills while you work on paying down your other debt.
You may also want to consider some alternate credit sources, such as a credit card cash advance, installment loan or a debt consolidation loan. These have longer terms to pay back what you owe and often come with slightly lower interest rates than a short-term payday loan.
If you’re having a tough time paying bills or an emergency expense, a payday loan might be a helpful way to make it between paychecks. As long as you know how much it will cost and budget for it, you’ll be able to avoid extra debt and help yourself get back on solid footing.
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