Compare your loan options in Nevada

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.

Are payday loans legal in Nevada?

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.

What fees and charges do Nevada short-term loans come with?

Nevada payday loan laws have a bearing on how much your loan may end up costing. Here’s what you need to know:

• Maximum finance rate and fees: There is no limit on the finance charge or APR for a payday loan. After default, a lender cannot charge interest exceeding the prime rate at the largest bank in Nevada plus 10%.
• NSF fees: A lender may charge two non-sufficient funds fees of $25 each and one $25 fee for a closed account.
• Court costs: If you default, you may be required to pay court costs and reasonable attorney fees.
• Rollover fees: There are no specifics surrounding rollover of payday loans in Nevada, but you should expect to pay the financing fees for taking out a new loan as well as any other fees to cover the cost of the previous loan.

How do I apply for a payday loan in Nevada?

The application process is relatively easy provided you have everything you need close by. A lender will require that you be at least 18 years 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.

What should I consider before taking out a payday loan?

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.

There are other non-credit options you may want to consider

Bottom line

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.

Have any more questions about Nevada short-term loans?

Is there a limit to the maximum number of payday loans I can take at the same time?

Nevada law doesn’t have an official limit on the number of payday loans you can borrow, but you should avoid taking out multiple loans at once because it can be difficult to pay back the full amount by the due date.

How do I set up a payment plan for a payday loan if I’m struggling to make payments?

You should contact the lender directly and see if they’re willing to work with you on a payment plan arrangement that fits your budget. Some lenders may charge additional fees for extending your loan, but it’s worth asking about if you think you might not be able to afford the original loan repayment terms.

Who can I contact if I have a problem with a payday lender?

You can contact the Nevada Financial Institutions Division if you want to file a complaint.

How does a rollover work?

After sixty days, you can no longer extend your payment period. At this point, you either need to pay back the full amount of your loan or take out a new loan. This is called rolling over or refinancing, and it involves using the proceeds of your new loan to repay your first loan. It’s a very expensive process that can trap you in a cycle of debt, so before you borrow, be sure you have enough money to pay for your loan to avoid this costly process.

Can I get a title loan in Nevada?

Yes. It’s possible to both online and in-store. Since the state doesn’t limit how much lenders can charge in interest on these types of loans, you’ll want to make sure the repayment terms are affordable to you or consider other options.