Lenders are required to check if borrowers can afford loans
In 2017, Governor Sandoval signed AB 163 into law. This bill forces lenders to make sure a person has the ability to repay a loan before they are approved. This is to help consumers who may not be able to pay back what they borrow and is part of a greater trend to increase regulations on payday lenders so consumers have a better chance of repaying instead of falling into debt.
Are tribal loans legal in the state of Nevada?
Hi Bri94,
Thank you for leaving a question. 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. On the page that you have visited, you may compare options based on what you need.
Please check T&C prior to applying. Hope this helps.
Regards,
Val