Nevada Payday Loans

Nev. Rev. Stat. 604A.010 et seq.
Status: Legal

Payday loans are legal in the state of Nevada pursuant to Nev. Rev. Stat. 604A.010 et seq.  There are an estimated 417 companies offering cash advances throughout the state of Nevada, including the cities of Las Vegas and Reno.

Payday Loan Lending Laws in Nevada

The lending laws in Nevada differ greatly from other states, both in how the maximum loan amount is determined and the time frame to repay the loan.  As stated above, the maximum loan amount is calculated by the lender based on a borrower’s income.  And while Nevada requires a payback date of 35 days, a borrower can actually have up to 90 days if the terms for the initial loan agreement provide for installment plans and would not be subject to extensions.  Having a repayment plan set up during the approval process presents a potential borrower with a repayment option unique to the other states that allow payday loans.

However, the maximum rates and finance charges a lender can charge a borrower are not specified by the state of Nevada.  And if a borrower does default on the loan, the interest rate must be equal to or less than the prime rate at the largest bank in Nevada plus 10%.  There are also no limits for finance charges or APR, and state regulatory information does not specify how many loans a borrower can take out at one time.   Rollover information is also not specified, but lenders cannot extend a payment period beyond 60 days after the initial loan period has expired.

These comparatively loose lending regulations should command the attention of any Nevada resident considering a payday loan.  With so much information unspecified, the importance of doing proper research before applying for a short term loan means a great deal more here than in any other state.

Process

To apply for a payday loan in Nevada, a potential borrower must meet these requirements:

  • Be at least 18 years old
  • Be employed for at least one month.
  • Have an active checking account
  • Be a U.S. citizen or permanent resident.

Lending Rules*

Lenders in the state of Nevada are legally required to comply by the following limitations according to Nev. Rev. Stat. 604A.010 et seq.:

Maximum Loan Amount:
25% of expected gross monthly income
Maximum Length of Loan:
35 days
Maximum Finance Rate & Fees:
Not Specified (After default: interest rate must be equal to or less than the prime rate at the largest bank in the State of Nevada plus 10 %)
Finance Charge for 14-day $100 Loan:
No Limit
APR for 14-day $100 Loan:
No Limit
Max # Outstanding Loans at One Time:
Not Specified
Rollovers Permitted:
Not Specified (Lenders cannot extend payment period beyond 60 days after expiration of initial loan period)
Repayment Plan:
Yes
Collection Fees:
$25 dishonored check fee (max. two fees for insufficient funds; max. one fee for closed account); court costs; reasonable attorney's fees; service of process costs
Criminal Action:
Prohibited (Unless customer acted with criminal intent)
*The information displayed may not be current. For the most recent information, please visit http://www.paydayloaninfo.org/state-information/36.

Regulatory Information

If you have a complaint against a Nevada Cash Advance location you can contact your state regulator below:

Regulator:
Nevada Financial Institutions Division
Address:
2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121
Phone:
(702) 486-4120
Fax:
(702) 486-4563
Website:


Nevada Lenders

Below you can find Nevada payday loan lenders in the following cities:

Nevada Statistics**

The following information is key demographic data for the state of Nevada from the Census bureau.

Total Population:
2940058
Median Household Income:
51847
Poverty Rate:
14.7
Median Gross Rent:
973
High School Graduate or Higher:
85.1
Bachelor's Degree or Higher:
23.0
**The information displayed may not be current. For the most recent information, please visit http://www.census.gov/quickfacts.

Borrow Safely, Borrow Responsibly

More than anything, the lack of specifications on the number of loans a borrower can have out at any one period should give pause to anyone considering a cash advance loan in Nevada.  The responsibilities of paying back a payday loan multiply with every new loan taken out, and potential borrowers must consider the perils of falling into a debt cycle with multiple loans.  Borrowers can contact the Nevada Financial Institutions Division with any concerns or questions, but should take it upon themselves to understand the state regulations and the business practices of a lender before agreeing to a loan.

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