Payday loans are highly popular in the United States despite the fact that these types of loans carry exorbitant interest rate. Many individuals belonging in the middle class find cash advance another name for the loan a wonderful alternative source of immediate cash. Since obtaining loans from payday lender is very expensive, the state of Nevada regulates these loans to protect consumers.
Payday loans are ideal if you need instant loan, when you have no credit history yet or have problems with your credit rating as payday lenders would still lend you as they do not based loan approval according to the credit history of borrowers. Nevertheless, payday lenders could still not charge more than what is necessary even if they provide loans to risky clients.
Payday Loans Term in Nevada
In the state of Nevada, the maximum term limit for a payday loan is 60 days, which means payday lenders could not extend the loan period anymore especially when the original loan date is about to expire. For example, you took out a 14 day loan, payday lender can increase the term to 2 weeks, 3 weeks or even a month but no more than 45 days as you have already exhausted 14 days.
Nevada Interest Rate on Payday Loans
In Nevada, there is no cap on APR or annual percentage rate unless borrowers fail to pay the loan back. If the loan defaults then the interest rate should not go over 10% or higher than the rate of the well-known bank in the state.
Payday Loan Limit
The state do not have maximum loan limit per borrower, but they could not borrow more than 25% of their monthly income. In other words, when your income is $1000 then you can borrow up to $250 dollar only. However, since there is no limit to the number of times you can borrow at a time, you may also obtain another loan from a different payday lender in case you need more.
Payday lender can charge borrowers who default on their loan $25 if the two checks were returned due to insufficient fund. Filling of civil case against any person refusing to pay up their loan is possible, but filling of criminal charges not allowed unless there is intent to defraud lender from the beginning.Share