Nevada Payday Loans Law

Nevada Payday Loans Law

Nevada State Information

Legal Status: Legal

Loan Terms:

    - Maximum Loan Amount: 25% of expected gross monthly income
    - Loan Term: 35 days
    - Maximum Finance Rate and 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

Debt Limits:

    - Maximum Number of Outstanding Loans at One Time: Not Specified
    - Rollovers Permitted: Yes, with proceeds of new loan. (Lenders cannot extend payment period beyond 60 days after expiration of initial loan period)
    - Cooling-off Period:
    - Repayment Plan: Yes

Collection Limits:

    - 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)

Where to Complain, Get Information:

    - 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

These Nevada payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Nevada government without prior notice.