Every state has different laws governing pay day lending. The laws cover such topics as the maximum amount a person can borrow on a pay day loan, the maximum interest rates and finance fees a lender can charge, and the length of time a borrower can have to repay his loan. State laws also address the number of rollovers borrowers are entitled to receive if they cannot repay a loan in full on the due date.
Nevada places very few restrictions on pay day lending. There are no limits on finance fees and interest rates. There is no state law addressing rollovers. Lenders are required to offer payment plans to borrowers who are unable to repay loans when they are due. A pay day loan cannot be more than twenty-five percent of the borrower’s monthly income. While there are currently no limits on the number of pay day loans a person can have at a time, the total amount must also not be more than twenty-five percent of his monthly income.
Nevada Pay Day Loan Laws
Maximum Loan Amount: 25% of the borrower’s monthly income
Maximum Interest Rate: no limit specified by state law
Annual Percentage Rate: no limit specified by state law
Minimum Payoff Time: none specified by state law
Extensions Allowed: extensions and rollovers are not specifically addressed, but a borrower is entitled to a payment plan
Top 5 Nevada Pay Day Loan Companies
8170 S. Eastern Avenue, Suite 5
Las Vegas, NV 89123
www.cashcownevada.com
This company offers borrowers the chance to receive their pay day loan cash within fifteen minutes after they are approved. Nevada residents can apply in person, or through the company’s website. Pay day loans can range between $50 and $500. They do not specify any income requirements but like similar companies, the more you make, the more you’ll usually qualify for.
6122 W Sahara, Las Vegas, NV
(702) 215-6244
The Dollar Loan center specializes in “signature loans” which are variable amount, short-term loans that have semi-unregulated laws. You can borrow more than you can with a traditional payday loan and can set up repayment terms that extend the loan length for a number of months and even years in certain cases. These loans go by your verifiable income and employment status so the more you make per month, the higher amount of a loan you may qualify for.
955 West Fifth St.
Reno, NV 89503
www.frogcenterpaydayloans.com
Borrowers can request pay day loans by email, by telephone, or in person with Frog Center. This company has a number of store locations in Nevada. Online applications are approved within twenty-four hours. This company also offers consolidation loans to help you manage your debts a little easier and become more financially stable.
730 E Flamingo Rd # 12
Las Vegas, NV
(702) 458-9509
moneytreeinc.com
Moneytree offers you 24 hour a day loans with a fixed finance charge of $16.50 for every $100 borrowed when you’re using their “check holding” service. The fee rises to $22 on over $100 if you opt to use their services without checks. This company knows that people in Las Vegas sometimes wish they’d packed a little bit extra and they simply want to make that possible without you having to call your bank or maybe even relatives hoping to put a little more in your pocket.
6230 South Decatur Boulevard
Las Vegas, NV
(702) 888-5626
onlymoneyloans.com
Only Money Loans offers you the traditional payday loan as well as a long-term, higher dollar amount title loan. The traditional payday loan is when you get money now and it’s taken out of your bank account at an agreed upon time later in the month. The title loans last a little longer and you use your vehicle title as collateral but this method could get you quite a bit more money if you’re in a bind.