Payday Loans in Nevada

Payday loans are governed by both federal and Nevada state law. Under federal law, all Payday Lenders must comply with Regulation Z of the Truth-in-Lending Act. The amount of the loan, the amount of finance charge that will be assessed against you and the annual percentage rate (APR) of the loan must be conspicuously displayed on the contract/agreement you will sign.

While payday loans are legal in the state of Nevada, the State has passed a number of laws regulating payday loans. Some important features of the Nevada law are:

• Payday loans in Nevada cannot exceed 25% of a borrower’s expected gross monthly income, exclusive of any fees charged for the loan.

• There is no limit to the amount of fees that a lender can charge, so it is important to shop for the best rates.

• The term of the payday loan cannot exceed 60 days

• The payday loan agreement must specify the amount of the loan and the loan fees, the total fees paid expressed both as a dollar amount and an effective annual percentage rate, the due date of the loan, and disclosure of any returned check charges.

• There is no limit on the number of outstanding loans at any given time.

• There is no specified limit on the number of times that a loan can be rolled over ("extended").

• The payday lender can not threaten or resort to the criminal process to collect on a loan.