Nevada Payday Loan Laws and Regulations

Find out if short-term Payday Loans are legal in Nevada and what amounts, interest rates and repayment terms are set by the state's Legislation.

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Nevada Payday Loans Rates and Terms

Legal Status

Legal Status

The status of a loan type according to the Federal laws and regulations. What concerns Payday Loans some states consider them legal, some – illegal and some restrict them in terms of amounts and interest rates.

Maximum Loan Term

Maximum Loan Term

It’s the maximum period of time within which you are to allowed to pay off your loan.

35 day(s)

To be on the safe side, it's always better to be aware of your rights. Study the laws, rules and regulations concerning Payday Loans and other short-term cash advance in Nevada. 

Read more: Payday Loans in Nevada

Compare top legit Payday Lenders in Nevada:

Table of Contents:

Are Payday Loans legal in Nevada?

Nevada Payday Loan Terms and Amounts

Nevada Payday Loans online laws

Nevada Payday Loans interest rates, fees and other finance charges

Nevada Payday Loans direct lenders regulations

Nevada Payday Loans consumer information

Legitimate Payday Loans online with NO credit check in Nevada

Do Nevada laws allow Payday Loans for bad credit borrowers?

Legit Payday Loans in Nevada collection practices

Nevada Payday Loans legislation latest changes

Nevada Payday Loans historical background

Consider Nevada Payday Loans alternatives to get instant cash

Are Payday Loans Legal in Nevada?

Short-term Payday Loans are legal in the state of  and are mostly regulated through  Nevada Stat. 604A.010 et seq. 2017 Chapter 274.

The Payday Lending legislation covers all the parts of the process concerning:

  • Payday Loan amounts
  • Payday Loan repayment terms
  • Payday Loan online direct lenders
  • Payday Loan stores near you
  • Payday Loan interest rates and other fees
  • Payday Loan collecting practices
  • Payday Loan default penalties
  • The number of outstanding Payday Loans as well as a cooling-off period in-between etc.

Read more: Payday Loans in Nevada

The main Payday Loan requirements in Nevada are:

  • US residence
  • Minimum regular income of $1,000 per month
  • Valid checking or savings account with direct deposit
  • Phone number and e-mail address

A Payday Loan amount is not limited in Nevada. It should be repaid within 35 day(s). Earlier payments don’t contemplate any additional penalty fees. The interest rates are not capped in the state either, but on average direct lenders charge 400% APR. For other details read further to find out how many Payday Loans you can borrow, whether rollovers or extensions are allowed, etc.

Nevada Payday Loan Terms and Amounts 

Nevada residents who are eligible for a Payday Loan can get a not limited amount of cash advance per contract. The repayment term is capped at up to 35 days.

However, there are no limits on the purpose of loan usage. Any urgent expenses, unforeseen bills, car repair, home repair, etc. may seem a sound reason to apply for a Payday Loan in Nevada.

If a Payday cash advance is not enough, there are always other options to receive the necessary funds in Iowa: unsecured Installment Loans, bad credit Personal Loans, Title Loans, Check Cashing, Pawn Shops, etc.

Nevada Payday Loans online laws 

Payday loans from both storefront and online lenders are legal in the state of Nevada. But the companies should operate according to the Nevada Financial Institutions Division, 2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121, (702) 486-4120 regulations.

According to the Center for Responsible Lending, Nevada is one of more than 25 states with “no meaningful regulation of payday lending.” That means there’s absolutely no limit to what amount can be borrowed and how much interest lenders can charge for a $300 loan over weeks. 

Though there're some limits on how payday loans direct lenders should run businesses, still there are some. Nevada’s 339 payday lending storefronts make an average of 3,541 loans per store. A usual loan is about $350. It typically costs $596 to borrow $300 for 5 months. Nationally, 80 percent of all payday loans are either rolled over (meaning the borrower pays a fee to have the loan extended for two weeks) or renewed (meaning the borrower immediately takes out a new loan to cover the last one).

Reputable online lenders operating in accordance with all relevant state and federal laws can be applied to and compared on our platform using a simple online application form.

You state the necessary amount, fill in your personal information, and get suitable offers from legit direct lenders. It takes only a few minutes and doesn't affect your credit score. 

Nevada Payday Loans interest rates, fees, and other finance charges 

The main part of the payday loan payment is mostly made up of the interest rate, or APR. The maximum APR that may be charged for short-term cash advance in Nevada is not capped by any usuary laws.

Besides, the total cost of a Payday Loan includes some additional fees. Nevada lending rules allow to charge $25 NSF fee.

The law obligates Nevada Payday Loan lenders to provide you with a written disclosure of all the rates and fees in the understandable language. You should read them carefully and if you agree to acknowledge the notification by signing the contract.

Nevada Payday Loans direct lenders regulations 

According to Nevada payday loan laws all direct lenders are obliged to register their companies which will allow issuing payday loans contract. It concerns both Online Payday Loans and Payday Loans Near Me.

Now, payday lenders are operating online to make it faster, easier and more convenient for borrowers to get the necessary funds. However, it is often illegal for online payday lenders to make loans to Nevada consumers. Payday lenders, or direct deposit lenders, must be licensed by the state in order to run a lending business in Nevada and to be licensed, the lender is required to have a physical location in the state. Nevada has put these laws in place to prevent consumers from getting scammed on the web, and you should apply for online payday lenders loans with caution.

But Nevada Payday Loan lenders are prohibited to threaten you for late payments or loan default and conduct any criminal actions against you.

Nevertheless, you should be careful not to come across any scams. Some unfair lenders can operate without license or under a different license and offer too expensive ‘payday loans’ under illegal conditions. Always check that the lender you are going to apply to works under Nevada state law.

Nevada Payday Loans consumer information 

Besides amounts, rates and fees, consumers must be also well aware of other details of Payday Loans in Nevada. They include the availability and number of rollovers, extensions and repayment plan, a cooling-off period, any default penalties or additional fees, etc. Check out the table below to find the most essential information:

Rollovers or extensionsExtensions not longer than 60 days
Cooling-off periodNone
NSF fee$25
Criminal actionsProhibited

Look for more detailed information on the official Nevada state regulator website - Nevada Financial Institutions Division, 2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121, (702) 486-4120.

Legitimate Payday Loans Online with NO credit check in Nevada 

Looking for a legal Payday Loan with No credit check in Nevada? You must understand the meaning of this phrase correctly at first. No credit check implies that a lender will not inquire about your credit history information from or send your borrowing data to any of the three major credit bureaus Equifax, Experian and TransUnion.

If you don’t want to damage your credit history, Nevada law allows you to apply for a Payday Loan with No credit check. But you should understand that a lender needs to check your creditworthiness at least in some way. He can perform a soft credit check when a lender pre-approves you for a loan and this inquiry will not appear on your credit report. Or there’re other ways to prove you can afford the cash advance. Payday Loan lenders use the tracking system to verify your debts, check your income, etc. And generally, they charge higher interest to lessen the risks.

Nevada Payday loans online no credit check are one of the easiest options of getting quick cash to cope with emergency financial requirements, especially for the people with poor credit.

Does Nevada law allow Payday Loans for bad credit borrowers?

The average credit score in Nevada is 655, placing it in the good range. But it doesn't mean that those who have a worse credit can't apply for a Payday Loan in Nevada. 

  • First of all, there're a lot of legit direct lenders in Nevada providing Payday cash advance to borrowers with both good and bad credit score.
  • Secondly, you can always find a cosigner to increase your chances of being approved for a bad credit Payday Loan.
  • Find out how to improve your credit score and do your best to do it fast. 
  • Or consider taking out a bad credit Installment Loan, or bad credit Personal Loan.

Legit Payday Loans in Nevada collection practices 

If you can’t repay the loan amount plus interest on a due date it means you default the loan. When Nevada direct lender isn’t able to cash your check after the repayment term is over he may charge you an NSF fee. NSF fee means there are non-sufficient funds on your account. The amount charged is determined by the lender and stated in the agreement and may also be limited by the state’s Payday Loan law. In Nevada it’s $25.

What concerns collection practices, first of all, you may stay assured that any criminal actions are forbidden in Nevada. The laws limit the collection actions lenders can take – When a borrower has failed to repay a Nevada payday loan, the laws dictate that lenders are not allowed to take any legal action against that borrower unless the individual has closed his or her checking account prior to repaying the debt in full. This essentially means that borrowers who maintain their checking accounts and who are unable to repay payday loans will be protected from payday loan lenders’ attempts to sue them or garnish their wages.

If you think that your payday lender violates the Nevada Payday Loans law, you may file a written complaint with Nevada Financial Institutions Division, 2785 E. Desert Inn Rd., Suite 180 Las Vegas NV 89121, (702) 486-4120. The supervisor from that office interviews witnesses, reviews the payday lender’s business records and documentation, and determine whether to pursue civil or criminal charges.

Nevada Payday Loans latest changes 

On February 6, 2019 a new proposal to rein in payday loans took its first step towards becoming law. Assembly Bill 118 attempts to limit the APR of short-term loans — often called payday loans — at 36%, which would represent a drastic drop from the 500% or higher rates that are attached to most payday loans in Nevada. 

“A 36 percent interest rate balances both that risk borne the business but also doesn’t overcharge and create that cycle of poverty that happens if people get stuck in these payday loans,” Swank said.

Swank proposed similar payday loan reforms in previous sessions, but they were not passed by the Legislature.

Nevada Payday Loans historical background 

The history of Payday Loans in Nevada
Before 1980sSmall loans were capped at 18% interest rates.
198418% interest cap was abolished.
2005The first law regulating Payday Loans was passed.
2007"High interest loans" were regulated by the statute.
2016Several rules regulating the number of loans, cooling-off period, creating the lenders database were proposed but with no results.
June 2, 2016A Payday Loan Rule was offered by the CFPB.
2017A rule was passed to make lenders check whether a prospective borrower is able to repay a loan before giving approval.

Nevada Payday Loan alternatives

If you're looking for instant cash advance in Nevada but not a Payday Loan, consider other alternative ways to get the necessary funds:

  • Apply for a Nevada Installment Loan - $1000 - $5000 cash advance repaid over several months or years in equal installments.
  • Take out a Car Title Loan if you own a vehicle to use as collateral.
  • Sell some of your valuable stuff online or at a pawn-shop.
  • Consider borrowing from a bank or credit union, Greater Nevada Credit Union, One Nevada Credit Union, Clark County Credit Union, for example.
  • Qualify for one of Federal or Nevada government assistance programs: Temporary Assistance for Needy Families (TANF), Energy Assistance Program, Childcare Assistance Program, Child Support Enforcement (CSE), Free Tax Return Preparation and many others depending on your needs.