Nevada

State Payday Loan Law Information

Payday loans in Nevada are restricted to amounts equal to or less than 25% of expected gross monthly income.  The maximum term of any loan is 60 days. The maximum finance rate and fees are not specified; however, after default the interest rate must be equal or less than the prime rate at the largest bank in the State of Nevada plus 10%.

The maximum number of outstanding loans at one time is not specified.  Rollovers are also unspecified but lenders cannot extend payment periods beyond 60 days after the expiration of the initial loan period.  The cooling off period is unspecified.  There is a repayment plan at stated.

Collection fees are limited to $25 dishonored check fee with a maximum of two fees for insufficient funds and a maximum of one fee for closed accounts, court costs, reasonable attorney’s fees, and service of process costs.  Criminal action is prohibited unless the customer acted with criminal intent.

 

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