Payday Loans are Legal in Nevada

Beware of predatory lending

Payday Lenders in Nevada

When unexpected expenses or emergencies arise, payday loans can be a tempting solution for quick and easy access to cash. In Nevada, where traditional loans or credit lines may not be available to some, payday loans have become increasingly popular. These short-term lending arrangements are designed to be repaid within several weeks, typically when the borrower receives their next paycheck. However, it is important to note that the convenience of payday loans comes with significant risks, including high-interest rates and fees, and the potential for credit score damage.

Nevada has the highest concentration of payday loan storefronts per capita in the United States, with around 1,500 stores statewide as of 2021. According to the Center for Responsible Lending, the interest rate for payday loans in Nevada is 652%, one of the highest rates in the country.

To avoid falling into a cycle of debt, borrowers should only take out payday loans for true emergencies and should have a solid repayment plan in place before accepting the loan. Some lenders may offer more favorable terms than others, so it’s important to shop around and compare offers before making a decision. The state has implemented some regulations to address predatory lending practices, but payday loans in Nevada still come with significant risks for borrowers. With careful consideration and a solid repayment plan, payday loans can be a helpful tool for managing unexpected expenses, but they should be used with caution to avoid falling into a cycle of debt.

Payday Loan Laws

Payday loans are governed by the Commissioner of the Nevada Financial Institution Division, under these statutes payday loans are referred to as deferred deposit loans or high-interest loans. All payday lenders must be licensed by the state, including online lenders and the regulations require that lenders offer repayment places before they can begin any civil action for non-payment. It is important to note that the regulations do not give an official limit to the amount that can be borrowed or the maximum interest rates and fees. This means that Nevada lenders can assess whatever APR they choose, leading to extremely high repayment terms.

The State of Nevada has several other pieces of legislation surrounding payday loans:

Nev. Rev. Stat. §604A.010: Regulates the amount that can be financed, based on monthly income and loan terms.
Nev. Rev. Stat. §604A.5018: Limits the number of outstanding loans to one per lender.
Nev. Rev. Stat. §604A.5029: Permits rollovers as long as they do not extend the term by more than 60 days or charge an APR of more than 200%. It also gives the borrower the ability to rescind the new loan within 5 days.
Nev. Rev. Stat. §604A.5027: Requires that a repayment plan be offered to the borrower before the lender can take civil action

Loan Terms and Conditions

Maximum loan amount: 25% of gross monthly income

Maximum Interest Rate: No maximum defined by regulation

Minimum loan term: No minimum

Maximum loan term: 35 days

Number of rollovers allowed: Allowed based on specific criteria outlined in statue

Finance Charge: No maximum defined by regulation

Legal action: 6 Years

Certified Payday Lenders in Nevada

Company Name	Company score	License Status
CURO Intermediate Holdings	7.8	Valid
ENOVA INTERNATIONAL, INC.	7.5	Valid
Check City Partnership, LLC	6.9	Valid
COMMUNITY CHOICE FINANCIAL, INC.	6.5	Valid
DLC, LLC	5.8	Valid
Moneytree Inc	5.7	Valid

History of Nevada Payday Loans

Nevada’s payday loan history is one of law changes, industry influence, and a slow crawl towards borrower protection. Before the 1980s, Nevada had an 18% APR usury cap on all small loans, which meant no payday lenders were present in the state. However, in 1984, that all changed when Nevada lifted the cap and opened its doors to the payday lending industry. Over the years, laws were put in place to regulate the industry, with some changes brought by industry lobbying. Assembly Bill 163 passed in 2017, requiring lenders to check the borrower’s ability to repay before offering a loan. Senate Bill 201 passed in 2019, requiring lenders to track payday loans in a database to ensure borrowers didn’t exceed the 25% monthly gross income limit. These changes brought more protection to borrowers, but the Nevada payday loan laws still allow lenders considerable freedom today.

State Resources

How to file a complaint

Complaints against payday lenders can be made to the State of Nevada Department of Business and Industry Financial Institutions using an online form or sending a printed form via fax, email or mail. They cannot give legal advice or act as the mediator in disputes but they will help to investigate if any laws have been violated.

Nevada Payday Loans Debt Relief

How to Get out of Payday Loan Debt?

If it is possible, it is best to avoid payday loans altogether. They can turn an urgent need for a quick fix into a debt cycle that never ends. It can be difficult to find a balance between repaying payday loans and living expenses, which leads to more borrowing. Nevadans may find it difficult to escape their payday loan debt, but there are some ways that they can do it. The first thing a borrower should do is contact their lender to try and negotiate a payment plan. This could include reducing the amount owed, or increasing the period of time that payments are due. Before they can bring legal action against the borrower, lenders must offer them a repayment. You may also want to consider refinancing your loan with a lower rate. Only file for bankruptcy as a last resort, and discuss it with a lawyer before filing.

Support Resources

Types of Quick Loans in Nevada

Title Loans Title loans are a way that borrowers can use their car as collateral and receive cash, usually the amount is based on a percentage of the value. While some states limit this amount to as little as $2500, Nevada law allows borrowers to borrow up to the fair market value of the vehicle The loan must be paid back with fees and interest within 30 days but this length can be renewed 6 times or up to 210 days. Otherwise, the lender can seize and sell the vehicle to recover any remaining balance. The interest rates on title loans are often very high, as well as the fees. Losing the car can be a serious financial risk.

Installment Loans Installment loans give borrowers the ability to borrow small sums of cash that are repaid in monthly installments. Installment loans in Nevada tend to have longer terms of payment and lower rates than payday loans, which makes them more affordable when bigger sums of money are required. Some lenders offer flexible repayment terms, such as flexible dates and amounts and early repayments without penalties.

Line of Credit Loans Nevada Line of Credit Loans provide residents with a revolving credit line that can be drawn upon when needed up to a certain limit. This is the amount they are approved for when they apply for the line of credit. The borrower only has to pay interest for the amount withdrawn. Depending on their creditworthiness and the lender, the loans may be secured or unsecured.

Alternatives to Payday Loans in Nevada

Personal Loans

Personal loans can be used for any number of purposes, including debt consolidation, home improvement, and unexpected expenses. Personal loans in Nevada are usually unsecured. This means they do not require collateral, and instead approval is determined by the credit rating of the borrower. Personal loans have varying interest rates based on a number of factors including income and credit scores. Personal loans can be repaid over a period of several months or several years with banks, credit unions and online lenders are all sources of personal loans. When applying for a personal loan, it is crucial to compare the rates and fees to make sure that the loan fits the borrower's budget.

Land Loans or Lot Loans

Land loans in Nevada provide financing options for individuals seeking to purchase or refinance land for various purposes, such as residential development, recreational activities, or investment opportunities. These loans enable borrowers to acquire vacant or undeveloped land and unlock its potential value. Nevada land loans typically come with unique considerations, including assessing the property's location, zoning restrictions, and potential for future development. Lenders may require a down payment and conduct thorough evaluations to determine the land's value and suitability for the intended purpose.

Construction Loans

Construction loans can be used to fund the building of a home or commercial property. Generally, these short-term loans cover materials, labor costs and other expenses associated with construction. Loan terms and conditions differ between lenders but typically require at least 20% down payment as an upfront cost. Borrowers must demonstrate good credit and their ability to repay the loan on time.

Bad Credit Loans in Nevada

Nevada bad credit loans are for those with low credit scores and limited credit histories. The lenders may charge higher fees and interest on these loans, as they are taking more risks. Also, the loan amount may be smaller. Secured loans for bad credit may require collateral such as a vehicle or savings account. Unsecured loans do not have the same collateral requirements. Borrowers with poor credit should compare fees and terms before taking out a loan, because the costs could be higher.

Nevada Small Business Loans

Nevada provides several types of small business loans with different requirements and terms:

SBA loans: Loans that are backed by the U.S. Small Business Administration, which offer lower interest rates and longer repayment terms than conventional loans.
Nevada Microenterprise Initiative: Provides loans and training for entrepreneurs and small business owners who lack access to traditional bank financing.
Nevada State Development Corporation: Provides SBA 504 loans for the purchase of commercial real estate and equipment.
Business Lines of Credit: A business line of credit provides a revolving credit line that can be drawn upon as needed, up to a certain credit limit. These loans can be useful for businesses that experience seasonal fluctuations in revenue or have unpredictable cash flow.
Microloans: These loans are designed for small businesses that need a smaller amount of funding, typically up to $50,000. The funds can be used for working capital, equipment, inventory, and other expenses.

VA loans in Nevada

VA loans in Nevada are available to veterans and active-duty military members and are designed to help them purchase a home with little to no down payment. These loans are backed by the U.S. Department of Veterans Affairs, and offer several advantages over traditional loans, including lower interest rates and no private mortgage insurance requirement. Additionally, VA loans have more flexible qualification requirements, making them an attractive option for those who may have difficulty meeting traditional loan criteria. To be eligible for a VA loan, borrowers must meet certain service requirements and have a Certificate of Eligibility.

Nevada Student Loans

Many options are available to Nevada students to help finance their college education. These options include:

Federal Student Loans: Loans provided by the federal government offering low-interest rates and flexible repayment plans.
College Access Loan (CAL): his program is offered by the Nevada State Treasurer's Office and provides low-interest loans to Nevada residents who are enrolled in a degree-granting program at an eligible institution. Students can borrow up to $10,000 per academic year.
Governor Guinn Millennium Scholarship: This scholarship is available to Nevada high school graduates who have completed a rigorous high school curriculum and earned a cumulative GPA of at least 3.25. It provides up to $10,000 in scholarship funds over four years.
Private Student Loans: Loans from private lenders, they commonly have higher interest rates and may require a co-signer.

Nevada Income Information

According to the 2021 U.S. Census, Nevada had a median household income of $65,686, slightly lower than the national median of $69,021. Nevada’s economy is heavily dependent on the tourism industry, which includes gaming, entertainment, and conventions. However, the state has also seen growth in the manufacturing, healthcare, and technology sectors in recent years. The poverty percentage in Nevada in 2021 was 14.1%. Median household income and poverty levels vary significantly by county in Nevada, with Elko County having the highest median income at $79,375, and Mineral County having the lowest at $31,500.

United States Census Bureau. “Poverty in the United States: 2021.” Accessed on April 29, 2023.
United States Census Bureau. U.S. Census Bureau QuickFacts: Nevada . Accessed on April 29, 2023.

Nevada Payday Lender Complaints

Below are trends associated with the top payday lenders in Nevada, as reported to the Consumer Financial Protection Bureau.

Company Name	Count
CURO Intermediate Holdings	29
ENOVA INTERNATIONAL, INC.	20
Check City Partnership, LLC	12
COMMUNITY CHOICE FINANCIAL, INC.	11
DLC, LLC	10
Moneytree Inc	7
Total Complaints	219

Consumer Financial Protection Bureau. Consumer Complaint Database. Accessed on April 29, 2023.

Most Common Issues

Complaint type	Count
Charged unexpected interest or fees	25
Can’t contact lender	16
Received a loan didn’t apply for	9
Incorrect information on report	5
Problems with process at end of loan	4

What are the main reasons residents of Nevada apply for payday cash advance online or offline

Payday loans are typically used for nonnegotiable everyday expenses like your rent, utilities, and groceries. Per data reported by Pewtrust, the percentage of reasons described below

Reason	Share
Regular Expenses (Utilities, car payment)	53%
Unexpected emergency/expense	16%
Rent/Mortgage	10%
Something Special	8%
Other	5%
Did not answer	2%

Payday Lenders by City

Las Vegas
Henderson
Reno
North Las Vegas
Enterprise
Spring Valley
Sunrise Manor
Paradise
Sparks
Carson City

Whitney
Pahrump
Winchester
Summerlin South
Sun Valley
Fernley
Elko
Mesquite
Spanish Springs
Spring Creek

Dayton
Boulder City
Gardnerville Ranchos
Cold Springs
Incline Village
Fallon
Winnemucca
Laughlin
Moapa Valley
Johnson Lane

Frequently Asked Questions

Will applying for a payday loan impact my credit?

Payday loans are typically not reported to the three major credit reporting agencies, and most lenders do not conduct credit checks as part of their application process.

What do I need to apply for a payday loan?

To apply for a payday loan in Nevada, you will typically need to provide your identification, proof of income, bank account information, and contact information.

Can I cancel my payday loan?

Borrowers in Nevada have the right to cancel their payday loan within one business day of the transaction without incurring any additional fees or penalties. To cancel the loan, borrowers must inform the lender in writing and return the loan amount by the end of the business day.

Can a payday loan lender garnish my wages?

Payday lenders can only garnish your wages in the state of Nevada if they file a lawsuit to get a court order.

Can spouses have separate loans?

Yes, spouses can have separate payday loans in Nevada as long as they individually meet the lender’s eligibility requirements and can provide the necessary documentation and information to apply.

When will I receive my funds if I am approved for a payday loan?

Funds are typically received on the same day or the next business day after loan approval, and can be disbursed through various methods, such as direct deposit or a prepaid debit card.

What happens if I can’t repay my payday loan on time?

You may face additional fees and charges, and the lender may take legal action or send the debt to a collection agency, but it’s important to communicate with the lender and explore all available options.

When could I apply for another payday loan?

In Nevada, you can apply for another payday loan immediately after paying off your existing loan.