Payday Advance Nevada
Obtaining fast cash can be a real lifesaver when unexpected problems occur. Having the money to handle a sudden sickness, car breakdown, plumbing, heating/cooling or appliance failure, etc., can save you from a world of stress. Unfortunately, such situations often happen when you are least prepared financially leaving you with little to no funds.
In Nevada, however, rapid funds provided by payday advance loans can be obtained to overcome such situations. Nevada payday advances can be obtained either through an approved in-state payday loan lender or from an online cash advance provider. Nevada payday loans provide the quick cash you require and are just as quickly repaid, usually on your next payday.
Nevada Payday Loans Defined
Nevada payday advances are short-term cash loans that are received quickly and are repaid normally on your next payday, thus the term "payday" loans. These easily applied for and rapidly received cash advances are designed to give you the money you need when unexpected emergencies arise and you lack the finances to cover them.
Nevada payday loans have high interest rates and service fees, but they give you the cash you need almost immediately and they are then quickly repaid. Such high-interest loans not only supply cash quickly, but they also prevent you from having to turn to long-term loans that have seemingly endless payments. Therefore, when it comes to financial emergencies that require rapid cash, payday loans are a good choice over long-term loans that can stress your budget over months, instead of weeks.
What to Expect When Applying for Nevada Payday Loans
The first thing you should do when seeking Nevada payday advances is to shop around for the best rates. Under Nevada law governing payday loans, there is no specified maximum amount for interest rates or service fees so they can vary greatly between lenders. You can check with both Nevada approved lenders or online payday loan lenders. However, lenders operating over the Internet must obey Nevada guidelines for payday loans.
Once a provider is decided upon, you will need to complete a brief loan application. Other information you will be required to provide is proof of income, personal ID, and bank account. Some lenders, especially brick and mortar stores, may require that you also present a post-dated personal check.
All required information is then submitted for approval, which usually occurs within hours. When your loan is approved, the lender will deposit the funds into your provided bank account for your use. On the agreed upon due date, which is often the date of your next paycheck, you return to the lender to pay the loan amount plus additional service fees and interest, unless you have approved direct withdrawal from your bank account, or allow the lender to cash your post-dated check.
Nevada Payday Loan Laws and Guidelines
The laws surrounding payday advance Nevada loans are quite vague and, therefore, more specific information should be sought by contacting the below Nevada government office.
The maximum amount that can be requested in Nevada for payday cash advances is 25 percent of your approximate monthly gross income. Maximum finance charges and service fees are not clearly specified, but there is no limit on finance charges for a 14-day loan of $100. Because these important amounts are not specified or limited, you should shop around for the lowest rates and fees.
The tenure on Nevada payday loans is 35 days. Loan rollovers, or extensions, are not specified, but no loan can exceed more than 60 days. There is also no specific information on the maximum number of payday advances a person can take out during the same period. If there are non-sufficient funds in the borrower's bank account, or if litigation is required to retrieve loaned funds, the lender is allowed to charge a $25 dishonored check fee, up to two NSF fees, and one closed account fee as well as attorney fees and court costs.
More information about Nevada payday loans can be obtained by contacting:
Nevada Financial Institutions Division
2785 East Desert Inn Road, Suite 180
Las Vegas, NV 89121