Various laws govern the Nevada financial industry, specifically the cash advance loans. The maximum amount of time that one has to repay a cash advance loan is 60 days. Like other states, the maximum amount of money one can be advanced as a loan should not be more than 25% of their gross income.
Gross income means the amount of money that the borrower expects to earn in total at the end of the month. Incase of default, the borrower can extend the repayment time.
Nevada does not provide for any specific finance charges to be paid by the borrower. This is left to the discretion of the borrower and lender as long as they both agree on this and put it down in writing. In most cases, this usually adds up to a high APR.
Acquiring a payday loan in Nevada is an easy process and not complicated. Especially considering the fact that there are many companies that provide cash advance loans all over the state. Again, there are many cash advance companies online which provide payday loans to citizens of NV.
One can apply for loans by simply logging onto their websites. There are hundreds of these websites available where individuals staying in NV can apply for loans. What one simply needs to do is fill out the necessary requirements and they are good to go. No need to fax and e-mail any documents, though some lenders may ask you to do this. The details that need to be filled out include the borrowers’ physical address, their employer, checking account number, amount of income and the borrowers contact details. Lenders do not usually check the eligibility of the borrowers to get the money. So if you have a bad credit history, no need to worry.
One can borrow as much as $1000 in Nevada. Some lenders are willing to give out as much as $1500. Once the payday advance loan is approved, the borrower is informed about this either through phone or e-mail address. Their checking account is usually credited with the money on the same day or the following day. Some lenders in NV are usually willing to lend money interest free. This is usually to first time customers as a ‘marketing’ gesture. Hence, it is quite easy to get cash in Nebraska for anyone who wants to get a payday loan.
Most states usually indicate the maximum number of loans that an individual can take. The maximum amount of loans an individual can have at the same time in Nevada is not legally stated. Which leads some people to take multiple cash advance loans at the same time. The number of rollovers is also not indicated.
This means that after the expiry of the 60days repayment period, one cannot extend the repayment time beyond the 60 days. The aim of this is to help the borrower to get out of the whole debt cycle and take control of their finances. Other states usually do this by also limiting the number of loans per year that an individual can take.