Soft regulation of ayday lending industry in Nevada

Payday loans can be of great assistance to customers when they have financial problems and especially any emergencies. For many American families it is not easy to rely just on their paychecks. In case you need money to repair a broken car or to buy expensive medications, you may always resort to a payday loan. There is a strict legislation concerning payday loans in a number of States. Nevada can’t be amounted to these States.

Nevada is probably the only American State which has such soft lending regulation. No restrictions are set either on the number of payday loans or on percentage rates and financial fees for them. There are also no limitations on the loan sum and the quantity of payday lenders to whom a customer is allowed to apply in the State.

Payday lending business is monitored by the Stat. 604A.010 et seq. in Nevada. This legislative act also contains all the requirements payday lending companies should adhere to in their operations.

Although the State laws of Nevada are not very strict, some regulations regarding payday loans are established here. For example, a payday loan is to be paid back within a period of 2 months. Any extensions of the loan after the due date are prohibited.

No caps on annual percentage rates have been introduced in Nevada. The only exception is the defaulted loans. In the case of a customer’s default a payday lender is not allowed to set a rate which is higher 10% than the rate, established by the largest bank of the State.

There are no limits on the amount of a loan which can be offered by a payday lender. But, the loan sum is determined according to a borrower’s income. It isn’t allowed to exceed 25% of his income. Any borrower can take unlimited number of payday loans from different lenders at one time. He is not restricted here.

In accordance with the State law, a borrower can be charged a fee of $25 for non-sufficient funds twice. If a customer hasn’t repaid a loan and doesn’t intend to do it, a lender is allowed to lodge a civil action against him. However, a payday lender can criminally prosecute a borrower just in case the latter has never planned to pay off the loan. So, the Nevada payday customers shouldn’t ever default on their payments. As it was stated above, interest rates for payday loans can reach huge numbers. Despite the fact that the State authorities are certainly trying to protect citizens from payday lenders’ usury activities and their operations are controlled by the legislation, borrowers are recommended to be attentive, examine the legislation and pay back their loans on time.


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