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Nevada Payday Loans

Payday loans are short term cash loans that are given to borrowers who are gainfully employed and can repay the loan at the time of their next paycheck. Cash advances are available for those who need financial assistance between pay periods. When an unseen or emergency event causes need for additional funds, a personal loan can be the perfect answer for an individual in need of financial assistance.

Payday Loan Process

The first step for a potential borrower in the state of Nevada is to find the proper lender. Once the proper lender is found, they may ask the potential borrower to provide certain things in order to verify that the borrower is employed, can repay the loan, etc. Most lenders require that a potential borrower provides the following before a personal loan is given:

  • Personal identification (this is usually provided the form of a state issued driver’s license or passport).
  • Proof of steady employment (this is generally proven with pay stubs or bank receipts showing previous payments).
  • The borrower must have a valid checking account (some lenders require that the checking account has been active for at least three months prior to the loan).
  • Some form of repayment security is required (this is usually given in the form of a postdated check or authorization for the lender to withdraw the amount due after the pay date of the borrower).

With these four requirements, a lender and borrower are able to safely and securely supply a loan.

Obtaining a Nevada Cash Advance

As previously stated, payday loans are legal in Nevada. Nevada has some of the fewest regulations in comparison to other states in the U.S.A. that regulate these types of loans. Only Nevada and Utah allow payday loans without limitations. This means that there are no limitations on interest that can be charged by lenders. Although there are no limits on interest amounts in the state of Nevada, there are limitations when it comes to the amount that an individual can borrow. An individual can only borrow up to one third of their total net monthly income with a payday loan. Another restriction in the state of Nevada is the amount of times that a loan can roll over if a customer is unable to pay the amount that they owe to a vendor. The current restriction says that the loans can only roll over up to four times.

As payday loans are legal in the state of Nevada, there are local vendors available to a potential borrower, however, internet vendors are also available to those who are seeking a quick and easy transaction. Through the use of electronic transfers, a borrower can have the needed cash deposited directly into their bank account by the lender. When the time comes for a borrower to repay the lender, the amount due, plus any additional fees, can be transferred electronically back to the lender for an easy transaction.