By Shawn Martin
The Nevada payday loan laws are definitely for the lending companies in this state.
They are licensed to do business in Nevada and are completely legal.
This state will get you caught in the payday loan trap quicker than most, simply because of the laws.
For example, there are no limits on interest rates at all. Whatever you agree toi, and sign a contract to, is what you will be charged.
This is like giving the loan companies free reign on the borrowers.
Same rule applies to the length of the payday loan, which can lead to roll over after roll over, with all the associated fees and interest connected with a roll over of your payday loan.
Note, the average payday loan is rolled over between 4 and 5 times before it is retired in full, and this state is set up for the borrower to fail almost every time.
The one part of the loan that helps the borrower at all is the limit of the amount per loan is 25% of the gross income of the borrower at the time of the loan.
The only problem with this is they allow more than one loan at a time, negating any help this might have added to the borrower.
We can help!
If you have found yourself in trouble with payday loan debt in Nevada or any other state and do not know where to turn I do have good news, we can help you.
We hope this information on Nevada payday laws and payday loans helps you make wise decisions when thinking of doing business with these companies!