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And if you live in Nevada, you are lucky because pay day loans are legal in this state.
Companies and shops dealing with pay day loans in Nevada are very lucky because there are very laws regulating the payday loan industry.
Nevada is one of the few states in the US that has legalized pay day loans and it does not have laws that can regulate the interest rates that lenders charge on the loan. There is no minimum term or a maximum term that a borrower can have a loan for. There are no laws to control the interest rates that lenders can charge. Borrowers can take any number of loans from as many different lenders as they want to as there is no state database that can be checked to see whether a borrower already has a pay day loan. Nevada pay day loan law does not have a mandatory cooling off period between loans so a borrower can immediately take a second loan right after the first, and so on and so forth.
In fact, the only law that governs the Nevada pay day loan industry is the law that stops the lenders from giving loans that exceed one third of the borrower’s net monthly income.
There are more than 128 pay day lenders in Nevada and the state ranks 25th on the pay day scale. The state that has the ranking of 1 has the most pay day lending centers.
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