Nevada

Payday Loans in Nevada

At a Glance
Nevada
  • Nickname: The Silver State
  • Population: 3.03 million
  • Capital: Carson City
  • Website: NV.gov

Around 13% of Nevadans live in poverty. People living in Nevada also have annual incomes of over $3,000 less than the national average.

In Nevada, the interest rate for a payday loan can be as high as 652%.

 

Average Credit Card Debt and Median Household Income in Nevada vs. the U.S.
Nevada
US
Average Credit Card Debt (Q2 2019)
Median Household Income (2018)

Payday Loans in Nevada

Payday loans require their borrowers to provide lenders with access to their paychecks and bank accounts in case repayment cannot happen within the loans’ terms and conditions.

Nevada’s 339 payday lending storefronts make an average of 3,541 loans per store. And though the typical loan amount is relatively small—$350—this adds up to more than $77 million in fees annually across the state.

Nationally, 80% of all payday loans are either rolled over (meaning the borrower pays a fee to have the loan extended for two weeks) or renewed (meaning the borrower immediately takes out a new loan to cover the last one).

Consumer Protection in Nevada

How to Report a Lender in Nevada

Borrowers can report lenders to the Nevada Financial Institutions Division. Complaints can be submitted by calling (702) 486-4120 or submitting a complaint form to FIDMaster@fid.state.nv.us.

The Nevada Financial Institutions Division
Address: 3300 W. Sahara Ave., Suite 250, Las Vegas, Nevada 89102
Phone: (702) 486-4120
Website: http://fid.nv.gov/

Guides to Payday Loans in Nevada Cities

Check out this payday loan guide to the following city in Nevada:

Las Vegas