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What Are The Payday loan Regulations For Las Vegas in 2021?

Let’s put aside regulatory and legal questions for a moment. Besides those, there’s a lot you need to consider if you live in the Las Vegas metro area and are thinking about taking out an online loan. For instance, do you really need to borrow money in the first place? Do you know what type of lender you want to work with(online service or local company in your city)? How much money do you want to borrow and what type of terms are you trying to negotiate? Those are probably the most common questions you need to consider before you look into the regulatory aspects of what’s available.


Assuming you have a general idea of what you want, we can now get into whether your lending needs are even realistic. Here in Las Vegas, it’s easy to get short term financing for emergency expenses. You can go to a local pawn shop, installment lender or even fill out an application for a payday loan online. There’s also the choice to use a vehicle as collateral for a large high dollar loan. With a car title loan, you can get thousands of dollars for your pink slip. Know the current online lending rules before you sign a contract. But, you face the risk of losing the vehicle if you happen to fall behind on monthly payments. We don’t know of any specific regulations in place on a city or metro level. There are a few small ordinances, but you’re going to pay attention to lending restrictions in place for the entire state of Nevada. As the law is laid out, a Nevada resident is not limited to any specific number of concurrent loans or companies they can work with. We know of no limit when it comes to the amount of fees or finance charges that any registered firm can charge with a payday loan. We do know of a few specific regulations in place. You can extend an online loan for any time that exceeds 60 days. If a loan or cash advance ends up in default the finance rate can be no higher than 10% more than the rates set by State banks. Lastly, AB163 is an Assembly Bill that seeks to mandate a consumer to payback the full amount. With the proof to pay, online companies would need to check and verify that a borrower does in fact have the ability to pay back a loan.

Why do I need to know these online payday loan lending rules?

You need to know these rules for a few reasons. First, you don’t want an unscrupulous lender to take advantage of you. As unfortunate as it sounds, there are some companies who would gladly have you sign documents or financing agreements without you reading through them. Some of these firms don’t have a license to provide payday loans in Las Vegas, and operate completely online. They may end charging you more than you can afford or agreed to. Secondly, you can save a lot of money and hassle by knowing the rules regarding online loans. Once you familiarize yourself with these regulations you will have a better idea of what you need. You can also use this information to compare rates and terms among the many lenders as a way to get the best online financing deal.