Nevada

Nevada is the only state besides Utah that allows payday lending with no limitations. Payday lenders in Nevada are free to charge whatever they want in fees and interest charges. A typical interest rate for a payday loan in Nevada can range anywhere from 300% annual interest to 1000/% annual interest.

Lobbyist for the Nevada Independent Check Cashing Association say the high interest rates in Nevada are necessary to account for the risk of lending money in Nevada.

Despite the fact Nevada puts no restrictions on loan fees, there are however limits on how much a person can borrow. Currently under Nevada law, consumers may borrow up to one-third their net monthly income. Nevada also restricts the number of times a loan can roll over. Under current Nevada law, the maximum number of times a loan can roll over is four.

If a borrower defaults on a loan in Nevada, the interest automatically increases to the prime rate allowed plus 10 percentage points. Nevada currently prohibits payday loan lenders from harassing customers over defaulted loans. This includes but is not limited to posting copies of defaulted checks in public places, a common practice many check cashing businesses use to get their customers to pay back the loan.