Nevada Consumer Protections: Nevada allows payday lending with no interest rate cap, though loan amounts are limited to 25% of gross monthly income. The lack of rate caps means APRs can be extremely high. The Financial Institutions Division regulates consumer lenders, and consumers can file complaints with the Division or the Attorney General.
Interest Rate Cap: Nevada usury cap: No general usury cap; payday loans legal with no rate cap (term and amount limits apply).
Key Regulations: - Payday loans capped at 25% of borrower's expected gross monthly income.
- No APR cap on payday loans; rates can exceed 600% APR.
- Maximum loan term is 35 days.
- Payday lenders must be licensed and are regulated under the Deferred Deposit Loan Law.
Federal protections: The FCRA gives you the right to dispute inaccurate credit report information for free. Credit repair companies cannot charge before performing services (Credit Repair Organizations Act).
Free resources: Get a free credit report annually at AnnualCreditReport.com.
File complaints with Nevada Attorney General Bureau of Consumer Protection.