Payday Loans Help in Nevada
We all know what it’s like to have an unexpected (and unaffordable) expense pop up. Maybe your kid needs braces or your car breaks down. No matter the source of the bill, coming up with the funds you need to pay it can be challenging. When you’re one of the millions of Americans who live paycheck-to-paycheck, those little bumps in the road can feel like mountains.
When you need some extra cash, you might be thinking that a payday loan could help you cover your expenses. While these loans seem harmless and convenient, they are actually high-interest traps set by predatory lenders.
If you are caught in a payday loan debt cycle, Nevada bankruptcy laws can set you free. Call or text DebtStoppers today at 725-373-5900 to request a no-obligation case evaluation with one of our knowledgeable Nevada bankruptcy lawyers. Our legal team can explain how bankruptcy laws can eliminate your debts, so you’ll never fall into a predatory lender’s trap again.
Nevada Payday Loan Laws Explained
Payday loans are short-term, low-dollar cash advances that come with an unbelievably high interest rate. To take one out, you usually give the lender a post-dated check or electronic bank transfer authorization in exchange for cash on-the-spot.
These loans are necessarily short-term, as Nevada regulations limit the terms to 35 days. However, the terms are often only 14 days or until you receive your next paycheck.
On the due date, the lender offers you two choices:
- Pay off the balance with the post-dated check or electronic funds transfer.
- Take out another loan to cover the first.
Because the terms of payday loans are so short, borrowers often can’t come up with the cash to pay back their loans in the time allotted. They will then have no choice but to borrow cash a second time.
Nevada Statute of Limitations for Payday Loans
According to Nevada laws, the statute of limitations is 6 years. This means that if you default, the lender has 6 years to file a lawsuit against you, or they lose their right to sue. Unfortunately, they never let it go this long.
Repayment Plan Laws
Nevada laws give borrowers the right to receive an extended payment plan with a term of up to 90 days. The laws also forbid lenders from assessing any additional interest charges or fees. However, even with a 90-day repayment term, many who are struggling financially still can’t afford to pay back their loans in that time frame. The main problem is not the payday loan, the problem is all of the other debts that forced you to take out the loan in the first place.
Our Seasoned Las Vegas Lawyers Can Help
If every bump in the road sends your finances spiraling out of control, don’t turn to a predatory lender! You will end up trapped in even more debt, and you’ll still have your original debts that were causing the problem to begin with. Instead, let DebtStoppers help you find financial freedom through bankruptcy laws. Call or text us today at 725-373-5900 to schedule a free consultation with one of our experienced Nevada debt relief attorneys.
When you need a little help to get by, don’t resort to payday loans. Instead, call or text DebtStoppers at 725-373-5900 to get started on a comprehensive debt solution.