Payday Loan Consolidation in Nevada

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A Complete Guide to Payday Loan Consolidation in Nevada

Nevada is great for payday lenders but horrible for borrowers. With some of the loosest restrictions in the country, borrowers who enter into a payday loan deal with a lender are almost certainly guaranteed financial trouble. While you should stay away from payday lending in Nevada, borrowers who find themselves locked into a deal with debt piling up have a solution: payday loan consolidation. 

Payday loan laws in Nevada

Nevada in general — and particularly the city of Las Vegas — is a haven for payday lenders. While the loan amount cannot exceed 25% of the borrower’s gross monthly income, there are very few other restrictions in place. There are no limits on APR, the number of outstanding loans, or on the number of additional fees. The average interest rate on a payday loan or “deferred deposit loans” is over 600%. Loan terms are maxed at 35 days. 

Before 1984, Nevada had an 18% APR cap on small loans before that limit was abolished. Since then, payday lending has steadily become rampant in the state. 

Lenders must be licensed in issuing high-interest loans in order to legally operate in Nevada. Payday loans are regulated by the Nevada Financial Institutions Division. There you can file a complaint if you feel a lender has overstepped, though there are few laws in place to benefit consumers. 

Read more about payday loan laws in Nevada.

What will happen if you can’t repay a payday loan in Nevada

Criminal actions are prohibited in Nevada  against borrowers who are unable to pay back their loan with one exception. If it can be proved that the borrower never intended to repay the loan in the first place, then the borrower could face criminal charges. 

For borrowers who were unable to pay due to financial hardship, lenders could potentially file a lawsuit against you, get a judgment against you in court, ask the court to seize assets you own to cover the debt, or legally pursue the debt through the court systems. According to Nevada state law, lenders are required to check a borrower’s ability to repay a loan prior to giving it out. That said, with few other laws in place for consumers, this alone does not provide much protection. 

What is the statute of limitations on payday loans in Nevada?

In Nevada, the statute of limitations on payday loans is six years. This means that if you are unable to pay back your loan, the lender has six years to try and collect the debt via the court system. 

How to consolidate your payday loans in Nevada

If you're looking for ways to tackle your high-interest debt, you have a few options. Payday loan consolidation, also known as credit consolidation and payday loan relief, lumps your loans together to give you one lower monthly payment. Borrowers generally collaborate with a third party that helps you set up a manageable payment plan. They pay off your current loans and negotiate with the lenders to see if your debts can be reduced. In exchange, borrowers pay them a fixed rate.

If your credit is good enough, consider taking out a loan and use it to immediately pay off your other loans. This leaves you with one monthly payment and a lower interest rate. However, like with most loans, you'll pay late fees and other penalties if you miss a payment, so make sure that whatever you set up is manageable in the long run.

A debt management plan (DMP) is similar to credit consolidation because you'll make  one set monthly payment on all of your debts, which will be rolled together at a lower interest rate. The difference is that you’re still paying back your original loan amount, rather than paying a third-party company to wipe out your original debt.

By the numbers: Payday lenders in Nevada

  • Max loan term: 35 days
  • Average loan amount: $350
  • Maximum loan amount: 25% of monthly gross income
  • APR Cap: None, average is 652%
  • Number of payday lenders in Nevada: 204
  • Number of payday lenders in Las Vegas: 122
  • Average 14-day payday loan APR: 652%
  • Collection fees: No limit. $25 NSF fee
  • The poverty rate in Nevada: 12.5%
  • The poverty rate in Las Vegas: 15.3%


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How Can I Get Help Paying My Payday Loan in Nevada

Payday loan debt can be suffocating and cause unneeded stress in one’s life. The laws governing payday lending in Nevada specifically don’t make it any easier on borrowers, with few protections in place for consumers. Payday loan consolidation can be the first step back toward financial stability for borrowers in this predicament, no matter the method you choose. 

Nevada Financial Institutions Division

3300 W Sahara Ave #250

Las Vegas, NV 89102

Phone number: 702-486-4120

Additional state resources to utilize: 


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