Nevada has its own rules for consumer lenders, and knowing a few basics helps you borrow with confidence. Whether you need help with a car repair or an unexpected bill, here is what Nevada borrowers should know before signing anything.
Make sure the lender is licensed
Lenders that make consumer loans in Nevada must be licensed by the state. The Nevada Division of Financial Institutions (FID), part of the Department of Business and Industry, licenses and examines these lenders. A licensed lender should display its license number, and you can confirm it with FID or on the NMLS Consumer Access website. Private Access Loans lists its Nevada license number on every page of our website.
Know what type of loan you are getting
Nevada law treats different loan products differently. Many installment lenders are licensed under NRS Chapter 675, the Nevada Installment Loan and Finance Act. Deferred deposit (payday), high-interest and title loans fall under NRS Chapter 604A, which has its own borrower protections. Ask your lender what kind of loan you are being offered.
Read the full loan agreement
Before you sign, your lender must give you written disclosures showing the APR, the finance charge, the amount financed and the total of payments. Read them carefully and ask about anything that is unclear, including late fees and what happens if you pay early.
Know your rights
- You have the right to clear, written loan terms before you commit.
- Lenders cannot discriminate based on race, color, religion, national origin, sex, marital status, age (as long as you can legally sign a contract) or because your income comes from public assistance.
- For certain loans covered by NRS Chapter 604A, you can cancel by the close of the next business day without paying a fee.
- Active-duty service members and their dependents have extra protections under federal and Nevada law.
Borrow only what you need
A loan should solve a problem, not create a new one. Figure out the exact amount you need and make sure the monthly payment fits your budget. Our guide How Much Can You Afford to Borrow? walks through the math.
Where to get help
If you have a concern about a lender, you can file a complaint with the Nevada Division of Financial Institutions. For a closer look at the laws themselves, see Nevada Lending Laws That Protect Borrowers. And if you have questions about a loan with us, our local team is a phone call away at 702-330-0458.
