Electronic versions of the exhibits in these minutes
may not be complete.
This information is supplied as an informational
service only and should not be relied upon as an
Original exhibits are on file at the Legislative Counsel
Bureau Research Library in Carson City.
Contact the Library at (775) 684-6827 or
Payday Loan Fact Sheet
Qualifications to receive a loan:
Proof of income (Pay stub or Social Security check)
No credit check. No background check.
According to a study by the Nevada Fair Housing Council, the median rate
of interest for payday loans in Nevada is 443.2% (A $17 service charge per
$100 per 2 weeks.) Some lenders in Nevada charge as much as $1,303.6%
(A $50 dollar service charge per 2 weeks)
Among some lenders it is common practice to sue for treble damages on
defaulted loans as regarding bad checks under NRS Chapter 604.
(Questionably legal, and usually overturned by the courts, but still done.)
Late fees and penalties can exceed value of the original loan by several
thousand percent. (2%, or higher, late fees per day = 710% APR+. Up to
$1 250 contingent charges for $1 00 loans.)
14 states do not allow payday loans.
26 states allow payday loans, but with caps on the interest that they can
-Cap range from 309% in Texas to 1980% in Missouri.
10 states (Including Nevada) have no cap on the interest that can be charged.
20 states currently prohibit rollovers altogether.
Pavdav Loan Linpo
Deferred Deposit Loan - Issuing a post dated check to a lender in exchange
for a loan.
Financing Charge - The amount of money a lender charges per $1 00 of loan
for a two-week or one month loan.
Rollover - To extend the duration of a loan by reapplying the financing
charges. Taking out a loan to pay off a loan from the same lender.
CONSUMER LOAN AGREEMENT
I I EASY CASH. INC.
I I 341 1 E CHARLESTON
LAS VEGAS, NV. 89109
One payment in