Rates & Terms
How loans arranged through PaydayLV are priced. PaydayLV is not a lender: rates and fees are set by your individual lender and disclosed in that lender's written agreement — which always controls — before you sign.
Loan product
Lenders in the PaydayLV network offer deferred deposit loans ("payday loans") to Nevada residents under NRS Chapter 604A. Loan amounts typically range from $[MIN] to $[MAX], never exceeding 25% of your expected gross monthly income (measured across all your outstanding payday loans per Nevada's statewide database). Original loan terms range from [MIN DAYS] to 35 days.
Fees and APR
Lenders in our network typically charge a flat finance charge between $[MIN FEE] and $[MAX FEE] per $100 borrowed — PaydayLV's connecting service costs you nothing; we are compensated by lenders, not by consumers. Because fees are fixed and terms are short, the Annual Percentage Rate (APR) varies with your loan term. Your lender's written agreement states your exact finance charge in dollars and your APR before you sign, as federal Truth in Lending rules require.
| Loan amount | Term | Finance charge | Total repayment | APR |
|---|---|---|---|---|
| $300 (example only) | 14 days | $[X] | $[300 + X] | [Y]% |
| APR formula: (finance charge ÷ amount borrowed) × (365 ÷ term in days) × 100. Example: a $45 charge on a $300, 14-day loan = (45 ÷ 300) × (365 ÷ 14) × 100 = 391.07% APR. Replace with rows reflecting your actual fee schedule. | ||||
Payday loans are a form of high-cost, short-term credit. Compare the total dollar repayment against your budget and consider lower-cost alternatives — employer paycheck advances, credit union small-dollar loans, or payment plans with the billing company — before borrowing.
Repayment
- Due date: stated in your agreement; never more than 35 days from the loan date for the original term.
- Method: ACH debit from your checking account on the due date. You may repay early at any time with no prepayment penalty.
- Extensions: policies vary by lender. Nevada law limits how long a loan may be extended beyond its original term.
Late, returned-payment, and default terms
- Returned payments: if a payment is returned unpaid, Nevada law permits a fee of not more than $25, chargeable no more than twice per loan.
- Default: Nevada law limits the fees and interest a lender may impose after default and restricts collection practices. In qualifying circumstances you must be offered a repayment plan before certain collection actions.
- No criminal threats: nonpayment of a payday loan is a civil matter in ordinary circumstances; licensed lenders may not threaten criminal prosecution to collect in those circumstances.
Military lending disclosure
Federal law caps the Military Annual Percentage Rate (MAPR) at 36% for active-duty service members and their dependents, which generally makes standard payday loans unavailable to covered borrowers. If you are a covered borrower, please tell us; military relief societies and installment alternatives may serve you better.
Right to rescind
You may rescind your loan at no cost by returning the principal by the deadline stated in your lender's agreement, as provided under Nevada's Payday Lender Best Practices provisions. [COUNSEL: confirm the rescission language matches network lender agreements.]
Questions or complaints
For questions about a loan you've received, contact your lender using the details in your agreement. For questions about our connecting service, call (888) 981-9098 or use the Contact page. You may also contact the Nevada Financial Institutions Division (fid.nv.gov) regarding any licensed lender — every lender in our network is FID-licensed.
Eligibility criteria are on Loan Requirements; the process is on How It Works.