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Nevada And Payday Loans, A Complete Payday Loan Trap Set Up!
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Nevada And Payday Loans, A Complete Payday Loan Trap Set Up!

Nevada and payday loans go together like hot butter on popcorn. This state is set up for complete and major profits for the payday lender and do not do much for the borrowers but make them poor at an alarming rate!

How so?

The payday loan laws of this state are not much help in keeping these companies at bay and off the backs of innocent borrowers. The loans have no limits on how many you can take out at one time aside from not being able to exceed 25% of the borrowers monthly income, or how much you may borrow per loan. Multiple loans totally negate this last requirement. Roll overs are allowed and the payday loan trap is baited with premium bait in this state.

Interest?

Again, no limits. The interest rate shall be what the lender and the borrower agree to and put in writing. Now I know when someone is desperate for immediate cash these negotiations simply do not go well for the borrower.

One really needs to steer clear of these companies, and the farther the better. they are set up for maximum profits within short periods of time and if the borrower does not pay the balance off in full on the first due date they are in for the ride of their lives.

Why are they legal?

They are legal because they buy their way into the state laws and the amount of money they generate is too great to be ignored. They used to call this practice loan sharking and it was illegal at one time. Now instead of breaking your legs if you defaulted, they legally break your bank account.

What if I am in over my head already?

You are not alone, many are right there where you are sitting. If you are in trouble with payday loan debt you need to contact a payday loan debt consolidation company. These companies can help get the loan companies off your back and free up some of that paycheck these companies want all of. You can get your payments set up on a bi weekly or monthly payday loan repayment plan that will work for you, and they can stop the high interest you are getting drowned in.

I hope this article on Nevada payday loan laws helps you to understand just what you might get into doing business with these companies, and how to get out of trouble if you are already trapped in the payday loan trap.

Please feel free to share this article and leave any questions and comments below!


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Hi Shawn Lee. I have just read your article and I like it.

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  about 6 years ago

Thank you sir!

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  about 6 years ago
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