As a valued resident of Nevada, we want to ensure you understand how the new Nevada state law impacts consumer loans across the state. This law change will impact how much money you’re eligible to borrow.
Frequently Asked Questions
How much can I borrow?
Your maximum loan amount is determined by a new payment-to-income ratio looking across all licensed lenders in the state. Your maximum loan amount will be based on how much you can repay in a month based on these new rules. Your monthly payments cannot be more than 25% of your monthly income before taxes.
For example, If your monthly income is $1,300 before taxes, your total monthly loan payments cannot be more than $325.
Can I have more than one loan at a time?
Yes, you can have more than one loan outstanding. The state database will look at all state licensed lenders to ensure that your loan amount doesn't exceed the state requirements.
What happens if I already have a loan open with a different company?
If you already have a loan open and you apply for a second loan, the company will check the database to determine if you’re able to get another loan and for how much.
If your current loan doesn’t reach your maximum allowed amount, you could be offered a new loan up to the remaining amount. If your current loan is already at the maximum allowed, you’ll be issued a state database denial notice.
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