Find Payday Loans in Nebraska
Payday lending is legal in Nebraska, where there are laws specifically authorizing the practice. Cash advance businesses must be licensed in the state. Pursuant to Nebraska statutes, a borrower cannot have more than two outstanding payday loans at a time, and the two checks cannot exceed $500. A payday loan company must post its license in a conspicuous manner, along with all charges, late payment penalties, and fees. Additionally, the cash advance loan contract must set forth in a clear and understandable fashion the date that the check will be deposited and the fees to be charged.
A borrower can request up to $500 in payday loan funds.
The loan term is 31 days.
A borrower cannot extend or rollover a check cash advance loan.
The fees charged by a cash advance business cannot exceed $15 per $100 borrowed. The finance fee for a two-week payday loan in the amount of $100 is $17.65. Nebraska law allows a cash advance lender to charge a defaulting borrower a late fee (only once) of $15.
The APR for a two-week loan in the amount of $100 is 459%.