Instant Payday NV is not a lender or a financial institution. We do not make any credit decisions, nor do we ask the lenders to set their rates at a particular range.
We cannot provide the rates and fees charged by the respective lenders for the same reason.
That said, we make it a point to ensure that the lenders in our network strictly adhere to the related global, federal, state, and local rules and regulations.
We want to make sure that our lenders follow fair credit practices when providing short-term payday loans to our customers.
Payday loans are short-term loans which are a temporary financial instrument to help solve sudden monetary emergencies.
But these can become very expensive and increase the burden multi-fold if the person is not careful in taking and repaying the loan. Short-term loans have high-interest rates and processing fees.
It is a highly regulated industry with governmental and non-governmental agencies moderating, controlling, and monitoring the practices and procedures.
The agencies establish the best practice for the industry to grow and develop positively.
Since we cannot offer our customers the exact information about the rates and prices, we offer our customers other sources of information.
Users can educate themselves by visiting the following websites and reading the laws related to short-term loans.
These two agencies are responsible for creating and enforcing laws to protect customers from unfair trade practices.
Federal Trade Commission: https://www.ftc.gov/
Consumer Financial Protection Bureau: http://www.consumerfinance.gov/
Apart from the above, many states have listed separate rules to keep the citizens safe from being taken advantage of by the lenders in the industry.
The lenders in the industry should adhere to the state laws as well as federal laws.
The laws oversee the terms and conditions about maximum loan amount, interest rate and other charges levied by the lender, the number of eligible renewals of a loan, percentage of the late fee applicable, and other stuff factors where 5the lender could take charge the customer extra payment.
Users can also visit the following links to know more about the regulations in their respective states.
Link 1: http://www.paydayloaninfo.org/state-information
Link 2: http://www.ncsl.org/research/financial-services-and-commerce/payday-lending-state-statutes.aspx
Certain states have prohibited short-term lending. New York, West Virginia, Arkansas, Vermont are some examples of the states that do not allow short-term payday loans.
There are more such states, and the list is bound to change without prior notice.
Always make it a point to read the laws before applying for a loan. The regulations tend to change.
The last thing one would want to be under the wrong assumption about the rates. Read the rules and apply for a loan.