The Nevada Assembly has voted unanimously for a bill that lowers rates Advance Pay Day loan companies can charge. The bill would prohibit pay day loan companies from granting loans of more than 25 percent of a customer's monthly income.
The payday loan company still could charge whatever interest rate it wants for the term of the loan. But if the customer couldn't pay back the loan, the interest rate on the defaulted loan could not be more than the prime interest rate, plus ten percent.
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