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Nebraska has many laws relating to the use of installment loans within the state. These laws were enacted with the purpose of protecting the people who might benefit off of these loans. This is a particularly viable type of loan option that is worth reviewing when finding ways to get money for all sorts of short-term expenses. It is a loan option that should be beneficial but still fair to the borrower.
Nebraska installment loans have been legal within Nebraska since 1994. In fact, state law says that a business that wishes to provide people with these loans must have a physical location in the state in order to operate. The rules for operating a lender must be followed as strictly as possible so a lender can be successful.
All online installment lending activities are illegal within Nebraska. A borrower must report to a physical payday loan location within the state in order to actually apply for an installment loan. This is done not only to make sure the businesses that provide these loans are legitimate but to also protect a client's data and to make sure all parties that provide these loans are legitimate and safe to deal with.
There are strict rules surrounding the interest rate that can come with an installment loan. The rate on a loan in Nebraska cannot go any higher than 459%. This means that a lender may potentially charge a lower rate on the loan but it will not go any higher than this.
A loan can only be as much as $500 in value. A customer can borrow as little as $100 at a time. This is a relatively low maximum but it is used within Nebraska to make sure the charges that come with a loan are kept under control and that a person will not borrow more than what one can afford to actually borrow from a typical lender.
In addition, a person can only take out one installment loan at a given time. The customer must pay off an old installment loan in full before that person can try to apply for a second loan.
The amount of time that the loan is good for must also be factored into the process. A Nebraska installment loan can last for as long as thirty-one days. In addition, the loan cannot be renewed after the thirty-one day period is over.
Fees may be added to the cost of a loan but there are restrictions over how large these fees can be. A Nebraska installment loan lender cannot charge more than $15 for every $100 that is borrowed.
A borrower will still have to pay a finance charge every two weeks during the life of the loan. This charge is worth $17.65 for every $100 that is borrowed.
All installment loans businesses within Nebraska must have licenses so they can legally operate within the state. A license is available for $500 but a lender must also pay an extra $125 for every individual installment loan branch that the lender will open. Every license must be renewed once a year for a business to keep functioning. In addition, a $50,000 bond is also required alongside an additional $25,000 for every physical location that the lender wishes to open.
Finally, there are rules relating to what might happen in the event that a borrower is unable to repay the total value of the installment loan. A borrower will have to pay a $15 NSF fee in the event that the person does not have enough money in a bank account to pay off the loan. Only one fee will be charged in the event that this does occur.
One interesting law regarding Nebraska installment loans is that lenders are not required to give out a Truth in Lending Act disclosure. This act was drafted to inform the borrower of all costs and procedures associated with certain lending activities. It is strongly recommended that a lender does provide a borrower with this disclosure but it is not necessarily a requirement when giving out a loan.
People who are interested in Nebraska installment loans must be aware of the rules relating to what can be done with these loans. The rules that come with these loans include specifics relating to making sure that all loans being utilized are actually paid for and that a lender will not overcharge a client for any kind of service to use when getting such a loan ready.