Rating 4, 8 (25) · Free · Finance · Payday lenders can take you to a civil court, but not to a criminal court. They may threaten to sue, but they cannot arrest you for not paying a payday loan. Defaulting on a payday loan can result in bank overdraft fees, collection calls, damage to your credit score, a day in court, and a garnishment of your paycheck. Mobile Paycheck Advance Apps work with iPhone and Android, and many offer payment on the next payday.
A borrower whose rights have been violated in connection with a payday loan or title loan can bring an action to recover actual and consequential damages, punitive damages, and reasonable attorneys' fees and costs. The Division of Financial Institutions has proposed a payday loan database to help lenders identify if a borrower is eligible for the loan under state payday loan laws. Recently, Judge Gonzalez approved a class action settlement involving Rapid Cash, one of the largest payday lenders in the state. In Las Vegas, there are more than twice as many payday loan stores as casinos.
In addition to the disclosures required by the federal Truth in Lending Act and Regulation Z, payday loans to Nevada consumers must describe each charge charged, regardless of the name given to the charge, in writing before making the payday loan. If you don't pay a payday loan, the lender has several legal remedies available such as wage garnishment, garnishment and lien.
