Payday Lenders in Nebraska
By imposing these strict regulations, Nebraska aims to ensure fair lending practices and prevent borrowers from falling into cycles of debt. Licensed lenders are required to comply with these regulations, but borrowers must exercise caution when seeking payday loans to avoid unscrupulous lenders who may attempt to exploit their financial vulnerability.
Payday Loan Laws
Nebraska has put in place very strict laws to regulate the payday loan industry and protect consumers. These laws limit the maximum loan amount, cap the interest rates and fees that lenders can charge, and prohibit rollovers or multiple loans from being issued to the same borrower. Licensed lenders are also required to comply with transparency and disclosure requirements, ensuring borrowers have access to clear information about the terms and costs of the loans. Licenced lenders are also required by law to have a physical location in the state, meaning they cannot solely operate online.
The State of Nebraska has two main pieces of legislation surrounding payday loans:
- Neb. Stat. Ann. §45-901: Sets loans at 36% APR, limits loan amounts and loan terms.
- Neb. Stat. Ann. §45-919: Prohibits borrowers from having more than two outstanding payday loans at any given time with one lender and prohibits rollovers.
Loan Terms and Conditions
Maximum loan amount: $500
Maximum Interest Rate: 36%
Minimum loan term: no minimum in regulation
Maximum loan term: 34 days
Number of rollovers allowed: None
Finance Charge: not specified in regulation, but overall cannot exceed the 36% cap
Legal action: 6 Years
Certified Payday Lenders in Nebraska
Company Name | Company score | License Status |
Big Picture Loans, LLC | 8 | Valid |
Delbert Services | 7.6 | Valid |
Advance America, Cash Advance Centers, Inc. | 7.2 | Valid |
CASHCALL, INC | 6.8 | Valid |
LDF Holdings, LLC | 6.5 | Valid |
Crow Creek Sioux Tribe | 5.9 | Valid |
History of Nebraska Payday Loans
How to file a complaint
- ADDRESS
- The Nebraska Division of Banking and Finance, PO Box 95006, Lincoln, NE 68509
- 402-471-2171
- Website
Nebraska Payday Loans Debt Relief
How to Get out of Payday Loan Debt?
Types of Quick Loans in Nebraska
Alternatives to Payday Loans in Nebraska
Personal Loans
Personal loans in Nebraska provide an option for borrowers who need access to funds for a variety of purposes, such as medical expenses, home repairs, or debt consolidation. With fixed interest rates and flexible repayment terms ranging from 12 to 60 months, personal loans provide stability and predictability. Lenders have varying credit and income requirements, and collateral may or may not be necessary, making it essential to explore different options and negotiate the best terms available for individual circumstances.
Home Equity Loans
Nebraska homeowners can tap into the equity they've built in their properties through home equity loans, enabling them to fund important ventures like home improvements, debt consolidation, or educational expenses. These loans typically feature fixed interest rates and extended repayment periods, offering stability and manageable monthly payments. Qualification requirements include sufficient equity in the property and a solid credit history, prompting borrowers to carefully compare offers from different lenders to secure the most favorable terms for their unique situations.
Construction Loans
Building a new home or undertaking significant renovations in Nebraska calls for specialized financing, and that's where construction loans come into play. With variable interest rates and short-term repayment periods, these loans provide the necessary funds for construction-related expenses. Borrowers must provide detailed plans, budget estimates, and proof of income to qualify for this type of loan. Construction loans may involve progressive payments throughout the building process and potentially require a down payment, making it crucial for borrowers to plan and budget accordingly.
Bad Credit Loans in Nebraska
Individuals in Nebraska facing the challenges related to bad credit can explore specific loan options tailored to their circumstances. While obtaining a loan with poor credit can be difficult, there are lenders who offer bad credit loans as a means to help individuals rebuild their creditworthiness. These loans may involve higher interest rates and fees, underscoring the importance of carefully evaluating repayment capacity and considering alternative options, such as secured loans or co-signed loans. By exercising caution and responsible borrowing, individuals can seize the opportunity to improve their credit situation while accessing the necessary funds.
Nebraska Small Business Loans
Nebraska provides several types of small business loans with different requirements and terms:
- SBA loans: The Small Business Administration offers loans through its network of lending partners for eligible small businesses in Nebraska.
- Nebraska Business and Innovation Act (BIA) Loans: TThe Nebraska Department of Economic Development administers the BIA loan program, which provides financing to businesses involved in innovative technology, research, or development. These loans aim to foster economic growth and promote job creation in Nebraska.
- Equipment financing: Equipment financing allows businesses to acquire necessary equipment by securing a loan specifically for that purpose. Lenders may offer favorable terms and interest rates based on the value and useful life of the equipment.
- Invoice factoring: Businesses can leverage their accounts receivable to secure immediate funding through invoice financing. This option provides access to cash by selling outstanding invoices to a lender at a discount.
- Nebraska Business Development Center (NBDC) Loans: The NBDC, in partnership with local lenders, provides loans to small businesses in Nebraska. These loans support business growth, innovation, and job creation across the state.
VA loans in Nebraska
For active-duty military personnel, veterans, and eligible surviving spouses in Nebraska, VA loans provide a pathway to homeownership with attractive benefits. These loans require no down payment, offer competitive interest rates, and eliminate the need for private mortgage insurance. Whether purchasing or refinancing a home, borrowers must provide evidence of military service and meet credit and income requirements set by the lender. Collaborating with a VA-approved lender ensures adherence to regulations and enables borrowers to make informed decisions regarding their financial future.
Nebraska Student Loans
Many options are available to Nebraska students to help finance their college education. These options include:
Nebraska Income Information
United States Census Bureau. “Poverty in the United States: 2021.” Accessed on May 10, 2023.
United States Census Bureau. U.S. Census Bureau QuickFacts: Nebraska. Accessed on May 10, 2023
Nebraska Payday Lender Complaints
Company Name | Count |
Big Picture Loans, LLC | 10 |
Delbert Services | 6 |
Advance America, Cash Advance Centers, Inc. | 3 |
CASHCALL, INC | 2 |
LDF Holdings, LLC | 2 |
Crow Creek Sioux Tribe | 2 |
Total Complaints | 49 |
Consumer Financial Protection Bureau. Consumer Complaint Database. Accessed on May 10, 2023.
Most Common Issues
Complaint type | Count |
Charged unexpected interest or fees | 18 |
Struggling to pay loan | 10 |
Can’t stop withdrawals from bank | 6 |
Unable to contact lender | 5 |
Received a loan didn’t apply for | 4 |
What are the main reasons residents of Nebraska apply for payday cash advance online or offline
Payday loans are typically used for nonnegotiable everyday expenses like your rent, utilities, and groceries. Per data reported by Pewtrust, the percentage of reasons described below
Reason | Share |
Regular Expenses (Utilities, car payment) | 53% |
Unexpected emergency/expense | 16% |
Rent/Mortgage | 10% |
Something Special | 8% |
Other | 5% |
Did not answer | 2% |
Payday Lenders by City
- Omaha
- Lincoln
- Bellevue
- Grand Island
- Kearney
- Fremont
- Hastings
- Norfolk
- Columbus
- Papillion
- North Platte
- La Vista
- Scottsbluff
- South Sioux City
- Beatrice
- Chalco
- Lexington
- Gering
- Alliance
- York
- Blair
- Seward
- McCook
- Crete
- Nebraska City
- Plattsmouth
- Schuyler
- Sidney
- Ralston
- Wayne