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Payday loan laws in Nebraska

  • Status: Legal (Neb. Stat. Ann. §§ 45-901)
For Lenders

Lending specifications:

  • Maximum loan amount: $500
  • Loan tenure: Not more than 34 days
  • Fees and finance charges: $15 on every $100 borrowed
  • Finance charge on a 14-day $100 loan: $17.65
  • APR on 14-day $100 loan: 459%

Collection restrictions:

  • Collection fees: $15 NSF fee
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: Two
  • Rollovers allowed: None (cannot charge fee for extension)

Complaint cell:

  • Regulator: Nebraska Department of Banking & Finance (NDB&F)
  • Address: Financial Institutions Division, Commerce Court, Ste. 400, 1230 'O' Street, Lincoln, NE 68508-1402
  • Phone: (402)471-2171
  • Consumer hotline: (877) 471-3445
  • Regulatory contact: Karen Reynolds, Review Examiner
  • Website: http://www.ndbf.ne.gov/index.shtml
  • File complaint: http://www.ndbf.org/forms/cptf.pdf

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Disclaimer: The contents of this web site are not intended to establish an attorney-client relationship, provide the reader with legal advice, or substitute for legal advice from an attorney.
  • The debt settlement program typically lasts between 6 months to 4 years time.
  • At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
  • Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
  • Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
  • That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
  • Savings a customer realizes from use of a debt-relief service may be taxable income.

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