Payday loans in Nebraska
Nebraska continues to license delayed deposit (payday) firms, yet after the 2020 Initiative 428 vote, they cannot charge over 36% APR, eliminating standard payday rates.
- Payday lending
- Banned
- Max cost
- 36% APR
- Top amount
- A total of $500 across all checks held from a single borrower
Are payday loans legal in Nebraska?
The Nebraska Delayed Deposit Services Licensing Act limits annual percentage rates to 36 percent, making typical payday loans illegal in Nebraska. A delayed deposit firm is a payday lender holding your check. Normal payday rates are impossible under that cap, making the cost no more than $1.38 per $100 borrowed for 14 days. At any one time, a licensed lender can hold up to two checks from you totaling $500 for a maximum of 34 days.
Internet and electronic loans fall under this 36 percent cap in Nebraska, even when the lender lacks a physical location in the state. Any loan exceeding 36 percent or coming from an unlicensed firm is void by law, so the lender cannot collect interest, fees, or principal. Use the search tool from the Nebraska Department of Banking and Finance to verify a lender is licensed before you apply. Filing a complaint with them is possible online or through the mail.
- The fee section now limits payday lenders to an annual percentage rate of 36%, a change Initiative 428 made when it passed in 2020.
- Loans made by unlicensed lenders or above the 36% APR cap are void, preventing the lender from collecting interest, fees, or principal.
- You may pick a free extended payment plan with at least four equal payments once every twelve months if repayment is impossible.
- At one time, a lender can hold up to two checks from you totaling $500 for a maximum of 34 days.
- People on active duty, and their families, must not be charged above what the federal law called the Military Lending Act permits.
Nebraska payday loan laws
- Law in force
- Nebraska Delayed Deposit Services Licensing Act
- Cited as
- Neb. Rev. Stat. 45-901 through 45-931
- Fees under the law
- For a delayed deposit transaction, thirty-six percent is the highest annual percentage rate a licensee may impose.
- Most you can borrow
- A total of $500 across all checks held from a single borrower
- How long a loan runs
- 34 days
- Rollovers
- Not permitted (no renewing, rolling over, deferring, or extending via partial payment)
- Cooling-off gap
- After a prior transaction is completed, wait until the next working day for a new one, unless a department form verifies completion.
- Loans you can hold at once
- A borrower may have two checks held at once, but no more.
- Repayment plan
- Available one time in a twelve-month span: four or more equal installments tied to pay dates, free of extra charges.
- Installment lending limits
- According to the Nebraska Installment Loan and Sales Act, charges are 24% per annum for unpaid principal up to $1,000, plus 21% per annum on the rest.
Also checked against the NDBF page on delayed deposit licences, plus Neb. Rev. Stat. 45-904 (unlicensed loans are void) and 45-919 (a $500 limit, two checks, 34 days) on nebraskalegislature.gov. Full statute text.
Online lenders that list Nebraska
Ten companies we track say they lend in Nebraska: 3 online installment lenders, 6 tribal lenders and 1 loan broker.
All three lenders with a posted APR post a top APR above Nebraska's 36% APR cap.
| Lender | Kind | Posted APR |
|---|---|---|
 NetCredit | Installment | 34.99% to 99.99% |
 OppLoans | Installment | 99% to 195% |
 Rise Credit | Installment | 60% to 299% |
 Viva Payday Loans | Broker | Partner lenders quote 4.99% to 1,386% |
Tribal loans in Nebraska
When a person must be licensed and is not, a delayed deposit transaction they make is void under Nebraska law. The rate cap expressly covers internet or other electronic loans too, even where the lender has no physical location in-state.
On the immunity claim tribal lenders make, see are tribal loans legal.
Six tribal lenders we track list Nebraska as a state they lend in. Three of the six publish an APR, from 73.7% to 725%. All three post a top APR above Nebraska's 36% APR cap.
| Lender | Posted APR |
|---|---|
 Mobiloans | 73.7% to 405% |
 Spotloan | 99% to 490% |
 BrightLending | 325% to 725% |
 MaxLend | Not published |
 Minto Money | Not published |
| American Web Loan | Not published |
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Nebraska and the states around it
| State | Payday lending | Max cost | Top amount |
|---|---|---|---|
| Nebraska | Banned | 36% APR | A total of $500 across all checks held from a single borrower |
| Colorado | Only as installments | 36% APR | At any time, no single lender may provide more than $500. |
| Iowa | Allowed | $15.00 per $100 borrowed | Across the checks held from one borrower, the total cannot exceed $500. |
| Kansas | Allowed | $15.00 per $100 borrowed | $500 |
| Missouri | Allowed | Fees and interest can go up to 75% of the loan, and that includes renewals. | You may owe no more than $500 at once to one lender and its affiliates. |
| South Dakota | Banned | 36% APR | None allowed |
| Wyoming | Allowed | Fees run $30 or 20% monthly, with the higher figure applying. | W.S. contains no set limit. 40-14-363 |
Nebraska loans with no credit check
Installment loan rates: According to the Nebraska Installment Loan and Sales Act, charges are 24% per annum for unpaid principal up to $1,000, plus 21% per annum on the rest.
See no credit check loans: the checks lenders still run, and the price.
Verify a lender's license in Nebraska
- Look the lender up on the license list before you hand over any bank details.
- Lenders here answer to the Nebraska Department of Banking and Finance.
- Had trouble with a lender? Report the lender.
Sources for Nebraska
- The APR on a delayed deposit loan cannot go above 36%; Any deal that breaks this cap is void, so the lender gets nothing; Initiative 428 changed the rate cap rules in 2020nebraskalegislature.gov
- A lender can hold no more than two checks from you at once; The total value of checks held from one borrower tops out at $500; No check can be kept for longer than 34 daysnebraskalegislature.gov
- You may get an extended payment plan one time every twelve months; At no additional cost, the plan permits at least four equal payments.nebraskalegislature.gov
- Deals made by unlicensed providers are legally voidnebraskalegislature.gov
- Installment loans charge 24% yearly on the first $1,000 of principal; The rate drops to 21% per year for any principal over $1,000nebraskalegislature.gov
- Payday lenders need a license from the Department of Banking and Financendbf.nebraska.gov
- You can use the Department's own search tool to find licensed delayed deposit firmsndbf.nebraska.gov
- The Department handles complaints about delayed deposit businesses in Nebraska; You can submit complaints by mail or through the internetndbf.nebraska.gov