A payday loan is a short-term loan, usually for a smaller amount, that is generally repaid in a single payment on a due date set in your loan agreement, often around your next payday.
Payday loans are an expensive form of credit. They are meant for short-term needs, not as a long-term financial solution.
How a RoosterLend payday loan works
Apply
Complete the RoosterLend application online.
Get a decision
The lender reviews your application under its eligibility and underwriting criteria, including whether you can repay the loan.
Review your terms
If you're approved, read your APR, finance charge, amount financed, total of payments and due date before you accept.
Receive funds
Funding happens only after approval and completion of every loan origination step. Once your loan is finalized, funds may be available in 30 minutes or less.
Repay on your due date
Pay the loan amount plus the finance charge on the date in your agreement.
Costs, fees and APR
The cost of a payday loan is shown in two ways in your loan agreement:
- Finance charge: the dollar amount the loan will cost you.
- Annual percentage rate (APR): that cost expressed as a yearly rate, so you can compare it with other credit.
Any fees that apply to your loan are also disclosed in your agreement before you accept. Because payday loans are short, their APRs are typically much higher than those of credit cards or longer-term loans.
Your due date
Your loan agreement lists the exact date payment is due. If you think you may not be able to pay on time, contact RoosterLend before that date.
If you can't repay
If you do not repay as agreed, you may be charged fees permitted by your agreement and applicable law, and your account may be subject to collection activity. Nevada law requires a lender to offer a repayment plan before starting a civil action to collect a defaulted loan.
Nevada borrower protections
Payday loans in Nevada, called deferred deposit loans in state law, are regulated under NRS Chapter 604A and supervised by the Nevada Financial Institutions Division. The law includes rules on:
- Assessing a borrower's ability to repay before making a loan (NRS 604A.5011)
- A written loan agreement that sets out the loan terms (NRS 604A.5012)
- Rescinding, or cancelling, a loan (NRS 604A.5023)
- Paying a loan in full and making partial payments (NRS 604A.5024 and 604A.5025)
- Extended payment plans and repayment plans (NRS 604A.5026 and 604A.5027)
- Limits on a loan's original term (NRS 604A.501)
Your loan agreement explains how these rules apply to your loan.
Alternatives to consider first
- A small-dollar loan from a bank or credit union, including federal credit union payday alternative loans
- A payment plan or extension from the company you owe
- A paycheck advance from your employer
- Free or low-cost help from a nonprofit credit counselor
See Financial Resources for organizations that can help, or read our guide, Online Payday Loans in Las Vegas: A Plain-English Guide, for a closer look at Nevada's rules.
Payday loans by city
Local information for Nevada borrowers: Payday loans in Las Vegas, NV. More Nevada cities are coming soon.
Payday loan questions
How is a payday loan repaid?
A payday loan is generally repaid in a single payment of the loan amount plus the finance charge on the due date in your loan agreement.
Are payday loans expensive?
Yes. Payday loans are an expensive form of credit. Because the loan term is short, the APR is typically much higher than for credit cards or longer-term loans. Your APR and finance charge are shown in your loan agreement before you accept.
What if I cannot repay on the due date?
Contact RoosterLend before your due date. Nevada law requires lenders to offer a repayment plan before starting a civil action to collect a defaulted loan.