Loan Rates and Fees in Nebraska

Nebraska caps the fee on a delayed deposit (payday) loan at $15 per $100 borrowed, on loans up to $500 with terms of up to 34 days. However, a separate APR cap of 36% also applies - on short-term loans, the APR cap is the binding limit.

On a $300 loan due in 14 days, the 36% APR cap limits the maximum fee to roughly $4.14, making your total repayment approximately $304.14. Your agreement will show roughly 36% APR, as required by federal disclosure rules.

• Rollovers are prohibited - a lender can't extend your loan and charge a new fee on the same principal.
• The returned payment fee - labeled "returned check fee" on your agreement - is capped at $15 per transaction.
• Nebraska doesn't authorize a separate database or verification fee - question any line item labeled as one.

If an offer exceeds these limits, verify with the Nebraska Department of Banking and Finance.

Licensed installment lenders charge interest on the unpaid balance. Nebraska's installment loan rate statute was recently revised - confirm current maximum rates with the Nebraska Department of Banking and Finance before signing.

Under the prior rate structure, the maximum was 24% per annum on the first $1,000 of unpaid balance and 21% per annum on the remainder. No charges beyond what the Act permits may be collected.

On a $1,000 loan at 24% annual interest (declining balance) for 12 months, you'd repay approximately $1,134 total - roughly $134 in interest plus $1,000 in principal, before any allowed fees.

• Refinancing restarts interest on the new amount - compare your remaining balance to the new loan's total payments before you agree.
• The returned payment fee is capped at $15 per transaction - the same cap as payday loans above.
• Late fees and grace period terms: confirm the exact amount with your lender before signing.
• You can prepay early - the lender must provide a rebate of unearned interest calculated by the actuarial method; see installment loans in Nebraska for repayment details.

If an offer exceeds these limits, verify with the Nebraska Department of Banking and Finance.

• Total of payments: add up every scheduled payment and confirm it matches the "total of payments" line on your agreement.
• If you or your spouse are active-duty military, federal law caps the rate a lender can charge - confirm your offer complies.