Q: I am a Nevada resident & I have a high interest loan from Netcredit.com, do they need to be licensed in Nevada to lend?
If I check their website for Nevada loans, https://www.netcredit.com/rates-and-terms/nevada
I receive a message stating "Unfortunately, personal loans through NetCredit are not currently available in your state.
We are working hard to provide access to fast, trustworthy credit in as many states as possible and hope to offer personal loans in your state in the future"
If they are stating that the "loan is not available in my State", then I am assuming that they need to be licensed and regulated by the State of Nevada. I have checked with Nevada Financial Institutions Division Public License Search, and Netcredit is not licensed in the State of Nevada. Netcredit is charging me $9,000 in interest on a $3,700 loan.
I have already paid over $7,600 on this loan and still most of the original principal. Do I have any recourse if Netcredit is not licensed in Nevada?
Thank you for you assistance:)
A:
There is a big difference between borrowing from a lender not authorized to make loans in Nevada and repaying a loan to a lender that is not authorized to make loans in Nevada.
Reading between the lines here tells me that
(1) you have been obligated to repay this (terrible) loan for quite some time now; and
(2) you (probably) applied for the loan online; and
(3) you either were not a resident of Nevada at the time you borrowed the money online; or
(4) you did not tell the lender that you were a Nevada resident when you borrowed the money online.
In any event, because you have "ratified" the existence of the loan (by paying payments) it will be very difficult for you to avoid paying anything else merely because the lender cannot lawfully MAKE loans in Nevada.
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