1.  ’High-interest loan’ means a loan made to a customer pursuant to a loan agreement which, under its original terms, charges an annual percentage rate of more than 40 percent.

Terms Used In Nevada Revised Statutes 604A.0703

  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Contract: A legal written agreement that becomes binding when signed.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC

2.  The term includes, without limitation, any single-payment loan, installment loan, open-ended loan or contract for the lease of an animal for a purpose other than a business, commercial or agricultural purpose which, under the original terms of the loan or contract, charges an annual percentage rate of more than 40 percent.

3.  The term does not include:

(a) A deferred deposit loan;

(b) A refund anticipation loan; or

(c) A title loan.

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