Reno is a city in the north-west of Nevada with a population of 248 853 people. Located in Washoe County, it is the fourth largest city in the state. It is known worldwide as “The Biggest Little City in the World” – a kind of brand that local businessmen promoted in the early 1900s.
Also, it attracts small and medium-size companies that specialize in various spheres, and payday loan lending firms are no exception. Reno is home to a number of long-standing lenders, such as Check into Cash, Check City, Advance America, Frog Center, Money Point, Moneytree. There are always people in need of quick money and, consequently, some ground for these businesses to flourish. Not uncommonly, some payday loan businesses in Reno and the rest of Nevada are run by members of local tribal groups, as they enjoy a number of privileges, freedoms and support by the so-called Tribal Government.
Reno Payday Loan Legislation
Nevada’s legislation creates a kind of terrific environment for payday loan lenders. There are no limits to the loan size, except it should not be more than 25% of gross monthly income. There are no limits to APR, minimum loan term, finance charges or number of rollovers either. The maximum loan term is 35 days. This gives quite a bit of freedoms to lenders and poses a danger of getting seriously trapped for borrowers.
Although Nevada law prohibits any rough acts against borrowers, who fail to pay back on due date, there have been such occasions. Besides, tough measures can be applied to those who deliberately fail to pay back.
Nevada is located in a semi-arid area in the west of the Great Basin on the eastern slope of the Sierra Nevada mountain range (4,400 ft above sea level). The Truckee River feeds drinking water to the city. There are quite a number of faults in the region, which make it seismically unstable: a series of earthquakes occurred in 2008 measuring about 5 on the Richter scale and causing damage to a number of homes in the city.
Reno’s history began with a toll bridge across the Truckee River, which was built in 1859 to connect Virginia City and the California Trail. The crossing was to ease the traffic of emigrants coming in to settle around the newly discovered silver and gold sites. In 1868, the transcontinental railroad reached the place, and the city got an official status. By the early 1900s, Reno became an attraction, especially during the 1910 heavyweight contest. Spectators would receive greeting cards with the slogan “The Biggest Little City in the World” written on them: that was to become the brand slogan for the city in 1929. Indeed, spectators and newcomers noted that the town looked great for its size (it had a population of around 10 000 people at the time). There was a university and renovated downtown area, which was not quite so typical of America’s towns of that time.
Population and Demographics
By now, Reno’s population has reached 248 853 people, median age is 35.5 years old. Average price for a home is $265 147, and 47.5% of the population have a home in possession. Household incomes average $52 106, median individual income is $28 207. Rents average $1 178. About 18.5% of the households have incomes ranging from $50 000 to $75 000, and 21.6% of households have six-figure incomes. The unemployment rate is 6.7%.
Reno is as ethnically diverse as the rest of Nevada. The racial makeup is: whites are an overwhelming majority (77.5%), Hispanic whites are 25.2%, Asians account for 6.4%, Blacks – 2.6%, Native Americans are 1.2%.
Nowadays, Reno is an attraction for tourists from nearby and other states. It is home to some exciting events, such as Hot August Nights, the Reno Air Races, the Great Reno Balloon Race, etc. During the 2000s, the city witnessed an inflow of high-tech businesses, which wouldn’t stop even after the 2008 recession. Finally, Reno is a huge educational center: its top employers are the Washoe County School District and the University of Nevada.