Personal Loans in Nevada: What You Need To Know
f you live in Nevada and looking to borrow money, there are several solutions for you. Lenders will check your creditworthiness before final approval, but a lack of credit does not mean that you are not creditworthy. A number of lending options look at more than just your credit score to determine if your loan application will qualify.
The best personal loans in Nevada are generally loans from state compliant lenders that are offered to all U.S. residents.
However, Nevada has more than 60 banks and credit unions, including many local and regional lenders, many of which offer personal loans as well.
So there are many options to choose from. To help Nevada residents save money, our editors have selected some great personal loan options, including offers from our partners.
What do you need to know about borrowing in Nevada?
It may go without saying, but remember, the higher the loan amount you want to get, the higher payment you will have to pay and the higher your credit score and income must be in order to be approved. The good news is, many lenders let you prequalify in order to make it easy to get a rate quote and easily determine your ability to get approved. You can check multiple lenders at the same time using powerful online prequalification services.
While there are many excellent personal loan options, be wary of predatory lenders that charge unreasonable interest rates.
Can I get a personal loan in Nevada?
Most online lenders operate nationwide, not just Nevada, and regulations currently allow for personal lending in the state. A personal loan can be used for almost anything the borrower wants. Lenders place few restrictions on personal loans, making them an attractive option for people looking to pay off debt or achieve other financial goals.
What is the maximum amount you can borrow with a personal loan?
You can usually find personal loans ranging from $2,000 to $50,000, although some lenders offer personal loans up to $100,000. Keep in mind the amount you request to borrow may not be the amount you get approved for after submitting an application.
Here's you’ll learn:
- Why get a personal loan in Nevada?
- What credit score is needed for a $5000 loan?
- Do you need a down payment for a personal loan?
Let's review Nevada's lending options.
Things to Know Before Yuor First Loan Application
"It makes no sense to pay higher rates than you have to..."
Lenders may seem intimidating on the outside, but most of the time they want you to achieve your financial goals with their help.
The history in Las Vegas has led to a perception of predatory lending that has been hard for the state to shake. Images of payday lenders and pawn shops taking advantage of down on their luck gamblers creates for a compelling narrative.
While payday lending is legal in Nevada, affordable credit is widely available in the state.
Rules for Borrowing Responsibly:
- Affordable - Avoid borrowing out of desperation. Repayments for any money borrowed should not exceed the borrowers ability to repay.
- Short Term - Borrowers are encouraged to minimize the tenure of the loan repayment schedule to as short a period as possible. Avoid carrying unnecessary debt any longer than is necessary.
- Only Borrow what you Need - Lastly borrowers are encouraged to borrow an amount to meet and not exceed their needs. Never forget there are costs associated with the money you borrow.
Important state lending restriction in Nevada
The following consumer lending limitations exist in the state.
- Maximum loan amount: Not to exceed 25% of monthly gross income (see: Nevada Statute §604A.010 et seq. 2017 Chapter 274)
What to consider before getting a personal loan in Nevada
Before you apply for your first personal loan, you should check and be aware of your credit score and credit history. Good credit will open opportunities to financial institutions otherwise unavailable. Additionally, if you have bad credit, it will save you time knowing that you are limited to more flexible lenders if you still wish to pursue a loan.
Additionally, it will benefit you to assess your provable income and debt payments on a monthly basis. This will directly be considered by lenders when determining your eligibility for a loan, and for how much.
Have your employment information readily available along with your banking details, as they will be checked by the lenders when they decide whether to give you a loan.
What disqualifies you from getting a loan?
Contrary to the hype online, not EVERYONE gets approved. However, don't disqualify yourself too soon because of a few financial mistakes in your history.
Borrowers who are unemployed and have no source of provable income will likely not find lenders willing to work with them. Additionally, applicants are required to have an active bank account for deposit.
It's the time for truth on the application process as well - lying on an application is a disqualifier, be straight with your lender.
Shop multiple lending options and choose the best
Obtaining a personal loan may not always be the best choice under the circumstances. Be sure to exhaust all the lending options available to you which might offer better terms and lower interest. For example, if you own your home, an equity line of credit might provide cheaper and more flexible access to money.
Don't be afraid shop around for the best financing for your needs.
Ask plenty of questions
Review the terms of any loan offer carefully, and don't feel pressured to accept on the spot. Ask questions of your loan officer and make sure everything is clear with no unexpected fees or surprises. The best lenders work hard to be as transparent as possible.
"The state of Nevada has a number of strong protections for borrowers..."
Check everything and make sure you are comfortable before accepting the agreement. When a large sum of money is waved in front of your face in a time of need, the fear of missing out can tempt hasty decisions. Take your time and make sure you understand everything being offered.
Here are some examples of questions you can ask:
- What is the interest rate?
- Is there a prepayment penalty (a fee for paying the loan off early)?
- Is the interest rate fixed or variable?
- What is the total amount I will pay over the life of the loan?
- What fees are being charged for origination of the loan if any?
Choose the Best Option for YOU
Ultimately it's what works for you that matters. Be sure that you have the revenue to make required payments. Make sure you borrow enough for what is needed. Make sure the costs are acceptable and not so high as to be crushing. Make sure you feel safe and secure with the lender.
It's not uncommon for financial problems from time to time. Borrowing can be a powerful tool to one's personal finance toolbox. What's it mean for you? When used wisely, personal loans provide access to money to payoff credit card balances, simplify payments, save money, or potentially get out of debt faster.
Compare the interest rates paid on your current debt to what you would save. If it makes sense, check your rates and see what's on offer.
"Imagine how fast could you pay off your balances if your monthly payments were cut in half overnight..."