Bad Credit Personal Loans in Nevada
In recent years, obtaining loans has become easier and more accessible, even to those with bad credit. If you’re searching for a loan in Nevada with bad credit, there may be a few things you’d like to know. Below are some questions that may arise about bad credit loans in Nevada:
- What kind of loans are available in Nevada?
- What products or services can a loan for bad credit be used for?
- How can I apply for a bad credit loan in Nevada?
Read on to understand how bad credit personal loan options* work in the great state of Nevada.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
Bad Credit Personal Loan Options in Nevada
Nevada may be one of the friendliest states regarding lending laws. While this is great news for lenders and various options of loan types, it may be confusing, too. As lending types, lenders and terms vary from one loan type (and lender) to another, it might be wise to consider the pros and cons of loan types in Nevada.
Bad credit personal loans, in general, may come as a challenge to both lenders and borrowers when compared to traditional loans. High-interest rates and a high cost of borrowing makes bad credit lending a slippery slope for those unaware of the consequences of getting in too deep. Understanding your lending options and the advantages and disadvantages of each will help you make the most intelligent decision for your individual needs and circumstances.
Understanding Nevada Loan Types for Bad Credit
Residents of Nevada may enjoy nearly unrestricted freedom regarding available lending choices due to the laws in Nevada around loan types. Secured and unsecured personal loans, traditional auto loans, car title loans, payday loans, and home loans are the legal options Nevada allows in their market.
Bad Credit Personal Loans in Nevada
For borrowers who have imperfect or less-than-stellar credit, a personal loan may be a help.
There are generally two types of personal loans that consumers can apply for: secured and unsecured. Many alternative lenders may offer secured and unsecured loans for consumers.
Bad Credit Auto Loans
Two types of bad credit auto loan products are available for residents of Nevada: car title loans and traditional auto loans.
Car title loans are lending arrangements where cash is loaned on a short-term basis in exchange for the physical title of a borrower’s car, and because of the short-term basis of the loan, may be a costlier option. Terms for car title loans generally range from 15 to 30 days. After the loan period expires, the borrower should have paid the lender in full plus any fees associated with borrowing.
Traditional auto loans are also available in Nevada but may be challenging to qualify for depending on your credit history, or if you have less-than-stellar credit. Used car dealerships may offer in-house financing programs to help overcome this problem.
Bad Credit Home Loans
Home loans may be difficult to get for prospective homeowners who have bad credit. Conventional mortgage loan companies like to see a minimum credit score of 620 on mortgage applications with no recent past-due payments. An FHA loan may be an option for those with a 580 credit score (or 500 credit score with a 10% down payment.) VA loans may be an option if you meet several qualifications, like having a veteran or active-duty status.
Some mortgage lenders will work with applicants that have less-than-perfect credit histories, so when looking for a house, it might be worthwhile to inquire if a mortgage lender will work with your credit score.
Bad Credit Payday Loans
Payday loans, also called cash advances, are a way to obtain quick cash for consumers. However, like title loans, payday loans may be a costly way to get cash.
Since Nevada is, overall, a very lenient lending law state, payday loans are largely unregulated. While this may be beneficial for lenders, consumers need to take note and read through the terms. As a note, Nevada places no legal limits on maximum loan amounts, the number of loans that can be taken, or any limits on rates or fees.
What Products or Services Can a Bad Credit Loan Get You?
Personal and payday loans may be used for a variety of goods or services, depending upon the terms of the agreement. Some of the ways bad credit loans may be used include covering medical bills or for a new washer. Be sure to check your agreement though, for details about what the loan may or may not cover.
You might be wondering: Is a lease the same as a loan?
Leases & loans are quite different – here’s what you need to know:
- A loan (or personal loan) is generally a lump sum of funds provided on the recipient’s behalf that is paid back over time (and, like most loans, includes interest.)
- A lease (or lease-to-own option) allows the recipient to possess the leased item for a pre-determined period of time and includes the option to purchase the item outright. It does not include interest but has leasing fees.
Uses for Bad Credit Loans in Nevada
Bad credit loans can help cover gaps in cash when a purchase needs to be made and cannot wait for various reasons. Some of the ways funds are used include replacing broken appliances, new mattresses, and overall home improvements to increase the standard of living. Here are only a few examples of products that may be attainable with a loan approval:
Product: Furniture
Average Price**: $400 – $10,000
Product: Mattresses
Average Price**: $250 – $3,000
Product: TVs
Average Price**: $300 – $3,500
Product: Refrigerators
Average Price**: $1,000 – $2,500
Product: Washers and Dryers
Average Price**: $300 – $2,000
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
**Retail prices may vary based on extras and the type of product you purchase. For example, a TV can have a retail price as low as $300, however, some models may have a retail price upwards of $3,500 or more.
Nevada Bad Credit Loans in Summary
Nevada seems to have more lenient rules around lenders and lending practices than other states. There are many types of loans that include home loans, car and title loans, payday loans and personal loans. While there are a wide variety of loans to choose from in Nevada, it’s important to research and learn about various loan types pros and cons. And before signing an agreement with a lender, it’s important to read the terms of the agreement and find the loan that works best for you and your financial needs.
Nevada Bad Credit Loans FAQs
Q: What Kinds of Loans for Bad Credit Can You Get in Nevada?
A: Personal loans, title loans, traditional auto loans, home loans, and payday loans are currently legal options within Nevada. The credit qualifications required for approval will likely vary based on both the lender and type of loan or payment solution* you may choose.
Q: What’s Considered “Bad Credit”?
A: Most traditional lenders consider below 580 to be poor credit. This credit score may not be ideal for traditional lenders, but alternative lenders tend to look at more than just your credit score. With some alternative lenders, credit score is a factor considered, but just having less-than-perfect credit or no credit does not mean you’ll be automatically denied.
Q: Where’s the Best Place to Get a Bad Credit Loan?
A: Alternative online lenders may allow those with bad credit to gain access to financing, but the best place to get a bad credit loan is the one that fits your financial needs the best.
Q: What’s the Maximum Amount I Can Get with a Bad Credit Loan?
A: Maximum loan amounts depend upon the lender, and vary by lender.
Q: How Can I Apply for a Bad Credit Loan?
A: You can easily apply, even if you have bad credit, on our site by using our find a store near you* tool. To apply for a payment solution* within our network of stores, simply visit our website to locate a store near you and click “Apply” to begin the online application process.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.