Best Personal Loans in Nevada for 2024
Updated: April 25, 2024
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First Tech and PenFed are MoneyGeek's top choices for personal loans in Nevada, scoring 98 and 95, respectively, due to their trustworthy services. In Nevada, the average credit score is 702, per Experian data from 2023, meaning the average borrower may be in a good position to secure favorable loan terms.
When looking for a personal loan, it's important to understand how your credit score, income history and debt-to-income ratio can influence lender decisions. MoneyGeek considered lender reputation, interest rates, minimum required credit scores and loan flexibility to find the best options.
- First Tech
- 98MoneyGeek Score
- 8.94% to 18.00%APR Range
- UndisclosedMinimum Credit Score
- $500 to $50,000Loan Amount Range
- 6 to 84 monthsRepayment Terms
First Tech is the top personal loan lender in Nevada, with a MoneyGeek score of 98 out of 100. Its APR range starts from 8.94%, competitive compared with other lenders. They shine particularly in customer service, offering extensive support and education, and in offering excellent rates and fees, ensuring customers get great value. First Tech's loan terms are flexible, with options extending up to 84 months, suitable for a variety of borrowers.
Pros
- Insured by the National Credit Union Administration (NCUA)
- Offers apps to help with budgeting and debt
- No early repayment penalty
Cons
- Must be a member to apply
- Provides limited details on loan application process
- Little published information about credit score requirements
Overall Best Personal Loan Lender in Nevada
- PenFed
- 96MoneyGeek Score
- 7.99% to 17.99%APR Range
- UndisclosedMinimum Credit Score
- Up to $50,000Loan Amount Range
- Up to 60 monthsRepayment Terms
PenFed Credit Union is the runner-up for best personal loan lender in Nevada, with a MoneyGeek score of 95 out of 100. The lender offers APRs ranging from 7.99% to 17.99%, among the lower rates in our analysis. Repayment terms are flexible at up to 60 months. Additionally, PenFed excels in repayment terms and flexibility, demonstrating a commitment to customer adaptability.
Pros
- Offers some of the lowest APRs available
- No early repayment penalty
- Insured by the National Credit Union Administration (NCUA)
Cons
- No information provided about credit score requirements
- $50 minimum monthly loan payment
Runner-Up for Best Personal Loan Lender in Nevada
Calculate Your Monthly Nevada Loan Payment
According to our analysis, lenders in Nevada offer personal loan products averaging about 49 months. Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.
- Discover
- 93MoneyGeek Score
- 7.99% to 24.99%APR Range
- 660Minimum Credit Score
- Up to $40,000Loan Amount Range
- 36 to 84 monthsRepayment Terms
Discover is MoneyGeek's pick for the best personal loan provider in Massachusetts for borrowers with low credit, scoring a MoneyGeek score of 93 out of 100. This bank originates its own personal loans, offering debt consolidation loans that may feature lower APRs than those for general purposes.
With an APR range of 7.99% to 24.99%, which is competitive when compared with others, and a minimum credit score requirement of 660, it stands out particularly for its streamlined application process and strong customer-focused approach.
Pros
- No prepayment penalties
- Option to directly pay off multiple creditors, streamlining debt consolidation
- FDIC-insured institution
Cons
- High upper APR limit compared with competition
- Minimum individual or household income of $25,000 per year required
- Cannot be used to pay off a Discover credit card
Best Personal Loan Lender in Nevada for Bad Credit
- Alliant Credit Union
- 96MoneyGeek Score
- 10.99% to 13.99%APR Range
- UndisclosedMinimum Credit Score
- $1,000 to $100,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
The best personal loan lender for debt consolidation in Nevada is Alliant Credit Union, with a MoneyGeek score of 96 out of 100. It has a competitive APR range of 10.99% to 13.99%. Alliant is an online-only bank requiring membership for 90 days to qualify for a loan. The lender excels in providing competitive interest rates and fees.
Pros
- Among the highest loan limits available in our analysis
- Insured by the National Credit Union Administration (NCUA)
- No prepayment penalties
Cons
- An online-only credit union, with no in-person branches
- Must maintain membership for 90 days prior to loan application
Best Personal Loan Lender in Nevada for Debt Consolidation
Impact of Credit Score on Loan Repayment in Nevada
When considering a personal loan in Nevada, be mindful of your credit score, credit history, income and debt-to-income ratio. Lenders use these indicators to assess creditworthiness. MoneyGeek's criteria for the best personal loan lenders in the state include factors such as lender reputation, transparency, APR ranges, minimum credit score requirements and the flexibility of loan terms.
Your credit score is a pivotal determinant of your loan's terms. Improving it prior to application can lead to more advantageous APRs and better loan conditions. To understand how your credit score might affect your monthly loan payments, refer to the table below.
This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.
Pros and Cons of Personal Loans in Nevada
Personal loans offer the opportunity to manage your finances through lower interest rates than most credit cards and can simplify multiple debts into one, enhancing your credit profile along the way. They also provide the flexibility to address a range of financial needs, from unexpected expenses to planned projects.
But be aware of the potential risks, such as origination fees and the lure of unnecessary debt, which might offset some of these advantages. Consider the pros and cons of personal loans before you apply.
FAQ About Nevada Personal Loans
If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.
According to MoneyGeek's analysis, the best lender in Nevada for personal loans is First Tech with a MoneyGeek score of 98 and an average APR of 14%.
In Nevada, you can get personal loans through online lenders, banks and credit unions. For local in-person services, OneNevada Credit Union, Greater Nevada Credit Union and Financial Horizons Credit Union are some of the local credit unions offering personal loans.
Wells Fargo offers the lowest APR for personal loans starting at 7.49%, according to MoneyGeek's analysis. However, the best rates are often reserved for those with excellent credit scores, and the best lender for you may vary depending on your individual needs and financial circumstances. Be sure to consider options for a low rate that suits your profile.
While restrictions on the use of personal loan funds may vary by lender, generally in Nevada, you can use personal loans for things like vacation or travel, home or auto repair and wedding expenses. Typically, personal loans cannot be used for college tuition or gambling.
When considering personal loans, be wary of extremely high APRs, unusual repayment penalties, a lack of transparency regarding the lending institution and reports of predatory practices like invasive phone calls.
Yes, lenders consider your income level along with other factors such as debt-to-income ratio, credit score, employment history, type of employment (self-employed or W2) and credit history. Avoid opening new lines of credit while applying for a personal loan because it may affect the application outcome.
sources
- Experian. "What is the Average Credit Score in the US?." Accessed April 8, 2024.
The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.
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