Best Loans for Bad Credit in Nevada for 2024

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Reviewed byAlvin Yam, CFP
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Updated: April 10, 2024

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Avant stands out as the best personal loan lender for bad credit in Nevada, offering flexible payment options, a quick application and approval process, and quality service backed by a MoneyGeek score of 92 out of 100. As a close contender, Achieve is the runner-up with comprehensive customer service, competitive interest rates, and a high level of credibility and transparency, evidenced by its MoneyGeek score of 92 out of 100.

MoneyGeek has reviewed three personal loan lenders in Nevada that specify minimum credit score requirements between 580 and 640 to aid consumers in finding suitable personal loans for bad credit. While the mentioned lenders are noteworthy, it's beneficial to also consider other lender options in Nevada, such as OneNevada Credit Union, Greater Nevada Credit Union and Financial Horizons Credit Union, for those seeking localized financial services.

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Calculate Your Monthly Loan Payment in Nevada

According to the latest data from TransUnion's Credit Industry Snapshot report, the average new account balance for personal loans in Nevada stands at $6,884. Principal personal loan amounts and interest are paid in regular monthly installments over the loan term.

Calculating your monthly loan payments becomes especially pivotal when managing finances or if you have a less-than-ideal credit history. Use MoneyGeek's personal loan calculator to help you estimate your loan payments.

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Best Bad Credit Loans by Credit Score in Nevada

According to Experian data, the average credit score in Nevada is 702, below the national average of 715.

Even with a low credit score, obtaining a personal loan remains possible. Some lenders in Nevada may consider applicants with poor credit, but be aware that these loans often come with higher interest rates and less advantageous terms. Refer to the table provided to see which personal loan lenders suit you according to your creditworthiness.

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What to Do if Your Loan Application Is Denied in Nevada

It's not uncommon to face a personal loan application denial in Nevada, but this doesn't halt your borrowing journey. Here are some measures to enhance your chances for approval on future applications.

1

Find out the reason for the denial

If your loan application is denied, understand that it could be due to a poor credit score, high debt-to-income ratio, low income level or errors in your application. Review the denial reasons to identify areas for improvement and make changes to avoid future rejections.

2

Modify your loan terms

You may increase the chances of loan approval by discussing with your lender the possibility of altering the loan amount or the repayment terms. This could lead to an arrangement that's more suitable for both you and the lender.

3

Find another lender

Different lenders have their own criteria for loan approval. Shop around for the best lender tailored to your specific needs and credit history. Consider the following factors:

  • Eligibility requirements: Lenders vary in their requirements for credit score, income level, debt-to-income ratio and employment history. Knowing these requirements helps you target the right lenders.
  • Interest rates: Seek out lenders offering competitive rates, which is especially beneficial if you have a lower credit score.
  • Additional fees: Understand the fees lenders might charge, such as origination, late and prepayment fees. Some lenders do not charge these fees, which can be advantageous.
  • Loan terms: Loan terms affect your repayment schedule. Choose between short and long terms based on what you can manage.
  • Customer service and reputation: Research the lender's customer service quality and reputation. Doing so can ensure a better loan experience.
4

Look for alternatives

There might be other options more suitable for those with bad credit beyond traditional personal loans. Research alternatives such as secured loans, credit union loans or co-signed loans to find a better fit for your financial situation.

5

Improve your credit score

By improving your credit score over time, you can increase your chances of being approved for a personal loan. Begin by paying bills on time, reducing debt and examining your credit report for inaccuracies.

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Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:

  • Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
  • Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.

Alvin Yam, CFP

FAQ About Bad Credit Loans in Nevada

When shopping for personal loans in Nevada, it's common for borrowers, especially those with bad credit, to have questions or concerns. To assist in this process, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.

The best personal loan for bad credit in Nevada is from Avant, with a MoneyGeek score of 92 out of 100.

Achieve and Prosper both offer the lowest starting APR at 8.99%. Borrowers with excellent credit are more likely to receive this rate.

Avant has the lowest minimum credit score requirement for personal loans, which is 580.

The time to receive funds from a bad credit loan in Nevada varies by lender. Some lenders may offer same-day funding, while others could take from one to several business days.

Yes, you can pay off your personal loan early in Nevada. Make sure to consult with your lender about any potential prepayment penalties.

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Sources
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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.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.