Best Loans for Bad Credit in Nevada for 2024
Updated: April 25, 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.
- Avant
- 92MoneyGeek Score
- 9.95% to 35.99%APR Range
- 580Minimum Credit Score
- $2,000 to $35,000Loan Amount Range
- 12 to 60 monthsRepayment Terms
Avant is MoneyGeek's pick for the best personal loan lender for bad credit in Nevada, with a MoneyGeek score of 92 out of 100. This lender partners with WebBank — a state-chartered FDIC member — to originate personal loans. It accommodates borrowers with a minimum credit score of 580, offers loan amounts ranging from $2,000 to $35,000 and provides funds as quickly as the next day. On top of Avant's features are the absence of a prepayment penalty and the flexibility in repayment terms. However, applicants should be mindful of the administration fee of up to 9.99% and the penalties for late and dishonored payments.
Pros
- Doesn't charge a prepayment penalty
- Offers next-day funding
- Has a mobile app
Cons
- Charges an administration fee up to 9.99%
- Has late fees and dishonored payment fees
- Doesn't allow co-signers or joint applications
Overall Best Bad Credit Loan Lender in Nevada
- Achieve
- 92MoneyGeek Score
- 8.99% to 35.99%APR Range
- 620Minimum Credit Score
- $5,000 to $50,000Loan Amount Range
- 24 to 60 monthsRepayment Terms
Achieve is the runner-up for the best bad credit loan lender in Nevada with a MoneyGeek score of 92 out of 100. Cross River Bank, a New Jersey State Chartered Commercial Bank — or Pathward, an FDIC member — originates this lender's personal loans. It sets a minimum credit score of 620 and offers a loan amount ranging from $5,000 to $50,000 with the possibility of same-day funding. For borrowers, it offers the convenience of no prepayment penalties and allows soft credit checks. However, applicants should consider that it charges an origination fee between 1.99% and 6.99% and caps loans at $50,000.
Pros
- Offers an interest rate discount when you add a qualified co-borrower to your application, show proof of sufficient retirement funds in an eligible account or use your loan funds to directly pay your creditors when consolidating debt
- Doesn't charge a prepayment penalty
- Offers same-day funding
Cons
- Charges an origination fee between 1.99% and 6.99%
- Loan amount caps at $50,000
- High minimum loan amount
Runner-Up for Best Bad Credit Loan Lender in Nevada
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Sources
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
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