Payday Loans Las Vegas
Why Use Payday Loan Services in Las Vegas?
Getting a payday loan can be a risky decision because of the extremely high interest rates and short repayment terms. However, because of the amount for which you can be approved and the ease with which you can receive funds, many people find them an attractive choice, especially as an alternative to hefty late fees or service disconnections. With payday loans, you receive your loan and then repay the principal along with interest and fees, generally on your next payday.
The high interest rates that payday loans companies charge reflect the amount of interest you'd pay for a full-year term, and the term of a typical payday loans is much shorter. However many borrowers find they cannot pay back the loan amount on their next payday. Large amounts of borrowers then opt to rollover, renew or extend their loans. While these options provide extra time to repay a loan, it also means that those extreme interest rates start adding up, and those options generally come with additional fees.
Despite all the negative aspects of payday loans, some people find they have no other choice. Paydays loans should be the very last resort when all other means of borrowing money are fruitless. If in the end you decide to take out a payday loan, we strongly suggest you look into the lending company and its practices before you sign anything. Many companies on the market are the subject of lawsuits and investigations due to illegal lending, shady practices and customer harassment. We remove those companies from our lineup when those issues become apparent, but we recommend you also do your due-diligence. Our top three services – Dollar Loan Center, Check City and Check 'n Go – offer online payday loans, but our lineup also includes credible local companies that offer payday loans in Las Vegas. Have a look at our articles on Las Vegas payday loans to learn more about local laws and for tips on how to avoid payday loans all together.
Payday Loan Companies: What to Look For
With Las Vegas payday loans, you should consider many things. The interest rates, fees and term of your loan are important information, so you want to understand everything they entail. Las Vegas also has local laws that regulate certain features of payday loans. The following section explains the aspects of payday loans we deemed as the most important in our review of payday lenders in Las Vegas.
While most people's minds first go to the loan amount when choosing a payday loan service, you should understand that Las Vegas limits the loan amount a lender may lend to you. The law stipulates that the amount cannot exceed a certain percentage of your total monthly income. Even if you qualify for the full amount, other factors may affect your actual loan, including credit and past loan payment history. Many lenders will not lend the full amount to first-time applicants, as well.
Because laws regulate the loan amount, you want to search for the lowest APR possible to get the best payday loan in Las Vegas. Payday loans are high-interest loans by nature. Some services lower your APR on subsequent loans, and. direct lenders generally have a set APR so you know what you're getting. If you apply with a service that works with third-party lenders, you may receive a large number of offers, so you can be choosier and select the lowest APR that still offers the amount you need.
Because the APR is the interest rate on a yearly basis but a payday loan term is generally between two and four weeks, lenders express the interest you pay in terms of cost per $100 borrowed on a standard 14-day loan.
Ease of Use
When looking at the ease of use for payday loan services, we considered the application process and the way in which you receive your funds. Some services only offer online loans and not in-store loans. Online loans tend to be the most convenient, since you can usually complete the application and repayment without having to travel to a specific store location. However, some borrowers prefer to work with someone face to face. Many services offer both options, which is a bonus.
Many services can make a decision on your application quickly. However, some services may take longer. Some services expedite the in-store process by having you begin the application online before going to a local branch.
Las Vegas law stipulates a maximum term for payday loans. Payday loans by definition should simply supplement your finances until your next paycheck, so the length is designed to be much shorter than standard loans. Generally, your term ends and payment is due on your next payday, though this may vary.
If you receive an online loan, all services automatically debit the checking account into which it originally deposited your loan. For in-store loans, some services may require a post-dated check for the loan amount including fees, while others may require you to make a payment online or in a store when your payment is due.
Some services offer extension or rollovers if you cannot make your payment when it is due. While this helps to avoid defaulting on your loan, extensions generally come with additional fees and interest is continually accruing on the outstanding amount. Las Vegas laws are designed to protect you by stipulating that lenders many only extend your loan for a limited amount of time past the original term so you do not pay high interest for months and months.
Help & Support
Because of the high risk involved with payday loans, you want to ensure that your lender has your back and you can get ahold of a representative should you need support. All services we reviewed offer phone and email support, and many have a live chat option, which is very convenient. We had good experiences with live chat in our interactions with the companies. However, we received very few replies via email when we reached out that way. Some companies have comprehensive websites that are forthcoming with their procedures, APRs and fees. However, some services seem to hide the vital information, so we recommend browsing the website to get a feel for the company.
Payday loans can be a viable option when you have nowhere else to turn. However, they come with hefty APRs and very short terms, and if you need an extension, you can quickly start to see the negative effects of those high interest rates. Make sure you know everything you can about a payday loan before you accept it, do not accept more than you need and do everything you can to pay it off on time.