Payday Loans Las Vegas
Why Use Payday Loan Services in Las Vegas?
A payday loan is meant to be an advance on your next paycheck. Lenders provide funds and add an additional charge, and you pay back the money when your paycheck arrives. Though fees will vary based on your loan and the state you live in, the industry standard for this service fee is approximately $15 for every $100 you borrow.
Payday loans must be paid back in a lump sum, rather than in installments like traditional loans. When you sign up for a payday loan in Las Vegas, the terms of the loan and the fees associated with it are stated upfront. The finance fee serves the same purpose that interest does in a traditional loan.
At Top Ten Reviews we have been reviewing and researching payday loans for over 10 years. Our reviewers monitor the latest industry trends and regulations. To help you find the least expensive payday loans in Las Vegas, we considered 20 different lenders.
The payday loan industry is highly regulated. Nevada is one of only 32 states where these loans are legally available, and each state has its own limits on the size, interest rates and total length of loans. In Las Vegas, you can receive a payday loan that is 20 percent of your gross monthly income and, loans cannot be extended for more than 60 days beyond the initial loan period. Nevada does not place any restrictions on the additional fees a lender can charge. To learn more about Nevada’s regulations, read our article here, or check out our articles on Payday Loans.
For this review, we considered lenders with APRs below the national average. However, there is no guarantee of the rates a company might offer and these rates will vary depending on your circumstances.
Best for Online Payday Loans: Check City
Applying for an online payday loan in Las Vegas is usually more convenient than going to a physical store. There are no lines and you don’t have to bring your sensitive personal information into a busy loan center. Applying from your own computer can also streamline the process since you can auto-fill some personal information from your social media profile into your application. Just be careful because many online payday suppliers are actually payday brokers that sell your personal information to lenders, which can result in a slew of lenders contacting you with offers. To avoid this, look for an online lender that provides direct loans. Be sure to compare a company’s online loan rates against its in-store loans as these can differ.
Best for Extending Loans: Mypaydayloan.com
If for some reason you cannot pay back your loan in the allotted amount of time, you can seek an extension. In Nevada, a payday loan can be extended for 60 days past the original due date. When extending your loan, avoid taking out additional funds if possible and avoid rolling over your loan, as this is much costlier and may come with additional fees.
Best for Flexible Terms: Oportun
The standard duration for payday loans is 14 days. However, the terms that each lender offers may vary. Some lenders may encourage you to seek an installment loan if you need quick cash or cannot pay off your loan in full when it comes due. We recommend avoiding installment loans, which come with high APRs, whenever possible. Rather than taking an installment loan, seek a payday loan with flexible terms. While some states allow payday lenders to seek prepayment penalties, the state of Nevada protects borrowers from early payment fees. If any lender violates this protection, contact the State of Nevada Department of Business and Industry, which regulates payday lenders in the state.
Best for Storefront Loans: Check Into Cash
In-store loans have some benefits that may not be available through an online application, including lower rates and in-person customer service. There are payday loan companies across Las Vegas. Company websites offer tools to help you find a payday loan company near you that meets your needs.
Best for Unemployed People: Check ‘n Go
If you do not have a job but are still seeking a payday loan, you might qualify for funds if you can provide proof of another form of income. Some lenders will allow you to use sources of income like Social Security or Disability. You may also qualify if you are self-employed as a freelance or contract worker.
Proceed With Caution
The Las Vegas payday loan industry is closely regulated by the state. Because of this it is not unusual if even the most reliable lender has multiple lawsuits or fines in its past. It is also common for lending companies to merge. When you take out a loan, regularly check its status to ensure that it is still owned by the company that provided your loan. Finally, stay current on your payments. Many payday lenders in Las Vegas will send your information to collection companies if you fall behind on your payments.
Though a rollover might seem like an appealing option if you cannot pay off your loan in the stipulated amount of time, the fees associated with rolling over a payday loan can quickly add up, trapping you in a debt cycle. When you roll over your loan, you actually create a new loan that pays off the original loan. Each state has its own regulations for rollovers, which dictates how soon you can roll your loan over and what percentage of your original loan you can roll over. If your loan term ends and you can’t pay off the full amount, it’s better to get a loan extension since that usually has lower fees than a rollover.
How Do I Apply for a Payday Loan?
How to apply and repay your loan depends on whether you apply in person or online. Either way, you’ll need to provide personal identifying information as well as some type of proof that you can repay the loan on time.
To apply for a loan in person, in Las Vegas, you must meet the minimum requirements of the lender. Minimum requirements usually include:
- Proof of employment or income
- Being at least 18 years of age
- Having a valid ID
- Some lenders may have additional requirements such as a minimum amount of income
If you are approved for a payday loan by a lender in Las Vegas, you will provide a check for the loan amount, plus the finance charge, post-dated for the due date of the repayment of the loan. For example, a loan of $400 with a finance charge of $60 will require a check for $460 dated two weeks from when you receive your loan.
Though there are some variations, the requirements for an online loan are similar to those required for applying in store.
- A steady source of income
- A valid Social Security Number or Individual Taxpayer Identification Number
- An active checking account
- An active email address
If you are approved for an online payday loan, your loan will be directly deposited into your bank account. Some companies offer a prepaid debit card instead. If you apply online but your lender has a storefront in your area, you can also pick up your money at one of the nearby locations.
Payday Loan APRs
When you take out a payday loan in Las Vegas, you will know how much you owe upfront. Lenders tell you the service fee of each loan when you take it out. This is the total amount that you will owe on the loan. On average, with the typical charge of $15 for every $100 borrowed, the annual percentage rate for the payday loan industry is 391 percent when this amount is extrapolated over an entire year. The average credit card APR is 20 percent.
What to Know When Applying
Here are a few things to look for if you are thinking about applying for a payday loan.
- Look for Direct Lenders: Direct lenders provide the loans themselves, while a broker simply uses your information to connect you with a lender that is willing to offer you a loan. Brokers traditionally charge higher fees and are less reliable.
- Same-Day or Instant Approval: The fact that you can quickly get funds is one of the biggest appeals of a payday loan. Most in-store lenders will provide instant cash upon approval, and online lenders will typically deposit funds in your account the following business day.
- Payday Loans for Bad Credit: When you apply for a payday loan, the lender does not check your credit, nor are loans reported to any credit bureaus, as long as you do not fall behind on your payments. If you do, lenders will send your loan to collections, which can negatively impact your credit.
- Lenders on Tribal Lands: Before using an online lender, find out where the company is based. Many payday lenders work to avoid U.S. and state regulations by incorporating on Indian Reservations.
- Watch Out for Overdrafts: Overdraft fees occur when a check is cashed from your account but you do not have enough money to cover the withdrawal. Since you provide the lender with a signed check when you take out a payday loan, the lender will cash it as soon as the loan comes due, even if you don’t have enough money in your account to cover the amount. If you do not have enough to cover the amount, make sure to contact the lender to work out a negotiation or an extension of your loan. Try to avoid a rollover, as the extra fees can quickly add up.
Payday Loan Alternatives
Before pursuing a payday loan in Las Vegas, make sure to explore alternatives that may be a better fit for your financial well-being. Although payday loans should really be used only for an emergency, many people use them for unnecessary expenses. Since payday loans come with astronomically high interest rates, using them for anything besides actual emergencies can result in needless debt. If you find that you are taking out payday loans to cover your expenses, we recommended looking into the following options.
If You Have Bad Credit: One draw of payday loans is the fact that the lenders do not check your credit before granting a loan. However, if you have a very low credit score, a payday loan might not be the only option for receiving a loan.
Credit Unions: Locally based credit unions typically have more lenient credit requirements than large banks. Furthermore, loans from a credit union often have lower interest rates.
Finding a Cosigner: If you have a friend or relative with good credit, having them cosign may be an option. Keep in mind that when you have a cosigner, they are on the hook for your loan. This means that the lending agency can go after them if you default on payments.
If You Need an Advance on Your Next Paycheck: If your paycheck varies month to month, you might be looking for a way to supplement your income. For example, if you depend on tips or work part-time, you might need to find some money before you receive your next paycheck.
Even: This mobile app helps you keep a standard amount in your account by analyzing and averaging your paychecks. So, even when your paychecks differ, you can keep a steady amount in your bank account.
Activehours: This mobile app is comparatively new. It offers you instant access to funds after you complete your shift.
If You Need to Roll Over Loans: Payday loans are not meant to be long-term solutions. If you need multiple payday loans or need an additional payday loan to pay off your existing loans, we recommend looking into ways to improve your financial health.
Credit Counseling: Working with a credit agency can help you establish a sustainable budget. Furthermore, these companies will help you work with your creditors to negotiate lower payments. Some will encourage you to enroll in a debt management plan, which will combine your debts into one payment. To learn more about credit counseling options, read our review here.
Alternatives to Avoid
While there are many alternatives to a payday loans, not all of these alternatives are created equal. In fact, a few alternatives carry just as many risks as a payday loan does. Here are some examples of what to look out for when exploring payday loan alternatives.
Title Loans: A title loan is like a payday loan in a couple of ways. It allows you to receive funds instantly even if you have bad credit. To receive a title loan you simply have to sign over the title of your car to the company for collateral. This means that if you do not pay back your loan, the company can seize your car. Like payday loans, title loans come with high risks and high APRs.
No Credit Check Loans: These loans are similar to payday loans; however, they work in installments rather than lump sum repayments. APRs for no credit check loans are similar to those of payday loans, but may be more expensive over the long term because of the longer payback periods.
While payday loans offer those with bad credit scores access to quick cash, there are many risks associated with these cash advances. Some of the risks include high APRs, potential overdraft fees and damage to your credit score if you cannot make your payments. We highly recommend avoiding payday loans when possible. However, if you cannot avoid a payday loan, consider one of the payday loan providers in Las Vegas that we have vetted.