Best Loans for Bad Credit in Nevada for 2024

Avant offers the best loans for bad credit in Nevada, with a MoneyGeek score of 92 out of 100. It excels in loan terms, application process and transparency.

Updated: November 27, 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.

Best Bad CreditLendersNevada

2024

Best Bad Credit Loans in Nevada

Best Overall - Avant

Runner-Up - Achieve

MoneyGeek scored personal loan lenders in Nevada that explicitly disclose their minimum credit score requirements on their websites to find the best personal loans for bad credit. Only 12% of lenders disclose this information.

We filtered our analysis to include lenders with minimum credit score requirements between 580 and 640, which meets Experian's definition of fair credit. Our research did not find any published minimums lower than 580.

Our analysis was completed in April 2024 and considers banks and lenders who are licensed to do business in Nevada. We also consider financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

Overall Best Bad Credit Loan Lender in Nevada

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

Runner-Up for 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

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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Updated: Dec 22, 2024

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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.


Avant	580	9.95% to 35.99%	$2,000 to $35,000	12 to 60 months	Next Day	92
Prosper	600	8.99% to 35.99%	$2,000 to $50,000	24 to 60 months	1 business day	90
Achieve	620	8.99% to 35.99%	$5,000 to $50,000	24 to 60 months	Same Day	92

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.

EXPERT TIP

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.

Who is the best personal loan lender for bad credit in Nevada?

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

Which lender in Nevada has the lowest APR rates for personal loans?

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

Which lender in Nevada has the lowest minimum credit score requirement for personal loans?

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

How to apply for a personal loan for bad credit in Nevada?

Applying for a personal loan with bad credit in Nevada involves reviewing your credit report to assess your financial health and exploring lenders that cater to bad credit borrowers, such as online lenders, local credit unions and banks. Evaluate various loan offers by comparing interest rates, repayment terms and fees. Fill out the application accurately, either online or in person, and provide any additional information requested by the lender. Once approved, carefully review and accept the loan terms before receiving the funds.

How long does it take to get a bad credit loan in Nevada?

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

Can I pay off my personal loan early in Nevada?

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

Is there a difference between personal loans and installment loans in Nevada for bad credit?

In Nevada, personal loans and installment loans for bad credit are similar, both involving the repayment of a borrowed amount through regular, set installments over a defined period.

Best Personal Loans

Best Bad Credit Loans

Sources

Experian. "What Is the Average Credit Score in the U.S.?." Accessed April 10, 2024.

TransUnion. "Credit Industry Snapshot." Accessed April 10, 2024.

About Zachary Romeo, CBCA

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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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.