Best Debt Consolidation Loans in Nevada 2024

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Updated: November 20, 2024

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Debt consolidation loans are unsecured personal loans used in a debt repayment strategy. They're a popular way to streamline and pay off existing debts, such as credit card or student loan debt, at a lower interest rate than you currently pay.

MoneyGeek analyzed 21 lenders and found PenFed to be the top choice for debt consolidation loans in Nevada, scoring 96 out of 100. Although PenFed stands out in our analysis, you may also want to contact local lending options like OneNevada Credit Union and Greater Nevada Credit Union to see if they fit your borrowing needs.

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2024

Best Debt Consolidation Loans in Nevada

Best Overall - PenFed
Runner-Up - Alliant Credit Union
Best for Affordability - Wells Fargo
Best for Large Loans - PNC
Best for Fast Funding - Avant

Overall Best Debt Consolidation Loan Lender in Nevada

Company logo for PenFed
PenFed
MoneyGeek Score:
96/ of 100
APR Range8.99% to 17.99%
Loan Amount RangeUp to $50,000
Repayment TermsUp to 60 months
Time to Receive Funds1 to 2 Business Days
Overview

PenFed offers the best debt consolidation loan in Nevada, with a MoneyGeek score of 96 out of 100. We considered competitive rates, borrowing limits, fund disbursement speed, service quality and reputation.

PenFed's APR range of 8.99% to 17.99% provides competitive rates for borrowers. Loan amounts up to $50,000 allow for substantial debt consolidation. Funds are available within one to two business days, ensuring quick access to the money needed for efficient debt consolidation.

Runner-Up for Best Debt Consolidation Loan in Nevada

Company logo for Alliant Credit Union
Alliant Credit Union
MoneyGeek Score:
95/ of 100
APR RangeFrom 10.49%
Loan Amount Range$1,000 to $100,​​​​​000
Repayment Terms12 to 60 months
Time to Receive FundsSame Day
Overview

Alliant Credit Union is another solid option for a debt consolidation loan in Nevada, with a MoneyGeek score of 95 out of 100. Its low APR starts at 10.49%, reducing the overall interest on consolidated debts.

The loan amount ranges from $1,000 to $100,000, allowing you to consolidate multiple debts into one loan. Alliant Credit Union disburses funds on the same day, helping you quickly pay off existing debts.

Best Debt Consolidation Loan in Nevada for Affordability

Company logo for Wells Fargo
Wells Fargo
MoneyGeek Score:
94/ of 100
APR Range7.49% to 24.99%
Loan Amount Range$3,000 to $100,000
Repayment Terms12 to 84 months
Time to Receive Funds1 to 3 Business Days
Overview

Wells Fargo offers the best debt consolidation loan in Nevada for borrowers who prioritize affordability, with a MoneyGeek score of 94 out of 100. Its APR range is 7.49% to 24.99%, and its loan amount ranges from $3,000 to $100,000 with repayment terms of 12 to 84 months.

Affordability involves more than just interest rates; it also includes avoiding fees, such as origination fees, and having access to rate discounts. For instance, borrowers can save money by skipping upfront costs and enjoy lower monthly payments through these discounts.

Best Debt Consolidation Loan in Nevada for Large Loan Amounts

Company logo for PNC
PNC
MoneyGeek Score:
96/ of 100
APR RangeUp to 24.99%
Loan Amount Range$1,000 to $35,000
Repayment Terms6 to 60 months
Time to Receive Funds3 Business Days
Overview

PNC offers the best debt consolidation loan in Nevada for borrowers who need a large loan amount or longer repayment terms, with a MoneyGeek score of 96 out of 100. Its loan amounts range from $1,000 to $35,000.

Flexible loan terms can help borrowers manage their monthly payments better, ensuring they can meet their financial obligations without strain. Quick fund disbursement also ensures the borrower can consolidate debts promptly, reducing the time spent juggling multiple payments.

Best Debt Consolidation Loan in Nevada for Fast Funding

Company logo for Avant
Avant
MoneyGeek Score:
95/ of 100
APR Range9.95% to 35.99%
Loan Amount Range$2,000 to $35,000
Repayment Terms24 to 60 months
Time to Receive FundsNext Day
Overview

Avant offers the best debt consolidation loan in Nevada for borrowers who need funds quickly, with a MoneyGeek score of 95 out of 100. You can receive funds as soon as the next day.

Its flexible repayment terms can help you manage your monthly payments better. Additionally, its low minimum credit score requirement makes it accessible for more borrowers who need to consolidate their debts quickly.

Should You Get a Loan to Consolidate Debt in Nevada?

Using a debt consolidation loan in Nevada can simplify your finances by merging multiple payments into one. But it's not always the best option. For instance, if the interest rate on the new loan is higher than your current debts, it might not make sense. Consider your specific situation before deciding.

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    Good Credit

    Good credit can get you better terms on a debt consolidation loan in Nevada, affecting your interest rates and monthly payments.

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    High-Interest Debt

    Consolidating high-interest debt with a debt consolidation loan can lower your interest rates, for example, from 20% to 10%.

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    Multiple Payments

    It's easier to combine multiple monthly payments into one with a debt consolidation loan — for example, one $500 payment instead of five $100 payments.

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    Lower Monthly Payments

    A debt consolidation loan can lower your monthly payments. For example, you could reduce $800 in total costs to $600.

When You Shouldn't Get a Debt Consolidation Loan

  • When your new monthly payment is higher: This can strain your budget and lead to further financial stress.
  • When you can pay off debt within a year: Consolidation may not be necessary and could incur extra costs.
  • When your income is uncertain: Unpredictable finances make committing to new loan payments risky.
  • When your debt-to-income ratio is high: Lenders may offer unfavorable terms or deny the loan.

How to Get a Debt Consolidation Loan in Nevada

Nevada's average annual personal loan debt is $116,440, higher than the national average of $104,215. The monthly debt averages $9,703.

Using a personal loan to consolidate debt can simplify your payments and lower your interest rates. Going into the process unaware can lead to higher interest rates and damage your credit score. To avoid risks, follow these steps to apply for a debt consolidation loan.

  1. 1
    Review your debts and credit score

    Evaluate your debts to determine which ones to consolidate, like credit card debt. Wrong choices can lead to higher costs. Check your credit score to gauge your chances of approval from lenders. To improve your credit score pay bills on time and reduce outstanding balances.

  2. 2
    Compare loan terms from lenders

    Compare loan terms from multiple lenders. Confirm with them that you can use the loan for debt consolidation. Check the APRs, loan limits and how soon you can receive the funds.

  3. 3
    Check for extra benefits

    Some lenders offer added features that benefit you long-term. For example, in Nevada, SoFi and PNC offer rate discounts.

  4. 4
    Watch out for fees and penalties

    Some loan features can be drawbacks. In Nevada, Achieve charges an origination fee, and Axos charges a late fee. These fees can impact your short-term and long-term finances.

  5. 5
    Get prequalified

    Prequalification helps borrowers understand their loan options without affecting their credit score. This process uses a soft credit check.

  6. 6
    Complete your loan application

    Prepare the necessary documents, such as proof of income, ID and bank statements, to complete your loan application faster.

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WHAT TO DO IF YOU'RE DENIED A DEBT CONSOLIDATION LOAN IN NEVADA

Lenders might deny your loan application due to a low credit score or a high debt-to-income ratio. Before applying for a debt consolidation loan in Nevada, check your credit report for errors and pay down existing debts.

You can also contact credit counseling agencies to help manage your debts better, such as Credit Advisors Foundation and Simple Class, Inc. Another option is a 0% APR balance transfer credit card, which allows you to transfer high-interest debt to a card with no interest for an introductory period. This can significantly reduce your interest payments and help you pay off your debt faster.

Local Lenders for Debt Consolidation Loans in Nevada

People consolidate debt to benefit from lower interest rates. The average APRs you can qualify for vary by lender. For example, in Las Vegas, Silver State Schools Credit Union offers a starting APR of 10.49%, while Nevada State Bank offers an APR of up to 30.49%.

Explore local lenders to find the best debt consolidation loan in Nevada. Below is a table of local lenders to help you compare and choose the best option.

WestStar Credit UnionLas VegasFrom 12.49%UndisclosedUndisclosed95
Silver State Schools Credit UnionLas VegasFrom 10.49%UndisclosedUp to $50,00094
Nevada State BankLas Vegas13.75% to 30.49%Undisclosed$2,500 to $100,00093
One Nevada Credit UnionLas VegasFrom 13.50%Up to 36 months$500 to $10,00087
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MORE ON PERSONAL LOANS

FAQ: Debt Consolidation Loans in Nevada

MoneyGeek addresses common questions about debt consolidation loans in Nevada, helping borrowers understand their options and make informed decisions.

What is a debt consolidation loan in Nevada?
What's the best debt consolidation loan lender in Nevada?
Can I get a debt consolidation loan in Nevada if I have bad credit?
Can a credit counseling agency in Nevada help manage debt?
When should I get a debt consolidation loan in Nevada?

MoneyGeek analyzed 21 national lenders licensed in Nevada using a rubric that factors in APR ranges, loan amounts and repayment terms. We assign scores based on how well lenders meet key criteria. The scoring system varies for recommendations on affordability, loan amounts and fast funding.

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We conducted our analysis in September 2024.

21Lenders Analyzed

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

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