Best Personal Loans in Nevada for 2024

Q: What are some personal loan red flags to look out for?

When considering personal loans , be wary of extremely high APRs, unusual repayment penalties, a lack of transparency regarding the lending institution and reports of predatory practices like invasive phone calls.

With a MoneyGeek score of 98, First Tech stands as the best personal loan provider in Nevada. They boast excellent customer service, competitive interest rates and process transparency.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Lukas Velunta

Updated: November 27, 2024

Advertising & Editorial Disclosure

First Tech and PenFed are MoneyGeek's top choices for personal loans in Nevada, scoring 98 and 95, respectively, due to their trustworthy services. In Nevada, the average credit score is 702, per Experian data from 2023, meaning the average borrower may be in a good position to secure favorable loan terms.

When looking for a personal loan, it's important to understand how your credit report, income history and debt-to-income ratio can influence lender decisions. MoneyGeek considered lender reputation, annual percentage rate (APR) ranges, minimum required credit scores and loan flexibility to find the best options.

Best PersonalLoan LendersNevada

2024

Best Personal Loan Lenders in Nevada

Best Overall - First Tech

Runner-Up - PenFed

Best for Bad Credit - Discover

Best for Debt Consolidation - Alliant Credit Union

MoneyGeek's personal loans scoring system is designed to give a comprehensive overview of each lender’s performance in key areas that matter to borrowers. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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

34Lenders Analyzed

Overall Best Personal Loan Lender in Nevada

First Tech

98MoneyGeek Score
8.94% to 18.00%APR Range
UndisclosedMinimum Credit Score
$500 to $50,000Loan Amount Range
6 to 84 monthsRepayment Terms

First Tech is the top personal loan lender in Nevada, with a MoneyGeek score of 98 out of 100. Its APR range starts from 8.94%, competitive compared with other lenders. They shine particularly in customer service, offering extensive support and education, and in offering excellent rates and fees, ensuring customers get great value. First Tech's loan terms are flexible, with options extending up to 84 months, suitable for a variety of borrowers.

Pros

Insured by the National Credit Union Administration (NCUA)
Offers apps to help with budgeting and debt
No early repayment penalty

Cons

Must be a member to apply
Provides limited details on loan application process
Little published information about credit score requirements

SEE THE BEST PERSONAL LOANS IN NEVADA BY CITY

Runner-Up for Best Personal Loan Lender in Nevada

PenFed

96MoneyGeek Score
7.99% to 17.99%APR Range
UndisclosedMinimum Credit Score
Up to $50,000Loan Amount Range
Up to 60 monthsRepayment Terms

PenFed Credit Union is the runner-up for best personal loan lender in Nevada, with a MoneyGeek score of 95 out of 100. The lender offers APRs ranging from 7.99% to 17.99%, among the lower rates in our analysis. Repayment terms are flexible at up to 60 months. Additionally, PenFed excels in repayment terms and flexibility, demonstrating a commitment to customer adaptability.

Pros

Offers some of the lowest APRs available
No early repayment penalty
Insured by the National Credit Union Administration (NCUA)

Cons

No information provided about credit score requirements
$50 minimum monthly loan payment

UNDERSTAND YOUR DEBT-TO-INCOME RATIO

The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI. Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans, and 40% to 45% or below for unsecured personal loans.

Debt includes items like mortgages, car loans, credit cards and existing personal loans. A debt-to-income ratio above 50% is considered high and so approval may be more difficult, or your loan may come with higher interest rates.

— Alvin Yam, CFP®

Calculate Your Monthly Nevada Loan Payment

According to our analysis, lenders in Nevada offer personal loan products averaging about 49 months, which can change based on the financial institution and the borrower's credit profile. Explore your loan options with our personal loan calculator, a simple tool to calculate monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Dec 21, 2024

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5 Years

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Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

Best Personal Loan Lender in Nevada for Bad Credit

Discover

93MoneyGeek Score
7.99% to 24.99%APR Range
660Minimum Credit Score
Up to $40,000Loan Amount Range
36 to 84 monthsRepayment Terms

Discover is MoneyGeek's pick for the best personal loan provider in Massachusetts for borrowers with low credit, scoring a MoneyGeek score of 93 out of 100. This bank originates its own installment loans, offering debt consolidation loans that may feature lower APRs than those for general purposes.

With an APR range of 7.99% to 24.99%, which is competitive when compared with others, and a minimum credit score requirement of 660, it stands out particularly for its streamlined application process and strong customer-focused approach.

Pros

No prepayment penalties
Option to directly pay off multiple creditors, streamlining debt consolidation
FDIC-insured institution

Cons

High upper APR limit compared with competition
Minimum individual or household income of $25,000 per year required
Cannot be used to pay off a Discover credit card

How does MoneyGeek score lenders for bad credit loans?

We use our standard methodology and weights, but we limit our analysis to lenders that explicitly mention their minimum credit score requirements on their public websites. Only 12% of lenders that offer personal loans fit this criteria.

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

Getting a personal loan is still possible if you have a lower credit score than 580, but you will not have access to the best interest rates and terms available. Some lenders offer prequalification, which doesn't affect your credit score, to help you understand what you might be eligible for.

Best Personal Loan Lender in Nevada for Debt Consolidation

Alliant Credit Union

96MoneyGeek Score
10.99% to 13.99%APR Range
UndisclosedMinimum Credit Score
$1,000 to $100,000Loan Amount Range
12 to 60 monthsRepayment Terms

The best personal loan lender for debt consolidation in Nevada is Alliant Credit Union, with a MoneyGeek score of 96 out of 100. It has a competitive APR range of 10.99% to 13.99%. Alliant is an online-only bank requiring membership for 90 days to qualify for a loan. The lender excels in providing competitive interest rates and fees.

Pros

Among the highest loan limits available in our analysis
Insured by the National Credit Union Administration (NCUA)
No prepayment penalties

Cons

An online-only credit union, with no in-person branches
Must maintain membership for 90 days prior to loan application

How does MoneyGeek score lenders for debt consolidation?

We looked only at interest rates and fees (60% weight) and loan terms and flexibility (40% weight). If the winner in our analysis also won Best Overall or Runner-Up, we selected the next-best winner for diversity.

Some lenders have minimum interest rates that are higher for debt consolidation loans compared to their rates for general-use loans. When consolidating debts, finding the lowest interest rate possible will help you save the most money over the long term.

IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible because personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
If used for home improvements that increase the home's value.
If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
In some cases, if the loan is used for investment purposes related to income-generating assets.

— Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in Nevada

When considering a personal loan in Nevada, be mindful of your credit score, credit history, income and debt-to-income ratio. Lenders use these indicators to assess creditworthiness. MoneyGeek's criteria for the best personal loan lenders in the state include factors such as lender reputation, transparency, APR ranges, minimum credit score requirements and the flexibility of loan terms.

Your credit score is a pivotal determinant of your loan's terms. Improving it prior to application can lead to more advantageous APRs and better loan conditions. To understand how your credit score might affect your monthly loan payments, refer to the table below.

Data filtered by:Results filtered by:

Credit Band

Select

Credit Band:690 to 719

Loan Amount

Select

Loan Amount:$2,000


$348	6
$180	12
$97	24
$69	36
$55	48
$47	60
$42	72
$38	84

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. These numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in Nevada

Personal loans offer the opportunity to manage your finances through lower interest rates than most credit cards and can simplify multiple debts into one, enhancing your credit profile along the way. They also provide the flexibility to address a range of financial needs, from unexpected expenses to planned projects.

But be aware of the potential risks, such as origination fees and the lure of unnecessary debt, which might offset some of these advantages. Consider the pros and cons of personal loans before you apply.

The pros and cons of personal loans

Competitive interest rates
Simplifies debt management
Rapid funding availability
Freedom of expenditure

Increased overall loan cost due to origination fees
Potential penalties for early loan repayment
Risk of losing assets with a secured personal loan
Enticement to accumulate unmanageable debt due to easy approval

FAQ About Nevada Personal Loans

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

What is the best lender in Nevada for personal loans?

According to MoneyGeek's analysis, the best lender in Nevada for personal loans is First Tech with a MoneyGeek score of 98 and an average APR of 14%.

Where is the best place to get a personal loan in Nevada?

In Nevada, you can get personal loans through online lenders, banks and credit unions. For local in-person services, OneNevada Credit Union, Greater Nevada Credit Union and Financial Horizons Credit Union are some of the local credit unions offering personal loans.

What has the best personal loan interest rates in Nevada?

Wells Fargo offers the lowest APR for personal loans starting at 7.49%, according to MoneyGeek's analysis. However, the best rates are often reserved for those with excellent credit scores, and the best lender for you may vary depending on your individual needs and financial circumstances. Be sure to consider options for a low rate that suits your profile.

What can I use a personal loan for in Nevada?

While restrictions on the use of personal loan funds may vary by lender, generally in Nevada, you can use personal loans for things like vacation or travel, home or auto repair and wedding expenses. Typically, personal loans cannot be used for college tuition or gambling.

What are some personal loan red flags to look out for?

When considering personal loans, be wary of extremely high APRs, unusual repayment penalties, a lack of transparency regarding the lending institution and reports of predatory practices like invasive phone calls.

Do lenders consider income level when applying for a personal loan?

Yes, lenders consider your income level along with other factors such as debt-to-income ratio, credit score, employment history, type of employment (self-employed or W2) and credit history. Avoid opening new lines of credit while applying for a personal loan because it may affect the application outcome.

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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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sources

Experian. "What is the Average Credit Score in the US?." Accessed October 24, 2024.

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.