A Guide to Applying for Title Loans in Nevada
Navigating through the world of adulthood can be tough and tricky.
Sometimes, we might find ourselves tight on cash, and since applying for loans wasn't discussed in school, we may feel a bit lost.
If you're from Las Vegas and going through a similar situation, we're here to help you navigate around the process of getting a Nevada title loan.
Nevada, known as the "Silver State," features a silver star and the words "Battle Born" on its flag, symbolizing its rich history and statehood.
What Are Title Loans?
By definition, an auto title loan (may be referred to as a car title loan or title pawns) is a loan wherein a borrower's vehicle is used as collateral.
When you apply for this type of loan, you turn over your vehicle's title to the lender for the duration of the loan.
You are usually given 30 days to repay the money borrowed.
An auto title loan is a short-term loan with a high approval rate, perfect if you're looking for extra cash fast.
Unlike a personal loan made at financial institutions, you can complete a title loan transaction in just 30 minutes!
What's even better? You get to keep using your car while the loan term is ongoing.
What You'll Need for a Title Loan in Nevada
Before you apply online or physically, it is best to be prepared with the following:
Clear Vehicle Title
To apply for a car title loan, you need to have your car. It must be a vehicle under your name only.
A clear title means it is free of any financial burdens that may prevent it from being sold. This matters to the lender as your car may need to be placed on the market if you miss your payment deadline.
Tip: Calendar your payment day (or days if you give back the money in installments)!
A valid government-issued ID can be your driver's license, updated passport, or any identification card.
These cards contain important information like your:
- Date of Birth
Your personal information must match what is written on the car title.
Please take note: Some lenders in Las Vegas may also require that you submit your social security number and a hard copy of the vehicle title.
Proof of Income
Of course, no one would want to offer title loans and give out cash to someone who cannot pay the loan back (unless you're Santa). Lenders are in the business of making money while helping you.
"Do I have to be employed to apply for a title loan?" Nope!
The bright side of applying for a title loan is to show the lender that you can repay them.
Proof of Ability to Pay
If you're unemployed, you can prove that you'll be able to return the cash through other documents like:
- tax or bank statements
- trust fund
- social security benefits
Such documents reassure the lender that you somehow have a source of income and need extra cash.
Our advice: Customers with credit difficulties should seek credit counseling if they are interested in a long-term financial solution.
Supporting Documents, Items, or Information You Might Need to Give
While the following documents are not required for title loans, it might be a good idea to have them on standby:
- Updated vehicle registration papers
- Car insurance documents
- Copies of car keys
Note: Title loan companies may ask for your phone number for easier communication or marketing purposes (e.g., call for any promotions, etc.)
Why Choose To Apply for a Las Vegas Title Loan
Title loans are convenient and beneficial for those with a bad credit history or credit scores that aren't good enough to get a bank loan.
In Las Vegas, instant approval is usually guaranteed if you have the necessary documents.
You can get your hands on actual cash on the same day in less than an hour! Crazy, right?
Car title loans are legal in Las Vegas, which is very straightforward. You may choose to apply online thanks to the numerous companies that offer online loans for Nevada residents.
Important reminder: You must be at least 18 to apply.
Las Vegas Nevada Title Loan Process
Applying for Nevada title loans is simple and quick now that lenders and borrowers can do business electronically.
To apply for your loan in Nevada, follow these steps:
- Fill up the application form/s (online or hard copy).
- Go to the website of your money lender or visit the physical store.
- Submit your application form along with supporting documents if needed.
- Lastly, (and the awaited part) choose whether or not to credit the money borrowed to your bank account or in cash.
Frequently Asked Questions About Title Loans in Las Vegas
What is the standard loan agreement duration?
The standard duration of title loans is 30 days.
However, title loans in Nevada may have longer payment terms depending on what was agreed upon. The borrower may have up to 210 days from the date the loan was made to repay the loan amount.
Can payments be made in installments?
With what was mentioned above, payments MAY BE PAID IN INSTALLMENTS if:
- It is stipulated in the loan agreement that payments in installment are allowed
- No further extensions will be asked for
Since your vehicle will be used as collateral, they will NOT return the car title to you until FULL PAYMENT IS MADE.
*Take note also that additional fees may apply according to the extension
What determines my loan amount?
The amount of money you may loan will vary based on the condition and details of your vehicle.
The loan amount is around 25-50% of your car's total value.
Factors that determine its value are:
- Vehicle make
- Car model
- Year model came out
- Car style (SUV, Sedan, etc.)
- Total mileage
Lenders will not be allowed to loan cash higher than the car's market value.
How do title loans differ from traditional loans?
A title loan has these characteristics:
- Competitive rates (interest rates are high due to customers enjoying quick approval)
- Go-to loan for those who own a car and have short term financial needs
- No credit check is done (note: some lenders may ask)
Meanwhile, a traditional loan (also known as a personal loan) is made by customers who need money, but want fixed low-interest rates. The process takes a bit longer than an auto title loan.
These personal loans offer a long-term financial solution and are more for customers who have good credit and do not have cash problems. You may make payments in installments.
Important note: Finance charges for traditional loans are different, and if you don't have a steady source of income, it will be difficult to get approval.
Do I have to pay back my loan in cash, or is via debit card accepted?
Unless specifically stated on your loan agreement, cash and debit card payments are both accepted.
Are there available loans for other vehicles as well?
Yes! If you need more cash, other vehicle loans exist. Some of which are:
- RV title loans
- Motorcycle title loans
Where can I apply for a Las Vegas, NV title loan?
Las Vegas NV residents may check Warm Springs or the Desert Inn area to apply on-site.
Things to Remember About Before Getting a Las Vegas Title Loan
- Not all cars qualify for a title loan.
- Customers with credit difficulties should seek credit counseling in case they need assistance in managing their money. This is to avoid potential bankruptcy.
- Applying for car title loans is a decision that must be well thought of. Those with bad credit will benefit but remember: title loans are known to be high-interest loans (like payday loans) and might do more damage than good in the long run.
- You don't need to be employed, BUT you will need to prove you have the income to make payments back.
Our verdict on applying for title loans: go for it! If you own a car and have short-term financial needs, it could be your best solution for getting cash.
Title loans are beneficial for those who need cash due to unexpected expenses (that need to be paid immediately like medical bills, medicines, etc.) since it is easy to qualify for a title loan.
To add to that, it is convenient in the sense that you get to CONTINUE DRIVING YOUR CAR. Just be sure to make your payment by the agreed date.