With no caps on interest rates and fees, prepare to see APRs in the triple digits.
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Where can I get a title loan in Nevada?
In Nevada, you can get a title loan at a physical storefront or online. Generally, stores are concentrated in cities like Las Vegas, North Las Vegas and Reno.
With title loans, applying in person can be the fastest method. That’s because your lender can hand you the cash right away instead of initiating a wire transfer to your bank account. Wire transfers often take several hours to one business day. Plus, your lender will have to file a legal claim on your car’s title, which might take even more time.
Title loan locations in Nevada
Online title loans
Many providers allow you to apply online for a title loan to speed up the application process. You can do so by filling out a quick form with your contact details and info about your vehicle — typically its model, make, year and mileage.
But even if you can get approved or preapproved online, you’ll likely still be required to drive to the nearest location to have your car inspected and sign your loan documents. In Nevada, lenders have the option of either physically holding on to your title or filing a lien on your car. Whichever they choose, this allows them to repossess your car if you default.
What are the title loan laws in Nevada?
Nevada defines a title loan as any loan that comes with an APR of 35% or more and is secured by either physically giving the lender your car’s title or having the lender added as a lien holder on it. It doesn’t include loans that allow the lender to repossess any items bought with the loan funds — like a traditional auto loan.
Here’s how Nevada title loans work in a nutshell:
- License: Required
- Maximum loan amount: 100% LTV
- Maximum interest: None
- Maximum application or origination fee: None
- Maximum loan term: 30 days for single-payment loans, 210 days for installment loans
- Extensions: Six allowed every 30 days for single-payment loans, none for installment loans
- Maximum late fee: $25
- Maximum returned payment fee: $25
If your APR is over 40%, your loan can’t come with a monthly repayment worth more than 25% of your income. This might limit how much you’re able to borrow. Since Nevada doesn’t have any limitations on how much your lender is able to charge in interest and fees, don’t be surprised to see APRs in the triple digits.
In Nevada, your lender can’t…
- Accept any other form of collateral other than your car title.
- Require you to buy insurance or other goods or services along with your title loan.
- Charge a check-cashing fee if you receive your funds in cash.
Special rules for servicemembers
If you’re a member of the US armed forces, on reserve or serving in the National Guard, your lender can’t:
- Garnish or threaten to garnish your wages or your spouse’s.
- Contact or threaten to contact the military chain of command to collect.
- Attempt to collect repayment from your spouse while you’re on active duty.
What happens if I can’t pay back the loan?
Here’s what happens if you can’t pay back a title loan in Nevada:
- Enter a repayment plan. Your lender must offer you a repayment plan within 30 days of your missed repayment. This repayment plan must last at least 90 days unless you agree to a shorter term, and your first repayment can’t be more than 20% of the total amount you owe.
- Face a lawsuit. If you can’t follow your repayment plan, your lender can file a civil suit to collect your vehicle. It can sell your vehicle to cover the unpaid balance on your loan and any court costs, legal fees and other expenses associated with collecting your debt. Your lender can’t require any type of compensation other than your vehicle.
Title loan requirements in Nevada
In Nevada, you generally need to meet the following requirements to get a title loan:
- Provide proof of your ability to repay. This means having a high enough regular source of income to cover the cost of your loan.
- Be at least 18 years old. The age of majority — or legal age you must be to take out a loan — is 18 in Nevada.
- Be the legal owner of your vehicle. If you share a vehicle with someone else, you’ll also need their consent before getting a title loan.
- Have a state-issued ID. Most lenders require borrowers to present a driver’s license or other state-issued ID to verify you’re the legal owner of the vehicle.
- Have no other liens on your title. You can’t get a title loan if you’re already using your car as collateral for something else.
Lenders might have additional criteria you need to meet, such as a minimum credit score or income. They might also require your car to be worth a certain amount of money.
Alternatives to consider before taking out a title loan
Auto title loans are risky. Since Nevada doesn’t limit how much your lender can charge in interest and fees, you could face especially high costs for an auto title loan in this state. Instead, you may want to consider these slightly safer options:
- Local alternatives. If you need help buying groceries or covering medical expenses, Nevada has multiple resources for low-income residents.
- Borrow from friends or family. The people closest to you might be willing to help you out of a tight spot. If giving your word isn’t enough, you can use an online service to draw up a legally binding contract.
- Payday alternative loans (PALs). Some federal credit unions provide small-dollar loans with APRs capped at 18% to all credit types.
- Installment loans. While still expensive, installment loans offer fast cash with slightly more manageable repayments and no risk of losing your car.
- Credit card cash advances. If you already have a credit card, taking out a cash advance typically comes with a lower APR and more forgiving terms than an auto title loan.
Bottom line
You can apply for a title loan in Nevada both online and in person, though many online lenders still require a visit to one of their locations. But be aware of how expensive these loans can get: Nevada’s lack of limits on interest and fees means you could easily end up with APRs in the triple digits. These often-expensive repayments could trap you in a cycle of debt — or worse, you could lose your car.
Don’t know if a title loan is right for you? Check out your other short-term loan options or consider these alternatives to payday loans.
Frequently asked questions
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