Editor's choice: Max Cash Title Loans
- No bank account required
- No prepayment penalty
- Loans up to $50,000
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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.
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.
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:
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.
If you’re a member of the US armed forces, on reserve or serving in the National Guard, your lender can’t:
Here’s what happens if you can’t pay back a title loan in Nevada:
In Nevada, you generally need to meet the following requirements to get a title loan:
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.
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:
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.
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