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How You Can Cover Your Rent This Month With A Rental Loan

Many average workers are caught in an inflation crunch in Nevada, with the cost of living rising while wages are slower to grow, causing a need for a rental loan when cash isn't flowing as well as it should be. 

Nevada Title and Payday Loans, Inc. has rental loan options for those stuck between paydays and a due rent payment. It has a payday loan option that is easy to apply for, where you can receive up to $500. Those who need more money or want to pay in installments can apply for a signature loan and get up to $1,500. 

We understand it is more challenging than ever to cover rent expenses if you are a Nevada resident. Keep reading to learn how to cover your monthly rent with a Nevada rental loan.

How A Nevada Rental Loan Can Help Cover Rent This Month

Struggling To Pay Rent In Nevada? You Aren't Alone

If you find paying your rent in Nevada difficult, you are certainly not alone. Statistics show the average salary for a Nevada worker is $20.60 an hour. However, entry-level jobs start much lower at $14.53 an hour. Meanwhile, the average rent is $1,460 a month for an apartment.

That's 62 percent of an entry-level worker's monthly income and 44 percent of the average salary earner's monthly paycheck. 

Most people in Nevada supplement their incomes with second jobs, and the hospitality industry has plenty of those. However, sometimes, people can fall between paychecks and need to pay their rent. 

Thankfully, you can consider using a payday loan as a rental loan. This financing alternative will keep a roof over your head until you get tips, that second job paycheck, or your larger monthly check from your primary job. 

Rental Loan Option 1: Nevada Payday Loans

One option to pay your rent as quickly as possible is with a payday loan. What exactly is a payday loan? It's a short-term loan that can be paid back on your next payday. Payday loans can be used for emergencies, and paying rent is necessary.

man learning about rental loans in NevadaAll you need to apply for a payday loan is the following:

  • A state license to drive or other legal ID
  • A recent paycheck stub
  • A blank check from a bank account where you are named as an account holder

Additionally, applicants must be at least 18 years old to apply.

Rental Loan Option 2: Nevada Signature Installment Loans

Those needing more money or paying in installments can apply for a signature installment loan with the same company. The requirements are the same as a payday loan, but the maximum amount allowed for lending is $1,500.

An installment loan differs from a payday loan in its repayment terms, as well. Payday loans are usually repaid by your next paycheck, whereas an installment loan is repaid in smaller regular amounts, known as installments. Thus, you have a longer period to repay an installment loan than with a payday loan.

Another difference between a payday loan and a signature installment loan is that your credit will be checked with signature loans. However, bad credit is a slight determining factor, as Nevada Title and Payday Loans, Inc. welcomes all credit types to apply.

All Credit Situations Are Considered

Nevada Title and Payday Loans, Inc. welcome borrowers from all credit backgrounds to apply for these types of loans, even though both payday and signature loans are unsecured. This is important for a rental loan.

The biggest priority for approval with both types of loans is those at Nevada Title and Payday Loans, Inc. must review that you have valid proof of regular income and an open checking account listed in your name. 

You get money either on the same day or the next bank business day if you are approved and you can make repayments in batches. Be sure to ask the store associate about the repayment terms and how much money is available. 

The benefit of these loans is that they are easy to apply for, and most people meet the general requirements. Nevada Title and Payday Loans, Inc. will also accept applications from those with bad credit, which is a plus for those in that situation.

How To Apply For A Payday Or Installment Loan In Nevada

Both rental loan options start the same way in the application method. Here’s how our quick and easy process works. The first thing to do is to turn in some basic information through the website form. This is an inquiry form stating it's okay for someone from Nevada Title and Payday Loans, Inc. to contact you. 

man happy about Nevada rental loans

Our local store associate will call you to explain how these loans work, check your eligibility, and point you to a local store. Your store appointment will include the following:

  • Getting your materials verified.
  • Asking questions.
  • Allowing a store representative to guide you through the rest of the application. 

This can be finished as quickly as a half hour with a loan decision made. Those who are approved can get their money by the end of the following weekday, as long it isn't a holiday and businesses are open. 

Pay Your Rent Today!

You don't have to worry about how you will pay your rent. Alternative financing options exist to issue a rental loan for those living and working in Nevada. At Nevada Title and Payday Loans, Inc., we have some quick and easy options that may work for your situation. To get started, fill out our online inquiry form and discover how a rental loan can provide peace of mind today!

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

June Mckaig

June Mckaig writes articles on finance and budgeting, hoping to provide insight amidst the overwhelming crowds of information on the internet. She feels that with all this accessibility comes a lot of false data, and she would like to contribute astute, helpful input that she knows can help others. If you would like to learn more about June's research, read more here.