When a financial emergency, such as medical bills, auto repairs, or unexpected travel costs, arises, you may seek a loan to get you through it. However, you don’t want to leverage your financial future for a surprise cost, so short-term loans make more sense for your situation.
In this guide from Nevada Title and Payday Loans, Inc., we will explain the two short-term loans we offer: title loans and payday loans. After going over how they work and their requirements, we’ll review the approval process to show how you can get fast financial relief in less than a day.
Short-Term Loans Explained: Borrow Title Loans And Payday Loans
A short-term loan is any loan that you can borrow and pay back in a short amount of time, usually less than a month. The advantage of these loans over longer-term loans is that you can repay them quickly to return to your normal financial status, and you won’t have to worry about collecting months' worth of interest.
The two short-term loans we offer include title loans and payday loans. While we also offer signature installment loans, these are long-term loans that take months to repay. When borrowing title loans and payday loans, you can get approved the same day you apply, receive the money fast, and repay it in a short amount of time.
Learn more about our short-term loans in Nevada below:
1. Title Loans
A title loan is a collateral loan that requires you to have fully paid off your vehicle and put up your lien-free vehicle title to secure it. These are only available using a title attached to a car, truck, or van. You must have fully paid off any debts, liens, or judgments and have a clear vehicle title, as we need to place a lien on the vehicle to process the loan.
Car title loans in Nevada are worth up to $15,000, with your loan amount depending on your vehicle’s value. During an in-person inspection at one of our stores, we will use a nationally recognized pricing guide to determine your car's value based on its age, make, model, condition, mileage, modifications, and service history.
You can get approved for a title loan in Nevada with these simple title loan requirements:
- A state-issued photo ID that displays your full name and date of birth
- A lien-free vehicle title in your name
- Your vehicle for a quick inspection
If you haven’t fully paid off your vehicle yet, you won’t be able to qualify for vehicle title loans. In that case, a payday loan may be the better short-term financing option for your financial emergency.
2. Payday Loans
Payday loans, also called payday advances and cash advances, are borrowing options that do not require collateral. As long as you have current income and can prove it with a pay stub, you can get approved for up to $500.
A cash advance allows you to borrow money from a future paycheck. How much you can borrow depends on your income level and ability to repay the loan with your next paycheck. You must be able to afford repayment when you get paid next. This fast repayment, along with the easy requirements to qualify, makes payday loans in Nevada a quick, simple solution for your financial troubles.
Here are the required items for payday loans in Nevada:
- A state issued photo ID that displays your full name and date of birth
- Your most recent pay stub to verify your income
- A checking account
These loans can both help when you need fast cash and require a quicker repayment process. If you don’t want to be in debt for months, you should consider a short term loan to finance your emergency. Below, we’ll explain why these are considered short term loans and how repayment works.
How Long Does It Take To Repay Short Term Loans?
The two loans mentioned above are considered short term loans because you can repay them in a shorter timeline than other loans. With payday loans, you will have to repay the loan with your next paycheck. This is nonnegotiable; making the prepayment the next time you get paid is a must. This allows you to borrow money, pay your emergency costs, and clear the debt in just a couple of weeks.
With title loans, the timeline is less strict, but you can still afford repayment in under a month. We will negotiate a payment timeline with you during approval. You can either pay money back as you make money, or handle the full repayment at once. For a faster, short-term repayment timeline, save as much as you can from your next paycheck to repay what you borrowed.
Now that you understand how these loans work, you can get into more details. Continue reading on to see how to get short term loans for bad credit.
Can You Get Short Term Loans For Bad Credit?
Neither of the loans we mentioned above requires you to prove you have a good credit score. For title loans, the loan is secured using high-value collateral. You usually have to prove your creditworthiness to show that you can reliably afford to repay the loan. When a loan lender has your vehicle title as collateral, they’re secured in case you cannot repay, meaning you don’t have to prove good credit.
For payday loans, approval is determined by your income level and ability to afford fast repayment. We will not do a hard credit check to determine if you qualify. As long as you can reasonably afford to pay back what you owe with your next paycheck, you can get payday loans for bad credit.
Do these short term bad credit loans seem like they can help you during your economic emergency? If so, read on to learn how you can get same day approval for these loans through our fast, efficient approval process.
How To Get Approved For Short Term Loans In Nevada
Ready to get approved for short term emergency cash? Once you have selected the loan you wish to pursue, navigate to our homepage or apply page and select the form that corresponds to your loan. After filling out the form, you can speak to us on the phone and visit our nearest Nevada store location to get approval in less than 30 minutes.
Here is how the short term loan approval process works:
- Fill out our online inquiry form (make sure you select the right loan form)
- Speak to our loan representative over the phone about your loan
- Bring your required items to the nearest Nevada branch to get verified
- If you seek a title loan, have your vehicle inspected at the in-person meeting
- If you agree to the loan amount, sign the loan agreement to finish the approval process
- Receive your loan cash later that day or by the next business day
Get A Short Term Loan In Nevada – Borrow Title Loans Or Payday Loans Today
Do you need fast emergency cash with a quick repayment process? Nevada Title and Payday Loans, Inc. can help with our title loans and payday loans. You can borrow both on the same day you apply, and both have a quick repayment process. Get started today by filling out our online loan form and coming to one of our branches to get approved in person within 30 minutes.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
