While many people think of Las Vegas as a mere city with just casinos, residents view the city as home. In light of this, if you a resident of the Sin City, whether you had too much fun at a local casino or perhaps need help financing some medical bills, there are different financial tools that are designed to help you. One of these tools is known as a personal loan. In today’s article, we are going to explore how to pick a personal loan and the role of your credit score in the process.
The Importance of Your Credit Score
Prior to jumping into learning how to pick the best personal loan in Los Vegas, Nevada, it’s important to understand the role of your credit score. In an unsettling report in 2016, this popular tourist destination was awarded one of the worst cities in the country for credit. In fact, according to WalletHub, Las Vegas was reported to have an average credit score of 632. To draw contrast, depending on the credit score system an individual uses, the United States Average is nearing 700.
With that in mind, it’s vital that residents of Las Vegas take the time to improve their credit score before applying for any personal loan. Reason being, a poor credit score, such as 632, could leave an individual at the hands of higher interest rates and fees. As a result, a loan that originally was $5,000 for 5 years, may end up costing well above $5,000. In light of this, it’s important to review your credit report and take the proper financial action before damaging your credit score even more.
How to Pick the Best Personal Loan in Las Vegas
Picking the best personal loan in Las Vegas requires more than a simply Google search. In efforts to help residents of the Sin City, we have created a small 3 step guide to help you out.
- Research the Rates and Fees
The first step to picking the best personal loan in Las Vegas is to do the proper research of lender’s rates and fees. We advise residents to take notes of individual company’s interest rates (whether fixed or variable), origination fees, maintenance fees, late charges, initial charges, or any other applicable fees mentioned on their website. This information will be used in step three of our process.
- Track Customer Reviews and Experts
Once you have researched the specifics of a company, begin to research previous customer reviews and what the experts are saying about this specific institution or lender. Since there are so many different review-based websites, we encourage residents to do a thorough research and be vigilant of both positive and negative reviews. Keep a look out for reviews discussing scams, hidden fees, or high interest rates.
- Compare and Contrast
The last step of our three step guide to picking the best personal loan in Las Vegas is to compare and contrast the information you discovered. See how all different lenders in the Sin City fare against each other. Any companies that charge initial charges or fees or even higher interest rates should quickly be eliminated from your list. With so many different companies available to consumers, there are better options with lower interest rates and no entry fees.