Nevada projects a picture of opulence and luxury, all Las Vegas style. However, do not let that picture fool you as the state’s median household income at $52,431 is below the national median household income level of $55,775.
As the state derives a major portion of its income from tourism and allied activities, it was hit hard by economic downturn and recession. This led the state to have astronomically high unemployment rate at 6.7 percent. All these conditions ensure that the state has high demand for personal loans for a variety of reasons.
Personal Loans for Entertainment Expenses
Nevada is known for its entertainment venues and thanks to their high demand, these venues are expensive too. While expenditure on entertainment is a discretionary one, it is also an important one as every now and then people require to let off the steam. Personal loans can help you meet such entertainment expenses.
If you are looking to celebrate some special event such as your birthday or wedding anniversary in style, then the expenses may run pretty high. You can afford such rare luxuries by taking out a personal loan. These loans are disbursed quickly and do not require many formalities to be fulfilled, making them ideal for meeting surprise expenses.
However, the use of personal loans for meeting entertainment expenses should be done responsibly. You should ensure that you should take out only that amount of personal loan which may be conveniently paid back by you.
Personal Loans for House Remodeling
Nevada residents have high value tied up in real estate as the value of a typical home in Nevada hovers around $221,400 while the national median home value is at $194,500. The Nevada residents retain the high value of their homes by carrying out regular remodeling to keep the house in up to date condition.
The remodeling expenses may be prohibitive and you can bridge the gap by taking out a personal loan. Since house remodeling expenses are productive as they help to maintain your property’s value and in some cases, may even enhance the value. Personal loans are easy to take out and using them for house remodeling constitutes a good use of the proceeds.
However, you should properly analyze the value addition done by the remodeling and the amount of loan you plan to take out. The borrower should also consult their loan provider to come up with the best possible repayment plan.
Best Banks for Personal Loans in Nevada
Below are the best places in the state to get your personal loans:
One Nevada Credit Union
With its simplified online application system, One Nevada Credit Union makes it easy for you to avail of personal loans amounting to as much as $25,000.
Bank of Nevada
The Bank of Nevada is a local subsidiary of Western Alliance Bank and offers a wide range of financial products and services to the people of the state.
Clark County Credit Union
Clark County Credit Union is located at the biggest county in the state. With this reach, it has forged partnerships with the local community as well as with local businesses such as Sprint.
Nevada State Bank
Unlike most banks, the Nevada State Bank publishes its rates for different FICO scores on its website. This way, you can easily go rate shopping without the risk of a hard pull.
Westar Credit Union
Founded in 1975, Westar Credit Union is an integral part of the community as well as of the gaming industry.
Greater Nevada Credit Union
The Greater Nevada Credit Union rises above the competition with its Debt Protection service which allows you to halt payments should something unfortunate happen in your life.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.