Payday loans are as much a part of the Las Vegas culture as slot machines and gambling. Nevada residents will take out payday loans or long term installment loans as a way to finance their lifestyle or to simply get back to fiscal responsibility. Over the past decade, we’ve seen the boom and bust mentality hit Nevada and Las Vegas especially. There have been plunging home value prices as well as job losses and home foreclosures. The paradox to this is that during this time online loans in Nevada have decreased when we would expect just the opposite. In a normal situation, a downturn in the economy would lead to more people needing short term cash in order to pay bills or other financial obligations. Financial data and lending information shows us that outstanding payday loans have falling in the Nevada and other neighboring states since at least 2010. There are many reasons why this may have happened but none of them give us a conclusive breakdown of why short term financing declined only to now rebound.
One aspect of the payday loan decline and eventual rebound is attributed to the lack of online lenders in Las Vegas. While there may be just as many neighborhood lenders that provide direct payday loans in Las Vegas. We know for a fact that a large number of online installment lenders and payday lenders have left the state of Nevada since early 2010. The reasons for this are numerous. Increased regulations are without a doubt the biggest factor for the decline in online payday lenders. Another issue centers around the number of fees and interest that companies can charge on Las Vegas loans. It may not seem like much, but many companies will choose to move on then have to deal with a small decrease in fees from Nevada residents. Another factor that leads to this is that many people left Las Vegas during the Great Recession. This outflow of people from large metro areas in Nevada further limited the number of payday and installment loans that needed to be written. There’s not much data that corresponds to this outflow but it will be seen as we move through 2017. Payday loans lenders are bound to increase their presence over the next few months. Even with that, there are many companies that fund online payday loans Las Vegas. Take your time in choosing a lender and use this site to find a company that best fits your short term financial needs.
Now that the Great Recession is over we have reached a point where people are coming back to Las Vegas. Unemployment is down and jobs are now available. This is leading to more people entering the state. How does this lead to the need for more personal lenders? The answer to that is not yet clear. It could be a reversal of what we see just a few years ago. As more residents come back, there will undoubtedly be a need for more short term cash solutions. This includes not only payday loans, but also installment loans and car title loans. Even though the economy may be improving, we still don’t know what the long term effects of the current situation are. People contact us every day to explain the reasons why they need online loans. Oftentimes the economy or jobs situation doesn’t even come up. Most of these Nevada residents are living paycheck to paycheck and their situation hasn’t changed going back years. Payday loans are just another way they get to their next paycheck. On the other side of that, people are making more money and spending more as well. This leads to a reliance on installment loans opposed to just Las Vegas payday loans. Installment loans are a way to get more money than what you would expect with a typical payday loan. You will pay these loans off over a longer period of time, but you can often borrow well over $1000. Even though a Nevada consumer is making more money they may come to rely on an installment loan to get through a tough economic issue. Payday loans may be on the rise in Las Vegas, but that doesn’t mean things are changing for the better or worse in Nevada.