Payday loans have been a part of the Las Vegas economy for years. When you think of Nevada casinos you inevitably think of people taking out online payday loans to gamble or just to have fun. Did you know though, most Las Vegas residents don’t take out payday loans to gamble or blow foolishly? That’s right, many Nevada residents that need online payday loans only turn to a direct payday lender when they need a loan most. Oftentimes this is to pay an urgent bill or even to settle important medical bills. We all know the Las Vegas economy is improving as we head into the second quarter of 2016. Just last month we saw news articles that said construction and tourism will continue to grow in 2016 and lead to more job growth. Most local economists are forecasting better than normal numbers for the Las Vegas economy throughout 2017. We can go on and on about the numbers and projections by Las Vegas economists. Fact is, the economic improvement isn’t trickling down to the people who need in most. Residents all throughout the state are dealing with the same problems they’ve dealt with for years and this is leading to an increase in the need for payday and installment loans.
As you can undoubtedly remember, we’ve been down this road before. Just 10 to 15 years ago the economy was thriving and people had good paying jobs in Nevada as well as the entire county. The difference back then was the fact that housing was a huge part of the economy. It seemed that everyone local and all throughout the country was buying or selling houses and it didn’t matter if you had bad credit or past credit issues. Contrast that to what we’re seeing now. Many Las Vegas metro residents have improved their credit score but they are essentially locked out of the home mortgage game. Ever since the recession banks have made it much more difficult to be approved for a home loan. This is also the case with bank loans and online installment loans issued by banks. What we’re seeing this time is that people who would have qualified for these loans a decade ago stand no chance of being approved. This leads to the situation where we’re at now. Payday loans in the Las Vegas area and in the state of Nevada are more popular than ever. The two main reasons as we mentioned above are the fact that economic upturn has not trickled down to the average citizen in Las Vegas. The other aspect of this is the fact that it’s much more difficult to be approved for a traditional online bank loan. Online loans in Nevada are no different than what we see on the national level. It’s becoming more difficult to be approved for an online loan, as lending rules are tightening.
Las Vegas payday loans tend to mirror national lending trends
Even with the improving economy did you know that Nevada currently thousands of fewer jobs than what it a decade ago. This is even more pronounced in the bigger gambling cities that rely more on tourism. There are many loan places in Las Vegas but that doesn’t mean it’s best to use a large city to gauge economic well-being. The best way to track the current economic conditions in Nevada are often the most conservative methods. We know that more loans are being issued now than ever before. Most of these statistics are gathered from online payday lenders in Nevada. We’re not even counting the many local payday loan companies in many large metro areas. As with any economic forecast, no one really has any clue about how things will look in 2017 and beyond. In reality, no one can firmly say they know what will happen as the calendar turns again. Payday loans Las Vegas may not be the best indicator of the Las Vegas market but it looks rather apparent that they will continue to be issued in record numbers throughout the rest of this year.