Las Vegas, NV Payday Loan Lenders

Las Vegas is Nevada’s biggest and most vivid city in all aspects. Placed in the middle of a stunning mix of desert sand, rocky mountain and clear lake water, it possesses the charm of a pebble and attracts tourists and residents from around the United States and elsewhere. Since 1931, when the first casino got a license for gambling, it evolved into a national (if not global) gambling and gaming hub.

Gambling is not the only type of business that thrives in Las Vegas. There are a plethora of payday loan companies in the city. Due to social stratification, which is as typical of Las Vegas as it is of any other region, there is always job to do for payday lenders: there is always someone who runs out of cash due to unexpected bills and expenses, and needs quick money right now. About 70% of Nevada’s payday lenders are located in Las Vegas. These include, to name a few: Speedy Cash, Advance America, Check City, Quik Cash, Check’n Go, Ace Cash Express, etc. These companies operate on a legal basis and follow the federal and local laws. To apply for a loan, there is no need to attend an office: all companies have websites and accept applications online.

Lending Law in Las Vegas

Nevada’s payday loans law is but the most lenient on payday lenders compared to the rest of the United States. It does not take a lot of effort for would be lenders to get a legal status. Second, there are no limits to interest rates, charges, fees or maximum loan amount, except that the latter should not be more than 25% of gross monthly income. The loan term should not exceed 35 days. While the law gives ample ground for payday lenders to thrive in Las Vegas and the rest of Nevada, it is somewhat perilous for borrowers.

To run a payday business in Las Vegas, a lender must get a license regardless of how he or she is going to operate the service (at an office, online, with the help of a facsimile machine, etc.). The local statute does not allow use of any automated loan machines though.

Rough actions against those who fail to pay on a due date are not allowed except (!) in cases whereby a borrower deliberately fails to pay and is not intent on paying at all.

Las Vegas Geography and History

Las Vegas is located in Clark County, in the Mojave Desert in a basin surrounded by mountains. Although the area is dry and arid, there are green lawns and parks in the city, largely thanks to an advanced irrigation system. The area was named “Las Vegas” (the meadows) in the 1820s by Rafael Rivera, when the Spanish were exploring it in an effort to route trade between Mexico and California. The city was founded in 1905 when it joined the national railroad network, and a strip of land (the future downtown Las Vegas) adjacent to the Union Pacific Railroad track was auctioned.

Some Statistics

The current population of Las Vegas is 2,073,040 people, age averaging 37.4 years old. Like most U.S. cities, Las Vegas is ethnically diverse. About 62.7% of the population accounts for whites, 32.7% – for Hispanic whites. Blacks and Asians account for 12.2 and 6.7 respectively. Native Americans account for 0.7%, yet they enjoy some privileges in running payday loan businesses, as they are supported by the Native tribal government.

Average household income is $53 159; It has been estimated that 18.5% of households boast a yearly income of $50 000 to $70 000, and 21.6% of households boast six-figure incomes. Individual incomes average $27 989. Home values are relatively low ($209 083), which explains the higher than average home ownership rate (51.8%). Median rent is $1146.

Las Vegas Today

Today, Las Vegas is a major tourist spot and a booming estate market. Needless to say, casinos, casino resorts and entertainment facilities are the biggest economy drivers and employers in the city. Most of them are located in the Las Vegas Strip – a 4.2 miles long stretch of South Las Vegas Boulevard, Clark County.

Some official sources of data we used to build this page: