USL Same Day Signature Loans – Viva Las Vegas, NV ($500-$2500)

Where Borrowers Find Loan Approvals

USL Same Day Signature Loans – Viva Las Vegas, NV ($500-$2500)

Updated November 2017 – Before entering into a loan agreement for debt consolidation (whether you have bad credit or good credit) you should be aware of the usury laws in your State. Know the law and protect yourself.

We have two signature loans in the Las Vegas area. One for a $500 amount which was approved on the same day of application, and one loan for $2500 which was funded the very next day. This is our first publication on signature loans, and for this we have set up a new table with different loan values, columns, and rows. We are using a $100 increment range for all USLs, and this increases up to as high as $3000.

The loan term for all of our signature loan discussions ranges between two weeks and four weeks. These loans are basically unsecured loans with a maximum of one month for repayment. All signature loans carry high interest rates, or high fees, due to the fact that they are completely unsecured by the borrower. In the tables you can see that we point out the general areas the lenders service in Las Vegas, and the basic areas of residence where the borrowers live who were approved for USLs in the past three months.

We should also point out that we will be addressing the issue of low FICO scores for the borrowers involved, and the effect this has on their ability to borrow money, and the effect it has on the interest rates and fees they pay, if they indeed do manage to get approved for a loan.

We will be coming back to Las Vegas, Nevada at another time to discuss other possible lending products, such as cash advances, and payday loans, but today we can basically wrap up those two loan products under the category of signature loans. Why – because signature loans carry with them almost exactly the same amount of APR that PDL advances do. Generally, providers of signature loans are charging off over 15% of their outgoing monies due to irresponsible customers would neglect to pay back their loans.

We have split up Las Vegas into two main sections for lending service areas – North and South. Our first unsecured signature loan was approved in the Northern Las Vegas, and the second loan was approved in the Southern area of the city. Below you will see maps of the lending service area(s), and you will see the tables that include all of the data on the two different signature loans that were approved.

$500 Signature Loan in Las Vegas – Lender Service Area (North)

$500 Signature Loan in North Las Vegas – Lender and Applicant – Cost and Purpose

Our first borrower lives in an area known as Sunrise Manor, which is East of the North Las Vegas Airport. She required a loan for $500 just to get through a particular part of the month in which she needed to get some rent paid. This was a young woman, aged 25, who had fallen behind in her bills, and had unfortunately run into some bad luck on the tables when she was out with her friends the weekend of this application.

She really needed to get a fast loan approved, and she was trying to avoid payday loans and cash advance loans all together. Unfortunately, what she didn’t understand was that signature loans are basically the same thing, when you consider the modern-day nomenclatures used on the Internet in the small consumer loan industry.

She (the applicant) works as a retail manager of a locally owned department store, and she does all of her banking at the Nevada State Bank which is located on Las Vegas Blvd., South. The reason her branch is so far away from her home, now up in the North, is because she used to live down there when she worked as a hostess at IHOP. She has moved up in the world in regards to her job and income, but unfortunately her personal finances are still not ideal.

She is on her own, and doesn’t have another income source in which to help her get through tight times. She doesn’t have any kind of overdraft protection on her checking account, and she doesn’t have any savings at all. She is just living wild and free, without much care in the near future. But as all of us know, who are well over the age of 35, know that the wild 20s have to go by the wayside and we need to get serious about our personal finances. I’ll stop there, before I start getting into too much of a lecture.

Now to get on with this signature loan, take special notice of the fee-per-$100 (FP100) found at column #2/row #5 in the table below. We have noted the exact fee per $100 charged by the lender to the penny. In this case the fee was $32.12. The reason this is not a rounded number (such as $32) is because we have included all of the fees associated with this lender’s loan product. We will be including the exact cost of lending charged by all of the signature loan providers we discuss in our publications. Applicants need to know what the exact cost of borrowing is, and we endeavor to make it as crystal clear as possible.

So the signature loan is approved for $500, with the $32.12 fee per $100, over a two week period. The actual effective APR on this loan was 835.12%, and the total amount of money paid back to the lender was $660.06. A fairly high cost of borrowing here, and the effective APR for this signature loan is typical. Also, it should be noted in this case that this loan was not funded electronically online, and was actually funded person-to-person.

$500 Signature Loan in Las Vegas (Table) – Interest, Principal, Term Length

Table of Data for $500 Signature Loan in Las Vegas (pre and post app)

Loan Data Loan Values
Principal Sig. Loan Amounts (lenders average) #1 $100, $200, $300, $400, $500, $600, $700, $800
Principal Sig. Loan Amounts (lenders average) #2 $900, $1000, $1100, $1200, $1300, $1400, $1500
Principal of Signature Loan $500
Loan Product Nomenclature Unsecured Signature Loan (USL)
Loan Fee Per $100 (exact) $32.12
Finalized Signing (Effective APR on Loan) 835.12%
Total Interest Charged by Lender $160.6
Total Monies Paid To Lender $660.6
Lender’s Loan Term Lengths 2 weeks, 3 weeks, 4 weeks, 5 weeks
Finalized Loan Term Length in Weeks 2 weeks
Borrower’s Area of Residence Spring Valley, South Las Vegas
Other Areas of Lender Service Southeast Las Vegas, Southwest Las Vegas
Main City Center of Application Las Vegas
State Nevada
Lender Classification Signature Loan Provider
Credit Score (FICO Number) 560

$2500 Signature Loan in Las Vegas – Lender Service Area (South)
$2500 Signature Loan in South Las Vegas – Lender and Applicant – Cost and Purpose

For our second signature loan we are including the interest, principal, and term length that was agreed upon by the borrower and lender in this $2500 cash deal. You will notice in this table that the loan values that are averaged out for the signature loans provided by this lender are much higher than the previous lender. They range from around $1500 and up to $3000 on average. These are also cash loans that don’t carry with them any kind of security, and the effective APR can range all the way from as low as 200% and up to as high as 1200%, depending on the length of term in weeks, and the fee per $100 charged.

This borrower/applicant needed $2500 to get his hot water heaters repaired and replaced. One water heater needed to be replaced, and the other just needed to be repaired. Either way, with all of the labor and parts charged to him (by his plumber of choice), the total came to around $2200. The reason it was so expensive is because he wanted to upgrade both of his water heaters to the tank-less type.

He tried to get an unsecured loan with his bank, which is the Sunwest Bank on W. Flamingo Rd., but was declined for any kind of credit with them. He also tried getting approved for $2500 in credit at Chase Bank over on West Tropicana Ave. He was unable to get any kind of help with these two banks, and was very close to considering using a predatory lender, or loan shark. Luckily for him, he pulled away from that idea when he heard some of the horror stories from other borrowers who used these kinds of lenders. He was on an Internet forum and he read about all sorts of terrible bill collecting tactics that were going on right in his own city of Las Vegas, and never wanted to be in that bad position. I would say that was a smart move.

This applicant lived in the Spring Valley area of Las Vegas which is straddled by West Flamingo Rd. and West Tropicana Ave. He has lived there for over five years now, and he has a secure job as a blackjack dealer at the Bellagio Casino. He actually enjoys his work, and his wife also has a job as a server in one of the buffet restaurants on the strip, which is in Caesar’s Palace. Both of them like their jobs, and they raised two children (a girl aged seven named Cara, and a boy aged 10 named Cary), but unfortunately they have had some money problems over the last few years, and it just doesn’t seem to be as much tipping going on in the new economy.

You would have to say that this is really an emergency loan, and regardless of their credit score being so low (FICO 570), you would think that they could get a loan based on their home-equity as security. Unfortunately they don’t qualify for any kind of home-equity loan because they don’t have enough equity in their property (only $4700 so far which isn’t enough for bank approval). This is a very unfortunate situation, and they were forced to try to find a so-called signature loan because they didn’t have any family members or any other forms of credit at their disposal. The good news is, he was approved for the $2500, and they got everything fixed and repaired.

This signature loan was also provided by a private lender in Las Vegas that provides high risk applicants with high cost loans. The fee per $100 was $23.32. The finalized effective APR came to 404%, and the total monies pay back this lender was $3083. The total interest charged on this $2500 loan came to $583, which is of course still very expensive as far as the cost of borrowing goes.

The next problem they had was finding a way to pay off the lender in only three weeks. What they did was sell one of their cars online to pay back the signature loan in full. They just had to learn to make do with one vehicle until they could figure out a way to bring down their monthly expenses, and/or increase their monthly income.

$2500 Signature Loan in Las Vegas – Interest, Principal, Term Length

Table of Data for $2500 Signature Loan in Las Vegas (pre and post app)

Loan Data Loan Values
Principal Sig. Loan Amounts (lenders average) #1 $1600, $1700, $1800, $1900, $2000, $2100, $2200
Principal Sig. Loan Amounts (lenders average) #2 $2300, $2400, $2500, $2600, $2700, $2800, $2900
Loan Principal Finalized $2500
Loan Product Nomenclature Unsecured Signature Loan (USL)
Loan Fee Per $100 (exact) $23.32
Finalized Signing (Effective APR on Loan) 404%
Total Interest Charged By Lender $583
Total Monies Paid To Lender $3083
Lender’s Loan Term Lengths 2 weeks, 3 weeks, 4 weeks, 5 weeks
Finalized Loan Term Length in Weeks 3 weeks
Borrower’s Area of Residence Sunrise Manor, North Las Vegas
Other Areas of Lender Service Northeast Las Vegas, Northwest Las Vegas
City Center of Application Las Vegas
State Nevada
Lender’s Classification Signature Loan Provider
Credit Score (FICO Number) 570

So this sums up these two signature loans from Las Vegas. Both borrowers were approved fairly quickly, and both borrowers managed to pay back all the money that they owed their lenders. We do want to note the nomenclature acronym we will be using for signature loans in the future. You can see this in the title of this publication we used the acronym USL, which stands for unsecured signature loan. After this publication we will be moving onto other States and other Cities in the USA to show some of the different signature loan amounts applied for, and signature loan cost of borrowing, as per the fees for every $100 borrowed (FP100).

Please keep in mind, that this is an expensive form of borrowing and should not be taken on unless you are in some sort of an emergency situation. Please try to find some other method of making ends meet, if you can, before applying for any kind of signature loan. There really is no difference between a signature loan and a payday cash advance, and you should know that right up front.