Utah Payday Loans up to $1K

Utah Payday Loans and Cash Advance Laws, Rates and Terms.

Contents:

Utah Payday Loans laws.

Online Payday Loans in Utah.

Bad credit Payday Loans in Utah.

Quick Unsecured Payday Loans in Utah.

Payday loans calculator: rates and fees in Utah.

Payday Loans from Direct Lenders in Utah.

No credit check Payday Loans in Utah.

Utah Payday Loan alternatives.

Utah Payday Loans FAQ. 

Utah Payday Loans laws.

Consumer guide to Payday Lending in Utah.pdf

First of all, Payday Loans are legal in Utah according to Check Cashing and Deferred Deposit Lending Registration Act (Utah Code Ann. 7-23-101 et seq.)¹.  Though there are certain rules which state:

• The maximum amount is not limited.
• The number of simultaneous loans is not limited.
• The maximum repayment period is 70 days.
• There is no limit on interest rates and finance charges.
• The maximum APR is 658%.
• It is allowed to roll over loans, provided that the loan term is no longer than 10 weeks.
• Criminal charges are prohibited².

If you want to file a report or complaint on Payday lenders in Minnesota, address the Utah Department of Financial Institutions³.

Online Payday Loans in Utah. 

Any resident of Utah can apply for a Payday Loan both online and in-store. But, of course, online lending is becoming more and more popular as it has plenty of advantages:

• it gives you a chance to compare a lot of different offers at once,
• you can avoid driving, doing paperwork and waiting in lines,
• applying is free and simple, 
• you have very high chances of approval even with a bad credit score,
• you can find some lenders ready to give you the loan with no credit check,
• it's available 24 / 7.

The process of applying online is quick and simple:

you compare the lenders and choose the one with the best rates and fees;

you fill out the necessary information in the application form

you get the money deposited into your account within 1 business day

you pay off the loan with your next paycheck

Start with the first step - compare the top-rated Payday Lenders online.

Bad credit Payday Loans in Utah. 

Bad credit loan is the type of credit given to borrowers with a FICO score below 640. You usually need at least 600 to qualify for such loan. To get money you may turn to credit unions, family, friends, peer-to-peer lending platforms or use online lending service. When choosing an online lender for a bad credit loan, there are important features to take into account. You can find all these important criteria on COMPACOM.com website, which gives you a unique opportunity to compare companies. Pay attention to:

• Type of lending company
• Credit history and general qualifications
• Co-signer option
• Additional eligibility qualifications
• Employment requirements
• Interest rates and types
• Loan terms
• Fees and penalties
• Repayment options

The types of loans available for bad credit applicants are Payday Loans, Personal Loans and Installment Loans. They typically have higher interest rates and shorter terms than loans offered to people with good credit. You are most likely to get a Payday cash advance as its amount is not very high, $100 - $1000, and the APR on the contrary may exceed 400%. This fact shouldn’t frighten you as due to short (14 - 30 days) term the overpay could be only $1 a day.

Quick Payday Loans in Utah. 

Payday Loans are considered to be fast because:

• it takes only some minutes to apply
• you get instant decision
• the money is deposited into your bank account within a day, or sometimes - an hour.

If you really need money fast consider applying in-store. Check cahsers may give you the cash at once.

The main reasons to apply for a Payday Loan in Utah are:

1. You get the funds fast. Banks take a while to qualify you for a loan. Direct lenders usually guarantee instant approval.
2. You can spend the money on any personal needs you have. 
3. It's possible to find a lender ready to approve you with no credit check. 
4. If you have bad credit score and can't get a loan from banks and other traditional financial institutions, you can always find a direct lender ready to help you.
5. The requirements for a Payday Loan are very simple:

• US residence
• Minimum regular income of $1,000 per month
• Valid checking or savings account with direct deposit
• Phone number and e-mail address (if applying online, you must be able to be contacted via phone if verification of application information is necessary)
• Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
• If applying Online, you must provide a valid Social Security Number
• If applying at Loan Store, you must bring a valid government issued photo ID. A Social Security Number might not be required
• If applying in-store, you must bring proof of income and proof of a bank checking account. Debit cards or pre-printed checks may be accepted in your state as proof of bank checking account; contact your local store for details. Acceptable documents may vary by state.

Short-term loans calculator: rates and fees in Utah. 

The total cost of any loan consists of the principal, interest and additional fees. In Utah rates and finance charges are not limited. Besides, if you default a loan you can be charged with court costs and attorney’s fees. Lenders are allowed to charge a maximum $20 NSF (non-sufficient funds) fee if a check bounces or is returned. In Utah, borrowers are allowed to make partial payments of $5 at no additional charge at any time of the repayment period.

New data show that the average payday loan APR in Utah now is 527.69% compared to 484.76% last year. 

The cost to borrow $100 for 7 days at that new higher average rate is $10.12, up from $9.30 a year earlier — or 82 cents a week more per $100 borrowed.

Some lenders charged as much as 1,564.29% APR during the year, or $30 a week per $100 loaned, the state reports⁴.

To find out how much the necessary amount Payday Loan will cost you may use our calculator.

Payday Loans Direct Lenders in Utah. 

In 2009, Utah had 427 payday loan stores that accounts for about 19.12 stores per 100,000 people. That’s the 9th highest number of payday loan stores per capita in the nation. 

Both online and in-store direct Payday lenders must:

• be licensed and follow the rules set by the Payday Loans Act, 2008;
• include the most relevant information on the first page of your contract: the amount of the loan, the terms of the loan, the cost of the loan;
• never ask for or accept payment by automatic deduction from your paycheck (assignment of wages)
• explain the cost of a payday loan and its possible consequences.

First of all, before choosing a lender do some research, don't apply with the first company you see, be responsible as it can influence your future financial wellness.

• Surf the Internet;
• Use some comparing services such as compacom.com;
• Read the customers' reviews, etc.

Before signing an agreement with a lender find out:

• if he is licensed;
• if he follows all the state's rules and regulations concerning amounts, terms and fees for Payday Loans;
• if he promises and guarantees too much or seems too good - keep in mind that several loans at a time, no credit check loans, garanteed approval are more likely to be a myth;
• if he has a safe website and protects your personal information.

When you do sign an agreement with the lender you've chosen don't forget what the Utah law says about it:

• the agreement must contain the name and address of the lender and his office, the name of the lender's representative who signed the agreement, a clear description of the agreement including the date of the loan, the amount, the loan term, and the transaction number.
• there mustn't be any prepayment fees, 
• no additional guarantor can be required,
• the money should be provided in the form of cash, other forms are allowed only with the borrower's agreement,
• a borrower should get the copy of this agreement 

No credit check Payday Loans in Utah. 

To find the lender ready to approve you for a Payday Loan without credit check is hard but possible. But you must understand that the fees for such cash advance may be higher than usual as it's more risky for the lender. So consider getting a loan with at least soft credit check. It'll make the process more safe for both you and the lending compeny and the loan will be cheaper. Still it won't damage your credit history.

Utah Payday Loan alternatives.

The annual report by the Utah Department of Financial Institutions also has encouraging news about payday loan customers: They are borrowing less, and 1 in 8 now take advantage of state-mandated programs that allow them to enter into interest-free, extended-payment programs to avoid default³.

If for any reason you want to avoid getting a short-term Payday Loan - consider the following alternatives:

• Installment Personal Loans - they are cheaper and repaid over a longer period of time;
• State Assistance Programs - if you are the resident of Utah and have a low income you are eligible to get some help from the Government;
• Ask your family or friends for help - it may sound embarassing bt they usually don't charge any interest and fees for giving you the money. Just keep in mind, you 'll have to pay it off all the same;
• Apply for credit counselling fron non-profit organisations;
• Plan your budget more carefully, save money, or earn some extra money.

FAQ.