If you need a payday loan, make sure you know the laws before you borrow
If you’re short on cash and looking to borrow a small amount of money, you may be considering a payday loan. Payday loans have specific rules when it comes to how long you can borrow. Our guide helps you learn the ins and outs of payday lending in Utah.
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- Minimum loan amount: $200
- Maximum loan amount: $1,000 (unless otherwise stated)
- Turnaround time: As soon as 1 business day, depending on your bank’s policies
- Loan term: Varies by state
- Good credit not required
- Confidential and secure
- Must have a valid bank account, phone number and email address
- Must be 18+ years old and have a regular source of income
How do payday loans in Utah work?
Utah Code Ann. 7-23-101 et seq., the Check Cashing Registration Act, governs the operation of all payday lenders in Utah. To provide payday loans to residents of Utah, a lender must register with the Utah Department of Financial Institutions. This rule applies to out-of-state lenders that wish to provide online payday advances in this state and in-state storefronts alike.
Utah law doesn’t specify the maximum you may borrow, but you are limited to a total loan term of ten weeks. You’ll have to read your loan contract very carefully when determining how much you’ll be required to pay because there is no limit on financing fees, charges or total APR in Utah.
Direct payday loan lenders in Utah must permit borrowers to make partial payments in increments of $5 at any time before the loan term expires at no additional charge.
You have the right to cancel a loan before 5 p.m. on the business day following when you received the loan.
Here are some lenders you can check out when looking to apply
Check the websites of any providers you’re interested in to confirm they operate in Utah.
Here’s what you’ll need to apply
Before you apply, you’ll need to have a regular source of income, be an American citizen or permanent resident and at least 18 years old.
If you meet those eligibility criteria, you’ll be able to apply most anywhere that lends payday loans. While all applications differ, they will require you to provide personal details about yourself, your bank account and your employment status. This can include your Social Security numbers, information from an ID and your employer’s contact information.
What are some other short-term options I could consider?
Baby Your Baby and the Home Energy Assistance Target (HEAT) Program are two assistance programs offered by the state of Utah to help with expenses. There may be others, so do your research before taking out more debt. It’s better to find help through a local program than to find yourself trapped paying for loans you can’t afford.
You may also want to ask family and friends for help, get a credit card cash advance if you can and seek credit counseling. These are cheaper ways to deal with your financial problems and can help you build better habits to avoid being stuck in debt in the future.
When you’re stuck trying to afford regular bills and extra debt, a payday loan could be what you need to make it between paychecks. Knowing the laws in Utah and budgeting for the total cost will help you avoid further debt. Keep in mind that these are high-cost forms of credit and you should consider other options before settling on a payday loan.
Have any more questions about Utah payday loans?
How many times can I rollover a payday advance in Utah?
While Utah law doesn’t specify the number of times you can roll over a payday loan, your loan term can’t extend beyond ten weeks of the loan’s start date.
How long do I have to wait between payday loans?
Utah law requires a cooling off period of one day between payday loans.
Can I get a repayment plan if I can't make my payment?
Yes. Once per 12-month period, you can have a repayment plan of 60 days. Lenders can’t charge you an extra fee for this, and you must pay back the outstanding amount of your loan over four equal installments.
How many loans can I have out at one time?
There is no limit to the amount of payday loans you can have at a single time.
I want to file a complaint about a Utah payday lender. Who should I contact?
You should get in touch with the Utah Department of Financial Institutions.