Learn about the intricacies that surround payday lending in Utah.
If you’re short on cash and looking to borrow a small amount of money, you may be considering a payday loan. Payday loans, also known as cash advances or short term loans, have some specific rules that govern your borrowing. Take a look through this guide to learn the ins and outs of Utah payday lending.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
Are payday loans legal in Utah?
Payday loans are legal in Utah. Utah Code Title 7, Chapter 23, cited as the Check Cashing Registration Act, governs the operation of all payday lenders in Utah.
As per law, 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, without charging additional fees. As a borrower you have the right to rescind the loan without incurring any charges, provided you do so before 5 p.m. on the business day following the day you received the loan.
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.
Consider these lenders for a short term loan in Utah
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
How a Utah payday loan might be useful to you
Here’s why you might consider getting a short term loan in Utah:
- Options aplenty. Online payday loans in Utah are easy to find. If you prefer dealing in person, you get to choose from several lenders that operate out of storefronts. If you don’t want to go through the process of narrowing down a suitable lender, you can leave the hard work to a loan matching service, free of charge.
- Quick and easy process. A typical payday loan application takes around five to 10 minutes to complete. When you apply for a cash advance online, you can get your money by the next business day. Applying in-store can give you access to the required funds almost right away.
- Use funds in any way. What you do with the money you get through a payday loan is basically up to you, as long as you use it for legitimate purposes. You can use it to travel, pay bills, repair your car or get by after a momentary setback.
- Apply with poor credit. If you have poor credit, getting a conventional loan can be a challenge. With payday loans, having a regular job and demonstrating an ability to repay is considered, rather than your creditworthiness.
How much a payday loan might cost in Utah
Here’s what you need to know about the costs involved in getting a Utah payday loan:
- Maximum finance rate and fees. Utah payday lending laws don’t set any limit on the interest or fees payday lenders can charge. However, the law requires that a payday lender should present a complete schedule of all applicable fees through the loan contract.
- Rollover fees. While you can rollover your Utah payday loan, the law does not specify any limits on rollover fees. You can find out how much a lender charges by going through its loan contract.
- Collection fees. The state’s payday loan laws don’t specify any limitations on collection fees. You should find a mention of these in the loan contract.
Ready to apply? Here’s how
Applying for a payday loan in Utah is simple. You can submit an online application or apply by visiting a lender’s storefront. In both cases, meeting these eligibility criteria is crucial:
- You should be at least 18 years of age
- You should be an American citizen or a permanent resident of the US
- You should have a regular source of income
To complete your application successfully, prepare to submit some basic information:
- Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Important information about payday loans
While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.
Have any more questions about Utah payday loans?
What is the maximum loan term of Utah payday loans?
The maximum loan term of payday loans in this state is 12 weeks.
How many times can I rollover a payday advance in Utah?
While the law does not specify the number of times you can rollover a payday loan, you cannot rollover your loan, in part or whole, beyond 12 weeks from the date of the loan’s execution.
I wish 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.