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If you need a payday loan, make sure you know the laws before you borrow

When you have unplanned expenses and are on a tight budget, a payday loan could be helpful. Payday loans, a type of short-term loan, give you quick access to money when you need it. Read on to find out about the laws in Utah and everything else you should know about how payday advances work.

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Chime SpotMe®
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Chime SpotMe®
Up to $200
Same day
Single qualifying $200 direct deposit into Chime checking account in the last 34 days.
Access fee-free overdrafts up to $200 when eligible. Plus get your paycheck up to 2 days early with direct deposit. See Chime terms and conditions.
EarnIn
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EarnIn
Get up to $100 per day or $750 per pay period.
1 to 2 business days, or in minutes with Lightning Speed.
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest, and no credit checks. Subject to EarnIn terms & conditions
Cleo
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Cleo
$20 to $250
3 to 4 days standard transfer. Same day with $3.99 express fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Albert
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Albert
Up to $250
2–3 business days or instant for a fee
Checking account 2+ months old receiving direct deposit, 2+ months working for the same employer, positive account balance, most recent paycheck was on-time, funds still available in bank account 24 hours after most recent payday.
Get up to $250 overdraft protection if you sign up for Albert's banking app.
Brigit
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Brigit
Up to $250
1 to 3 business days or instant with a fee of $0.99 to $3.99, or a $9.99/mo. subscription with small fee, or free with $14.99/mo. subscription.
Bank account must have at least 60 days of activity, Balance must be above $0 and have an average minimum balance on pay day
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
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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.

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’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.
Our page on payday loan alternatives should help you find other options

Bottom line

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 roll over 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.

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