Cash Advance and Payday Loans in Utah
Only a handful of states don't impose legal limits on cash advances, and Utah is one of those states. Unfortunately, the average interest rate for cash advances in Utah is higher than in other regulated states because of the lack of regulations. Still, a cash advance in Utah can be a viable solution for short-term financial needs, provided you don't get caught in a debt trap. Read on to learn more about Utah cash advance laws. Use our loan request form if you'd like to get the ball rolling on a loan request.
Utah Cash Advance and Payday Loan Regulations
Utah has nearly no regulations on cash advances or payday loans. There is no minimum or maximum amount set for cash advances in Utah, but however much you take out, you must repay within ten weeks. There is also no limit to the finance rate and fees that a lender can charge you. As a result, Utah has one of the highest APR amounts in the country, at 658%.
Rollovers are not permitted in Utah, but there is no limit on the number of loans a borrower can obtain. Additionally, there is a one day cooling off period between loans.
To find more information about payday loan regulations in Utah, visit the Utah Department of Financial Institutions.
Utah Cash Advance Lenders by City
To make your search for a lender in your area easier, we've compiled a list of local cash advance lenders in Utah's top five major cities:
Salt Lake City- Check City, Dollar Loan Center, Loans for Less
West Valley City- Money 4 You Installment Loans, 1st Choice Money Center, Check City
Provo- 1st Choice Money Center, Check' n Go, Utah Title Loans Inc.
West Jordan- Money 4 You Installment Loans, Check City, Daily Loan Center
Orem- LIQUID LOANS, 1st Choice Money Center, LendNation
How to Get a Payday Loan in Utah
There are several ways to get a payday loan or cash advance in Utah. Since Utah doesn't impose strict regulations, there are many lenders with storefronts throughout the state and online.
Online lenders are one of the easiest ways for Utah residents to secure a loan. These lenders may be an option for borrowers with lower credit scores. Although lenders may run a credit check, it may not be the sole determination of whether they may offer you a loan. Often, payday lenders consider other factors that indicate your ability to repay the loan, such as a source of steady income.
Online lenders typically have a quick response rate. Once the initial application form is filled out and sent in, most companies may approve or deny the loan within just minutes. Some may require the borrower to speak with a representative. If approved, the funds can be transferred in as little as one business day.
Installment Loans in Utah
Because there is no maximum loan amount imposed by state law, Utah residents can borrow a lot of money in payday loans. Borrowers considering taking out a large loan may want to request an installment loan. Installment loans differ from regular payday loans and are repaid in equal monthly payments. Many consumers find that installment loans offer greater flexibility for repayment than traditional payday loans. Often, installment loan terms stretch up to one year. However, beware that it is still possible to get caught in a debt trap if you miss a payment, so carefully consider whether you can afford to take out a sizable installment loan before you do so.
Installment Loan Regulations for Utah
Installment loans fall under the same regulations as regular payday loans in Utah. The loan amount, minimum term, number of rollovers, and finance charges are at the lender's sole discretion. The only fixed regulations are that the loan term cannot be more than 70 days (rollovers not included), and the APR cannot exceed 658%.
Requesting Title Loans in Utah
Utah residents can also consider taking out an auto title loan. Title loans are small-dollar, short-term loans that borrowers obtain against their vehicle's title. This means that the title to a vehicle is used as collateral. Loan amounts typically range from 25% to 50% of the car's value.
To request a loan from a title loan company, you may need to go through an application process like regular payday loans. After signing a loan agreement, you may transfer your car's title to the lender. You may receive the car title back once the loan is repaid. Lenders are legally entitled to repossess the vehicle if the borrower is unable to repay the loan.
Like payday loans, title loans can be used for several short-term cash emergencies such as:
Unexpected medical costs
Unpaid utility or rent bills
Unforeseen home or vehicle repair costs
Emergency child-related expenses
Car Title Loans Laws in Utah
Title loans are permitted in Utah, and there are lenient regulations regarding rate caps and loan amounts. To find out more about title loans in Utah, residents can refer to the state's lending statutes.
Potential borrowers should keep in mind that shorter-duration funding can come with its risks too. The Annual Percentage Rate or APR for title loans can be as high as 300%. This comes out to monthly interest charges of around 25%. Title loans are also risky because borrowers use their vehicle's title as collateral. The Consumer Finance Protection Bureau found that one out of every five title loan borrowers lost their car to repossession for failing to repay their loans on time.
Title Loan Requirements
Consumers who can afford a title loan can complete a request at a storefront lender or online. Applicants typically need to present the following information:
Clear vehicle title
A valid form of identification
Proof of income
Proof of residency
In some cases, lenders may require a valid registration of the vehicle being borrowed against
Utah is a landlocked state, but residents don't need to feel limited when it comes to finding financing. Since 2015, we have helped over a million consumers connect with lenders. To get started with your search, complete the loan request form on this page.
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