Current Payday Loans March 2023 in Utah

Do you need money to fix a car, improve your house, or make a big purchase? Regardless of the reason why you are looking for extra cash, the best way to get fast money is to take out a loan. And this will not be a problem if you live in Utah. The cost of living index in this state reaches 110.8, which is higher than the US average.

This means that Utah is an expensive state to live in. Therefore, UT payday loans are quite popular, as residents often take them to cover their expenses. So today, we are going to walk you through all the aspects of Utah payday lending and discuss the pros and cons of cash advances in the state so you can decide whether this option is good for you.

How do Payday Loans Work in UT?

A payday loan is a form of short-term financing that helps you deal with money problems and cover necessary expenses until you receive your paycheck. You can traditionally repay the debt in one payment or installments. Both of these options are available in Utah.

In general, there is nothing complicated about Utah cash payday loans. However, it is important to understand that local lenders provide their services on different terms, so payday loan prices may vary. You still have the opportunity to compare in-store and online lenders and choose the company that offers you the cheapest loans. And so, you borrow money and repay the debt in one lump sum (usually, the day after your paycheck) or equal parts over a certain period. The loan is considered discharged after the last payment.

Payday Lending Terms for Utah Residents

Many people who look for cash advances on the web are wondering, "Are online payday loans legal in Utah?" Payday lending is legal but not strictly regulated in Utah. Although the state government tried to introduce more restrictive practices, their attempts were unsuccessful. The law that governs payday lending in the state is called the Check Cashing and Deferred Deposit Lending Registration Act (Utah Code Ann. 7-23-101 et seq.). According to the law, lenders have much freedom in providing financial services, but they are required to supply borrowers with a copy of the loan agreement with all fees, payment dates, and terms. Let's consider UT payday loans laws in more detail.

• Loan amount. There is no minimum or maximum payday loan amount you can borrow. You are not limited in your decision to get some extra cash. So you can borrow as much as you want, but it's better to avoid large amounts to discharge the debt easier and faster.
• Fees and interest rates. Utah law does not impose any restrictions on fees and interest rates for payday loans. Therefore, lenders expose them at their discretion. Thus, APR for the same-day payday loans UT can be as high as 658%.
• Loan term. The minimum loan term is not specified, and the maximum debt repayment period is 70 days (10 weeks).
• Rollover. Rollovers are allowed on the condition that the term of a payday loan is no more than 70 days or 10 months. On the expiry of this period, rollovers are prohibited.
• Number of outstanding loans. How many payday loans can you have in UT? You can take out as many loans as you need; their number is not limited. Moreover, there is no cooling-off period, which means that you do not have to wait to take out the next loan after you discharge the previous one.

Eligibility Criteria for Easy Payday Loans UT

Although payday loans in Utah are lightly regulated, you still need to meet certain criteria to borrow money. And before you apply, it’s important to determine if you are qualified for a cash advance. Therefore, meet the eligibility criteria for payday installment loans UT and keep them in mind.

• You must be 18 years of age or older.
• You must be a Utah resident.
• Your income must be stable.
• You must have an active bank account.
• If you want to borrow a large amount of money, you must have a good credit history.

Bad Credit Payday Loans in Utah

A great advantage of fast payday loans online Utah is that you can still get the amount you need if you have a low credit score. Unlike title loans, payday cash advances are unsecured and designed to cover urgent expenses. Lenders understand how people need payday loans and therefore grant them even to clients with low FICO scores. This makes Utah check cashing online payday loans even more popular and affordable. The lender can ask for your credit history only if the loan amount is really large.

The Pros and Cons of Payday Loans in Utah

A loan can be a good solution to your financial problem if you choose the best and most advantageous offer. Moreover, each type of loan is suitable for specific purposes. What about a payday cash advance? Is it good for you? Should you apply for a payday loan in Utah? Check out its pros and cons to make a final decision.

Pros of Payday Loans in UT

Fast cash advance has many advantages. To say more, this is one of the most popular loans in Utah. So why might it be useful to you?

Lots of offers to choose from

Almost every lender in Utah offers payday loans. What's more, there are over 430 lending companies, so you have a huge range of offers to compare and choose what you need. You can find Utah payday loans near me at the storefront location or surf the Internet to get cash advances faster. When browsing available loan offers, pay attention to repayment terms, loan conditions, and fees. Moreover, contact only licensed companies. If something arouses your suspicions, it's better to look for another lender.

Super-fast application process and money accrual

This refers to borrowing money from an online lender. And it's a great way to get extra cash if you need to cover urgent expenses. Modern online lending companies offer well-designed web resources with easy navigation and a user-friendly interface. The very process of applying for a loan is clearer and faster than in a bank or store – it will take you up to 5 minutes. Money is credited within 1-2 days. Some lenders grant you instant same-day payday loans online Utah just within 6-12 hours.

Few documents to apply for a loan

Utah laws do not require you to submit a whole package of documents to obtain a payday loan. So, lenders usually ask you to provide a Social Security number, a photo of your ID card, and proof of your income. There is no need to fill out long application forms and make photocopies of any documents. Everything is as simple and convenient as possible.

Flexibility and availability of loans

A payday loan is not intended for any specific financial purposes, and you do not have to give a reason why you are borrowing money. In addition, a payday loan can be really helpful to you. You can use it for a wide variety of purposes. Your air conditioner breaks down during the hottest days of summer? Acute toothache keeps you awake? Late on your rent? Payday loans can cover these expenses. Moreover, installment cash advances are available to anyone who has a stable income; there are even payday loans that accept unemployment benefits in Utah.

No limits on loan amount

Most US states impose limits on the amount of money you can borrow. For example, you will not be able to take out more than a $500 payday loan in Nebraska and New Hampshire. There are also states that prohibit payday lending at all. But if you live in Utah, you have no limits on financial assistance and can get Utah budget UT payday loans for any amount. However, keep in mind that borrowing a great deal of money is not the best idea, as you may find it difficult to pay off the debt with all the charges during a short period.

Cons of Payday Loans in UT

Despite all the advantages of payday loans, they also have some disadvantages. Study them carefully to understand whether it is worth taking out a payday loan in Utah. So, the cons include:

Lenders can sue you for your debt

If you miss a payment and do not repay the debt for a long time, a lender can take you to court to get their money back. Most likely, you will lose the case and may face imprisonment, wage garnishment, or other unpleasant consequences. If the amount of your debt is small, lenders will hardly want to waste their time and money suing you. However, some debt collectors may call you many times a day and threaten you with a lawsuit or wage garnishment to make you pay them back faster.

Payday loans do not help boost your credit

Installment cash advances do not require a high credit score and are granted without credit checks. Therefore, they do not report to the credit bureaus and cannot improve your credit history. Even the best payday loans Utah will not raise your FICO score. If you want to take out a payday loan for this purpose, it is better to consider its alternatives, such as credit cards and small personal loans, the more so as their interest rates are lower.

High interest rates for cash advances

The APR for payday loans in most US states is 365%. But interest rates in Utah can reach as much as 658%! Such conditions are profitable for lenders but not for borrowers. Why is the APR so high in Utah? The reason is that the government does not regulate this aspect of lending in any way and does not set limits on fees and interest rates, so companies do not hesitate to charge you a lot.

Moreover, unscrupulous lenders often use cunning tricks to attract customers and indicate not an annual but a daily interest rate. Thus, a 1.5% - 2% charge seems relatively small, and borrowers happily agree to such loan terms. But then they end up in a debt trap because the total cost of the loan is twice the amount they borrowed. It is also important to note that the APR on payday cash advances is higher than on personal loans, which charge just about 4% - 36% interest. Credit card interest is low too – 12% - 30% on average.