Current Payday Loans June 2023 in Utah
Current Payday Loans June 2023 in Utah

Current Payday Loans June 2023 in Utah

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Lender
Details
LoanSolo
LoanSolo
9 / 10
lender.amount
$3000
APR
1.39-3.4%
lender.term
1-3 years
Pros
  • Ease of use.
  • Simple application process.
  • Large number of trustworthy lenders.
  • No fees.
  • Flexible loan terms.
  • High security.
Cons
    Not available in some state.
    Small maximum amount to borrow.
    No pre-qualification.
LoansAngel
LoansAngel
9 / 10
lender.amount
$2000
APR
4.99-20.49%
lender.term
2-4 years
Pros
  • Long-lasting presence online.
  • Good standing.
  • Customized offers based on applicants' individual needs.
  • A convenient website with easy registration.
Cons
    Not a direct lender.
    LoansAngel hides the WHOis information.
    The FAQ section could be more extensive.
Indylend
Indylend
10 / 10
lender.amount
$3000
APR
4.99-19.63%
lender.term
2-6 years
Pros
  • Free to use.
  • Website's good quality and intuitive navigation.
  • Updated SSL encryption.
  • They don't check financial health.
  • Flexible conditions for different borrowers.
Cons
    Sometimes, customers have to wait for money for up to two days.
    Text messaging spam.
Greenlight Cash
Greenlight Cash
10 / 10
lender.amount
$3000
APR
4.37-24.99%
lender.term
1-2 years
Pros
  • Accepts first-time credit applicants.
  • Loans can be funded one business day after the borrower agrees with a loan offer.
  • Credit card consolidation loans provide direct payment to creditors.
  • Borrowers can select and adjust their payment date.
Cons
    An origination fee may be charged.
    Borrowers can only select between two repayment terms.
    There is no debt management mobile app.
Funds Joy
Funds Joy
9 / 10
lender.amount
$500
APR
4.99-19.99%
lender.term
2-4 years
Pros
  • One-stop solution for finding all lenders.
  • Easy 10-minute process.
  • Fast transfers.
  • Easy to navigate for new users.
Cons
    Not a direct lender.
    In case of late payments, Funds Joy will report a lower credit score to the credit agency.
    A borrower must earn at least $800 per month to be eligible for a loan.
Extralend
Extralend
10 / 10
lender.amount
$1000
APR
4.99-29.99%
lender.term
2-5 years
Pros
  • No additional fees.
  • Rates are competitive among available internet loan lenders.
  • Provides a 0.5 percentage point rate reduction for setting up autopay.
  • Satisfaction-guarantee service.
Cons
    There is no pre-qualification option on its website.
    Some lenders may ask for several years of credit history.
    ExtraLend isn't the direct lender, which makes the process lengthy.
Payoff
Payoff
6 / 10
lender.amount
$250
APR
5.99-24.99%
lender.term
2-5 years
Pros
Cons
Best Egg
Best Egg
7 / 10
lender.amount
$1000
APR
5.99-29.99%
lender.term
1-5 years
Pros
Cons
Upstart
Upstart
8 / 10
lender.amount
$1000
APR
4.37-35.99%
lender.term
3-5 years
Pros
Cons
SoFi
SoFi
6 / 10
lender.amount
$200
APR
4.99-19.63%
lender.term
2-7 years
Pros
  • The Company provides commission-free American stock and EFT trading without inactivity and withdrawal fees.
  • The process of creating an account is seamless, digital, and quick.
  • The support center offers relevant and helpful answers.
Cons
    The Company is only available to American residents.
    There are limited products.
    The research tools are not advanced.
LightStream
LightStream
6 / 10
lender.amount
$1500
APR
4.49-20.49%
lender.term
5-10 years
Pros
Cons
Wells Fargo Personal Loan
Wells Fargo Personal Loan
7 / 10
lender.amount
$500
APR
5.74-19.99%
lender.term
2-8 years
Pros
Cons
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If you're facing an unexpected expense, such as car repairs, home improvements, or a major purchase, you may need a loan to cover the costs. Fortunately, if you live in Utah, you have access to payday loans, which can provide you with quick cash. This is particularly useful in Utah, where the cost of living index is 110.8, higher than the national average. Payday loans are popular in Utah, with many residents relying on them to cover their expenses. However, before you take out a loan, it's important to understand the pros and cons of payday lending in the state. In this article, we'll explore everything you need to know about Utah payday loans, so you can make an informed decision about whether this is the right choice 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

Payday loans in Utah have certain eligibility criteria that you must meet to qualify for a loan. Here are the requirements:

  • You must be at least 18 years old
  • You must be a resident of Utah
  • You must have a stable income
  • You must have an active bank account
  • For larger loans, you must have a good credit history.

It is also important to keep in mind that payday loans come with high interest rates and fees, so it's crucial to only borrow what you can afford to pay back on time. Additionally, Utah law limits the amount you can borrow, depending on your income.

Bad Credit Payday Loans in Utah

Payday loans in Utah have the advantage of being available even if you have a low credit score. Unlike title loans, they are unsecured and designed to cover urgent expenses. Lenders are willing to grant them even to clients with low FICO scores because they understand how people need payday loans. This makes Utah check cashing online payday loans even more popular and affordable. However, if you want to borrow a large amount of money, the lender may check your credit history.

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. 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 before borrowing money.

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

In Utah, the APR for payday loans can reach a staggering 658%, compared to the average of 365% in most other US states. This is due to the lack of government regulations on fees and interest rates. Unscrupulous lenders often use daily interest rates to trick borrowers into agreeing to seemingly small loan terms, but end up in a debt trap with the total loan cost being twice the amount borrowed. It's worth noting that the APR for personal loans ranges from 4% to 36%, and credit card interest rates average between 12% to 30%. While payday loans can be a quick solution to urgent expenses, their high interest rates can cause long-term financial damage. Therefore, it's essential to carefully consider all loan options, read the fine print, and choose the most favorable terms before borrowing.

It's crucial to carefully consider the cost of a payday loan in Utah before taking out one. Alternative options like personal loans, credit cards, or borrowing from family and friends may have lower interest rates and fees. Borrowers should also read the loan terms and conditions carefully and make sure they understand all the fees associated with the loan to avoid falling into a debt trap.

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in Utah
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Frequently Asked Questions

  • The cost of a payday loan includes the loan amount plus APR and is easily calculated. For example, if the APR is 658%, then the daily interest rate is 658/365 = 1.8%. If you pay biweekly, your installment is 1.8%*14 = 25.5% of your loan amount. That is, if your loan is $1 000, then 25.5% is equal to $225. So your installment will be $200+$225 = $425. Full loan cost is $425*5 = $2 125.
  • You must be an adult Utah resident with a stable income and an open bank account to apply for instant payday loans UT. Moreover, you must provide some documents such as an ID card, proof of your income, and a social security number. The documents may vary depending on the lender.
  • Absolutely. You can repay a payday loan before its due date without any fees or penalties. What's more, you are even offered a discount on a percentage of your loan fees if you discharge the debt earlier.
    • You should be a citizen for the united states of America.
    • Your bank account has to be legitimate. The funds transfer will be quick, and also you can not receive it lacking any account.
    • Your income that is monthly must stable and also at least $1000. That guarantees as you are able to properly pay off also the maximum sum that payday loans in Utah can give ($500).
    • If you have ever filed for bankruptcy, you are not qualified to get payday loans in Utah.
    • A phone is needed by you number that allows the provider of payday loans in Utah to contact you if needed.
    • Additionally you need an email target for contacting purposes.
    • You can not get payday loans in Utah if you're under 18 years old.
    • Payday loans in Utah get given to just individuals with a appropriate residency in hawaii. Plus, you'll want to prove which you live during the address you put down within the application.
  • Utah law allows you to extend your loan's due date multiple times. However, the total repayment term of your cash advance must not exceed 70 days or 10 weeks. Further rollovers are not allowed.
  • There are several options on how you can repay online payday loans UT:

    • Automatic money withdrawal from your bank card
    • Cash or certified check at one of the stores
    • Certified check via mail
    • By phone using your debit card