Payday Loans in Utah
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Emergency expenses are scary if you don’t have the extra money. The fear and worry of your electricity or heating getting cut off, or a loved one getting sick is a lot to handle. Fortunately, you have options for your financial needs. If you are a resident of Salt Lake, Ogden, Provo, Park City, or any other city in Utah, you can avail online payday loans without any cap on the loan amount. Additionally, you can receive the money in your account on the same day. No need to wait for your next paycheck! LenderMill can connect you to an online lender and get you approved in minutes without worrying about bad credit or poor credit history.
Why Choose LenderMill for Your Personal Loan in Utah
LenderMill is not a payday lender but a free service that connects borrowers to lenders looking for payday cash advances, short-term loans, and other loan products. While many things set us above the competition, here are four major reasons why our customers go to us versus other financial institutions in Utah.
| Simple Application | Friendly Service | Open for Low Credit Score | Fast Approval |
|---|---|---|---|
| Apply online by filling out the form and receive a quick response from us. | We cater to any type of customer. We will make sure we find the best match for your needs. | Having a bad credit score or experiencing credit difficulties does not prevent you from getting approved. We can help you find payday loans. | Once you meet the requirements and get approved, your money will be transferred into your account within one business day. |
How To Apply for an Online Payday Loan in Utah
- Loan Application. Fill out our online form with the required information, including your name, address, phone number, existing income, and the amount you want to borrow. After completing, hit the submit button and wait for our call the same day.
- Loan Verification. We will verify the information provided in your loan request. Loan processing and approval are fast and completed within one business day.
- Lender Matching. Once we verified all your information, we will match you with a lender that has low-interest rates and competitive repayment terms.
- Loan Approval. The lender will review your application and conduct a soft credit check before approving your loan application. If approved, the lender will deposit the funds into your bank account within one business day.
Are Payday and Unsecured Loans Legal in Utah?
Yes, payday loans are legal. Utah is one of the more lenient states in the country when it comes to personal loans. According to a report from the Office of the Legislative Auditor General of the State of Utah, the state has the fewest restrictions when it comes to payday and personal loans. So, if you’re a Utah resident, there is no limit to how much you can borrow. Furthermore, a lender cannot sue you for non-payment. Payday loans in the state are regulated by the Check Cashing and Deferred Deposit Lending Registration Act.
Is LenderMill a Direct Lender?
Lender Mill is not a lender—we connect customers with trusted and reputable loan institutions in the state. Our role is to match you with lenders operating within the laws. We will help you find a lender with the best interest and repayment terms. We have a large network of registered loan companies that offer an unsecured loan, payday loan, and personal loan. All the payday lenders in our network are certified under the law of Utah to offer credit to the residents.
How Much Are the Fees if I Use LenderMill?
All our services are absolutely free! We do not charge borrowers to use our platform. When you pass your loan application, we will review and match it with a lender in our network. Our goal is to allow everyone to find loan companies that offer the lowest interest rates, competitive repayment options, and a flexible loan term.
How Do I Get My Loan Approved?
When applying for a payday or installment loan, you need to have existing income and a checking account. Savings or prepaid accounts are not accepted because you have to issue a post-dated check or allow the borrower to directly take the money from your checking account during the payment date. If your check bounces, the lender is allowed to charge up to $20 as a penalty.
Can I Still Get Approved if I Have Bad Credit?
We will connect you with a certified lender that will give you access to short-term personal loans or a signature loan. If you have a bad credit score, you might not be able to get money from traditional lenders, like banks. But we will do our best to find a lender who can provide the best loan options and repayment terms.
Can I Get No Credit Check Loans?
Yes. Lending organizations usually do a soft credit check for small-dollar personal loans.. However, not having a regular source of income can greatly affect your application. You might also receive a loan amount lower than what you are borrowing. So, make sure you have the documents to have your payday loan processed faster.
What Are the Costs Associated With a Payday Loan in Utah?
The annual percentage rate (APR) of a secured loan or personal loan in Utah is flexible and can reach up to 658%. The number of finance charges is also not specified because the interest rate depends on the type of loan you have.
To protect borrowers, Utah only allows a maximum of 10% interest rate. Any charges beyond that are considered a felony. Below is an example calculation of different payday loan amounts in Utah, including the APR and finance charges:
| Loan Amount | Finance Charge for a 7-Day Term | Finance Charge for a 14-Day Term | APR |
|---|---|---|---|
| $300 | $26.70 | $53.40 | 464.07% |
| $400 | $35.60 | $71.20 | 464.07% |
| $500 | $44.50 | $89.00 | 464.07% |
In some cases, a payday loan of $300 can reach an annual percentage rate of up to 521% provided you pay the complete loan amount within 14 days.
How Fast Can I Get My Payday Loan?
If you can submit the required information and pass the soft credit check, you’ll get the same-day approval and receive the money in your bank account within 24 hours.
Can I Apply for More Than One Payday Loan in Utah?
As mentioned, Utah has one of the most lenient regulations regarding loans. You can secure another payday loan even if you still have an outstanding loan. Since July 2020, lenders do not have to check whether you can pay back a loan. Nevertheless, evaluate your finances so you won’t fall into a debt trap.
Do I Need Collateral When I Borrow?
No, you don’t need collateral when you secure personal loans, but you must have a checking account before the payday lender approves your loan. You cannot have a credit line with any financial institution if you don’t have a checking account. Also, note that loan companies do not accept prepaid or savings accounts. Before you get approved, you have to issue a post-dated check to the lender. In the event your check bounced or returned, finance institutions are allowed to charge a maximum amount of $20.
What if I Cannot Repay on the Due Date?
The loan regulations in Utah favor customers so they can both borrow and repay their loans easily. The law allows borrowers to pay as low as $5 with no additional fees at any time of the repayment period. Moreover, you can also roll over your loan and pay it on the next payday. There are no specific limitations as to how many times you can do this but the maximum loan term is up to 70 days or ten weeks.
In addition, loan companies give discounts if you can make timely payments. You’ll be able to keep the interest rate at a minimum as well. Most of all, your credit score will increase, resulting in a better credit profile.
What if I’m Unable to Repay My Payday Loan?
Utah law does not allow a lender to take criminal action against a borrower. More so, lenders do not report payments to the major credit bureaus like TransUnion, Equifax, and Experian. Nonetheless, if you fail to pay and default on your loan, they can send your account to collections. This can greatly affect your credit score and become someone with a bad credit reputation.
Also, failure to make a payment on time will incur high-interest rates. A longer loan term might be much easier to pay but the interest rate also increases. Therefore it is advisable to have a shorter loan term and make an early payment so you build your credit.
What Is the Statute of Limitations on Payday Loans?
The statute of limitations on signature loans and other similar loans is six years from the time you made your last payment. This mechanism protects you from being sued by a lending company if you failed to pay a loan.
However, this does not mean that you are debt-free after this period. It simply means that you will not be taken to court. Take note that even though there won’t be any legal case against you, the creditors can still try to collect the loan amounts you borrowed.