How to Compare Loans in Utah
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Consumers in Utah who are facing a financial crisis have various lending options at their disposal. The first option is to obtain a Utah payday loan.
These types of loans often have minimal requirements and are meant to be short-term.
Another type of Utah personal loans available in the state is installment loans. These are paid back over a longer period of time in equal monthly installments.
The Utah Department of Financial Institution regulates the financial institutions found within this state including banks, credit unions, and payday lenders. Learn more about the lending situation in Utah below.
The Advantages of Online Utah Loans
Online Payday Loans in Utah
Utah’s cash advances are limited to a period of 10 weeks. There aren’t any restrictions on the sum of a loan a borrower may take and the loan may be rolled over several times as long as the loan term does not exceed 10 weeks.
There are certain regulations a lending company in Utah must follow so that they can keep doing business in the state:
- Pay the registration fee
- Supply the facts required, such as the full rundown of all fees
- Supply a written agreement to the client
- The client should be well informed of the payment dates, terms, and all fees
Utah Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 658% |
| Max. Loan Amount | No Limit |
| Min. Loan Term | Not specified |
| Max. Loan Term | 70 days (10 weeks) |
| Number of Rollovers | Not specified |
| Cooling-off Period | 6 years |
| Statute of Limitations | Yes |
Payday Loan Restrictions in Utah
Although payday loans in Utah have no maximum amount, Utah has specific laws for lenders when it comes to payday loans:
- The maximum time period a payday cash advance may be taken is 10 weeks.
- It is allowed to roll over loans, provided that the loan term is no longer than 10 weeks.
- There aren’t any restrictions with regard to interest rates and finance charges.
- Utah has no set limit to a maximum loan amount.
- There is no limitation to the number of loans that a person can apply for.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Lending Interest Rates in Utah
The state of Utah is pretty much an open season to the borrower since there is no limit on how much interest can be charged.
Critics have said that this practice leads to huge APR’s and forces a borrower to take out multiple loans to cover defaults.
Utah interest rates are determined by various factors, among them a borrower’s rating. If an applicant’s credit rating is poor, there will be a higher interest rate charged.
However, other types of loans in Utah such as installment loans or title loans will still attract a high APR regardless of whether the rating is good or bad.
Although cash advances in Utah have no limit on APRS, the state has capped the interest rate on bank loans at 10% per annum in the absence of a contract specifying a different rate.
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Compare Utah Loans at Financer.com
Financer.com helps you compare the best personal loans in Utah and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Utah and take the guesswork out of doing all the legwork yourself.
Utah Loans - FAQs
Are payday loans legal in Utah?
Yes. Payday loans are legal in Utah and there is no maximum loan amount limit. The maximum loan length is 10 weeks.
How much will Utah loans cost?
The cost for online payday loans in Utah will vary by lender. However, the maximum APR allowed in Utah is 658%. This can often include fees plus the interest rate.
Example: A $500 loan for 31 days with a 210% APR will have a total of $88 in fees, with a total payback amount of $588.
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