The Best Loans in Utah 2022: Compare Loan Rates

Online Loans in Utah

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.

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

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.

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.