How to get a Payday Loan in Utah: a Complete Guide
If you get into an unexpected financial problem but you do not have anyone to turn to, a payday loan might be your only way to urgently get some cash. Using an independent lender, you can easily get a payday loan in Utah within one day. In some cases, quick extra money can save a person with a bad credit history. If you got into trouble but your credit score leaves much to be desired, you can always get a payday loan. However, how exactly do this type of crediting works in Utah?
Decades ago, payment loans were supposed to be returned as soon as the borrower gets their next paycheck (that is why they called so). The amount was very small and rarely exceeded 500 dollars. The average repayment period for this kind of loans usually was limited to four or five weeks. However, a modern payment loan is just an unsecured short-term loan with a repayment period as long as a year (in some states). The amounts for payday loans in Utah range from 50 to 1,500 dollars depending on the lender.
Just like in any other state, Utah payday loans are very expensive and overly risky. The vast majority of big financial institutions is not interested in them because of that. However, there is a myriad of independent lenders who give out small and quick loans Utah to individuals and small companies. Pretty much anyone can easily take a payday loan in Utah regardless of their credit history. Wondering, how can you do that? We are here to help! Read our short guide to learn everything about Utah payday loans online.
Crucial things to know about payday loans in Utah
Every payday loan company in Utah has a list of general requirements for potential borrowers. Every applicant must meet these requirements in order to be eligible for a loan. You will not be able to take a Utah payday loan online otherwise! So, what are those requirements?
To be able to take payday loans in Utah with no credit check, you have to:
- Have a proof or regular income;
- Have a valid ID (driver’s license or passport);
- Be 18 years old or older;
- Be an American citizen (or permanent resident).
Additionally, some Utah payday loan companies might ask you for banking information. Remember that most of them decline applicants who fail to deliver all the necessary documents. Bigger financial institutions (especially traditional banks) conduct a hard credit check, as we as an affordability check on every potential borrower. They will not give out a loan to a person with a low credit rating. Unless the lender is completely sure that an applicant can afford to take a loan, they will never approve it.
Thankfully, there are many Utah payday loans companies with softer requirements. In case if your credit score is bad, you should be able to find an independent lender that will agree to lend you some money. Nevertheless, do not forget that it is very risky. Most trustworthy loan places in Utah do not give out money to strangers until they conduct at least a soft credit check on them. Keep that in mind when taking a significant unsecured loan from an independent lender. You might get yourself into severe financial troubles if you fail to repay the debt in due time.
What are Term and Conditions for Payday Loans in Utah?
From the legal perspective, there are no strict restrictions for payday loans in Utah in comparison to the rest of the United States. There is no set limit for a maximum loan amount, which means that financial institutions can give out as much money as they want without any restrictions. As to interest rates and finance charges, there are some limits. According to interest rate laws of Utah, the maximum rate is 10%. Exceeding this amount requires a valid contract between the two parties. In other words, lenders are not able to charge more than 10% without a contract. It makes payday loans with no credit check in Utah much less dangerous than in some of the other states.
Different loan companies have different annual percentage rates and servicing fees. In case of no credit check loans in Utah, these rates are usually very high. As to repayment periods, it varies from several days to 70 days (the pay structure depends on the amount of a loan). Since there are hundreds of Utah loan centers, there are no universal term and conditions. Before signing a contract with a loan company, carefully read it to make sure that interest rates, fees, and the repayment period satisfy you. Usually, this information is available on the official website of a lender.
How much money can you borrow from loan Utah companies?
As we have already mentioned above, there are not any restrictions regarding the maximum loan amount in Utah. Therefore, technically, it is possible to borrow even a large sum of money in this state (if you can afford). That does not mean, though, that every independent lender would give out millions of dollars to strangers. Do not expect them to approve a huge loan without a hard credit check. They will thoroughly check your personal data, credit history, financial documents, and other information to be completely sure that you can afford to take a large sum of money.
On average, most applicants can easily get payday loans online in Utah ranging from 100 to 1000 dollars. Some of the independent lenders are ready to lend even more money, but overly high interest rates make this kind of deals extremely unfavorable for borrowers. If you need to take more than a thousand dollars from a loan company with a cash advance in Utah, make sure that you will be able to return it in time. Otherwise, you might lose a lot of money and get yourself into a horrific debt cycle.
What are the minimum requirements to apply for Utah payday loans?
Despite the fact that loan centers in Utah have different terms and conditions, the list of requirements is usually identical. Every borrower has to provide the following personal information when applying for a Utah loan:
- Real name and surname;
- The correct date of birth;
- Valid ID (driver’s license or passport) and SSN;
- Correct postal address;
- Correct telephone number;
- Proof of a stable income source.
Some lenders might also ask for your employer’s contact information and banking details. However, if you are taking a small Utah payday loan below 500 dollars, most financial companies will approve your application without any additional information.
How to find a reliable payday loan company in Utah?
If you want to minimize risks associated with short-term payday loans, you must take a thorough approach to choose your Utah payday loan company. Here are some tips that will help you find a trustworthy lender:
Make sure that your lender is officially licensed
According to the federal laws of the United States, every lender (including online payday loans companies) in Utah needs to be licensed and regulated by the Department of Financial Institution. Make sure that your lender has a valid license! You can easily check the list of approved consumer lending companies using the official Utah DFI website: https://dfi.utah.gov/.
Click the green “Browse the list” (https://www.utah.gov/dfi/ConsumerLending.html) and check your lender in the list. The website allows you to find a lender by name, which is very convenient. If a lender you are interested in is not in the list, you should never ever sign any contracts with it!
Carefully read terms and conditions
In the internet era, reliable loan companies disclose their term and conditions on their websites. If you cannot find it or your lender does not have a website at all, it is a good reason to look for another option. Instead, find a Utah loan company that offers all the conditions and restrictions regarding payday loans in a transparent way. Always read the full terms before borrowing any money from a loan company!
Check the exact interest rate, repayment period, fees, and other details. Take a loan only If you are satisfied with all the terms and conditions and completely sure that you will pay the debt off by the set time.
Use loan companies from Utah partnered with banks
Some banks (as well as other financial institutions) offer small short-term consumer loans. Obviously, they are much more trustworthy than independent lenders since they care about their reputation. Therefore, prioritize these companies when choosing a lender. Of course, your choice is limited by your credit history, and some banks might refuse you. However, if your score is not bad, you should be able to take a payday loan from a bank in Utah. Usually, they offer better interest rates and the fees are much softer.
Final Words on Payday Loans in Utah
No credit check payday loans in Utah can be useful in many situations. Fortunately, this state has an interest rate limit, which allows you to borrow some money on good terms. Even if your credit score is not very good, you should be able to get a payday loan from an independent lender. Do not forget to check its license and carefully read terms and conditions. If you do everything right, you will never have any problems with short-term payday loans in Utah!