Payday loans often get a bad rap, but they’re legal across most of the United States with millions of happy customers.
Are Bad Credit Payday Loans Legal In Utah?
Payday loans in Utah are regulated by the Department of Financial Institutions. It is completely legal for lenders to issue such loans for consumers with bad credit scores offline or online, so long as they have the required business license.
In fact, Utah is one of the least stringent states when it comes to payday lending, and all Utah citizens over the age of 18 can take advantage of the opportunity, providing they are in employment with a steady income.
A payday loan could be just what you need to help cover unforeseen expenses or emergency bills until your next paycheck arrives. This is why it’s sometimes called a cash advance.
Numerous loan companies provide an easy and efficient application process, which you can complete in just a few minutes with any internet-connected device. Approval is almost instant, and once you accept the offer the funds will be in your bank account within 1 business day. It is really that simple!
Bad credit payday loans are a small and short-term financial commitment, usually only a few hundred dollars – the ideal amount to tie you over until you get your next monthly paycheck.
Payday loans are there for those costs that come out of the blue, such as car repairs, emergency travel, etc, and should not be used to pay off other debts or spent on other risky financial endeavors.
The loan term is usually only a couple of weeks and it must be paid back in full (plus a finance charge) on the agreed-upon date, with no installments.
Because of this, they are regulated differently from regular personal loans that you might obtain from the bank or large lenders.
Payday Loan Laws in Utah
Payday loan legislation in Utah is cited under Utah Code Ann. 7-23-101 et seq. Under this regulation, the lender has the ability to lend any amount they desire, though this usually does not exceed $1,000.
There is also no limit on the finance charge or interest rate, though in order to remain competitive these are not substantially higher than anywhere else in the country.
The major difference between payday loans in Utah and other states is that the loan term can be as long as 10 weeks when usually this is closer to 2 weeks. Nonetheless, lenders still try to aim for 2 weeks.
However, this 10-week limit does come in handy if a borrower fails to make repayment. This allows the lender to extend the term to 10 weeks. So if you missed the repayment at 2 weeks, you could get another 8 weeks (with interest) to pay back the debt.
All lenders must have a valid business registration.
The Payday Lending Market
There are hundreds of bad credit loan companies in Utah, as well as many that operate solely online. In fact, thousands of people regularly search for “bad credit loans Utah” on the web, find websites like LocalCashHelp and apply for loans through them.
Although this variety of options means customers have the ability to shop around for the best deal, it can be a daunting and time-consuming process. This is especially true if you go to the lender in person and wait in line. Or use an online service but have to spend time faxing and emailing information.
The Best Choice
This is why many online lenders have simplified everything to give you the fastest and smoothest experience possible.
Their online-only application can be filled out in two minutes from any internet-connected device, and you will know if you have been approved almost instantly through the automatic verification process.
The lender will then make you a straightforward offer that you can accept or reject at the click of a button. If accepted, the cash is then deposited into your designated bank account as soon as on the next business day.
The legitimate loan companies never pass your information on to third parties, and everything you submit is encrypted with the latest technology.
Your data is also stored on encrypted servers that are regularly scanned for security vulnerabilities and threats.
So what are you waiting for? Need fast cash to cover some unforeseen expenses before your next payday? Apply for Utah bad credit loans now!