Personal finance

Are Bad Credit Payday Loans Legal In Utah?

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!

Personal finance

My Hardworking Son is an Example of “Gen Z” Pendulum Swing

My generation was called “slackers,” but my Generation Z son is one of many teens proving the pendulum is swinging back to a strong work ethic. The “Zippies” are ushering in the age of financial responsibility.

As the parent of two teen boys who are on the older side of the Generation Z timeline (born 1992 to 2011), I can say it’s been a breeze to teach them about personal finance. I don’t worry about my Zippies running up credit card bills or expecting me to pay for their condo in the city!

Gen Z children tend to be more frugal, self-directed and individualistic compared to the Gen Y children of the Baby Boomers, researchers say.

According to the Grail Research “Consumers of Tomorrow: Insights and Observations About Generation Z” report, Gen X has taught their children to be tolerant, respectful and responsible.

My Gen Z children are pretty receptive to my suggestions about finances, but I know they are a product not just of their upbringing, but of the era in which they grew up.

Keeping that in mind, here are a few of the ways I teach my Gen Z children about money:

Digital natives

Born in the digital age, researchers also call Gen Z consumers “digital natives.” Because of that, I skipped the lesson on balancing a physical checkbook and went straight to online banking.

Some banks will allow your teen to have their own online banking account at 16. I also highly suggest showing your child how to open an account with a discount brokerage firm. I showed my sons a few websites to check daily stock quotes and research stocks.

Credit declined

An interesting thing I’ve noticed about my sons is that they have no interest in borrowing money for a house or a car. They have always talked about saving and buying with cash and avoiding debt. Experts say that many Gen Z teens dislike the idea of borrowing money.

Because of that, I started early with different accounts for saving and investing. Considering no one warned me of high rates when I received hundreds of credit card applications in college, I’m relieved my sons are averse to using credit cards.

You don’t need a good credit rating if you don’t need to borrow.

Make money doing what you love

Gen Z individuals have practically invented the idea that you should make money doing what you love to do. Although making money is essential for survival, I know better than to encourage my sons to go for fame and money.

They gravitate toward careers they enjoy. My older son, who started designing websites for people for free in the ninth grade, just got his first “job” as a pizza delivery boy and loves it. He started a lawn mowing business at 12.

Financially conservative

Because my children have lived through turbulent bear stock markets and global economic recessions, I understand why they would tend to be more financially conservative.

I have explained to them that they can still invest in stocks by owning mutual funds and exchange-traded funds that include a balance of many stocks and bonds. They may never experience a 78 percent jump in an individual stock’s value in one day, but they will feel more secure and their money will grow over time.

Stock market chat rooms

Since Gen Z children are very tuned into online social networking, I have warned them about stock market chat rooms.

It’s great to research a company online, but some people in financial chat rooms have hidden agendas in that they will benefit if a stock crashes or takes off. I explain how some people short a stock, and make money when a stock goes down in value.

Even though Generation Z children are expected to be extremely well educated, personal finance is still a subject generally taught at home.

I’m fairly certain my children and other Generation Z people will be part of the “individual investor revolution,” by trading stocks online. With Gen Z doing it on their own, I imagine stockbrokers will depend on Generation Y for their client base.

In a nutshell, teaching Gen Z children about finances looks nothing like it did when our parents showed us how to balance a checkbook. And if your parents were anything like mine, that’s where the financial lessons ended!

Personal finance

Lower Wedding Costs with These Six Tips

Checked off the cost of a wedding lately?

The average wedding costs as much as a new car, leaving the prospective bride and groom (and their families) with sticker shock. While it’s much more fun to discuss bridal gowns, wedding venues, and flowers, a realistic wedding budget should be the first thing discussed, agreed upon, saved for and then adhered too during the wedding planning.

These six tips will help lower wedding costs and still enable the bride and groom to have a memorable wedding.

Set A Realistic Wedding Budget And Start A Savings Account

Most of us have what is commonly referred to as a bologna budget and caviar dreams. We dream extravagantly but the reality is frugal, this is often the case when a bride-to-be begins dreaming of her wedding day.

Check on prices of certain must-have items for the Big Day, then set a realistic budget and open a savings account that is dedicated for the sole use of the wedding expenditures. Add to the savings account regularly during the planning stages of the wedding, and try to save a little extra for the unexpected costs that will be encountered.

Choose What Matters

What are the items that matter the most for the wedding? A designer gown? A first-rate photographer? Is a live band a must-have? Choose what matters the most and trim wedding expenses in the other areas that are less important.

Use Payday loans, If Needed, But Do It Wisely

At times you are absolutely out of cash and have no-one to borrow from. This is when payday loans come into place. Even a small 500 dollar loan can help your dream come true. Just remember to pay the loan back on time.

Be Flexible, Negotiate And Barter

When the wedding venue and reception location has been chosen, flexibility and the art of negotiation can cut wedding costs. Being flexible on the date and/or time of the wedding can cut the cost significantly.

Almost any price point is negotiable, so it doesn’t hurt to initiate a negotiation with the florist, photographer, musicians, etc., a significant cut in costs may result.

Barter for wedding services and exchange service for service instead of paying cash for everything. Bartering is an obvious wedding cost-cutter.

Trim The Guest List

Trimming the guest list will cut the cost of a wedding across the board. Fewer wedding invitations, smaller venues, less food and so forth.

Create the wedding guest list, then trim it down and stick to it. When pressured to invite more people, explain you’re on a strict budget and just can’t accommodate more guests.

Incidental Details

A well-planned wedding will still incur expenses for overlooked incidental details. Small fees, taxes, and tips are forgotten about during the flurry of wedding planning. Having the cushion in the wedding savings account will give a financial breathing room when the Big Day arrives and all monetary expenses are due.

Everybody loves a wedding and it’s certainly the bride’s Big Day and everything should be special. Wedding costs can be cut and the day still is special by pre-planning, budgeting, saving, negotiating and trimming.