Utah Payday List: What Borrowers Need To Know About A Utah Payday Loan

f you are interested in applying for a Utah payday loan, the most important fact you need to know is there are very few regulations covering payday lending in this state.

Best Utah Payday Lender List

No
Provider
Review
APR
Visit Site
1
AmeriAdvance
Varied
Go to AmeriAdvance
2
Paydaymax
431.79%-616.85%
Paydaymax
3
Plain Green Loans
59.84% �?378.95%
Go to Plain Green Loans
4
MyCashNow
401.13%-573.05%
MyCashNow
5
Discount Advances
401.13%-573.05%
Discount Advances
6
100 Day Loans
36%�?51.79%
100 Day Loans
7
Cashnet USA
243.25%�?83.04%
Cashnet USA
8
Check City
Varied
Check City
9
Cash Central
Varied
Cash Central
10
CashAdvance
Varied
Go to CashAdvance.com

Utah State Payday Loan Law Overview

Utah is one state that does not have a maximum amount for payday loans.  This means you are only limited by the amount a lender will offer to you.

While there is no minimum time for paying off a payday loan, the maximum payoff time is twelve weeks.

Extensions are allowed on loans, but there are a number of restrictions.  First, your loan must be repaid within ten weeks of when you received it.  Second, a lender cannot require additional interest during the extension period.  Third, you also have the option of an Extended Payment Plan.  This arrangement requires you to make at least four payments within sixty days.  You will only have this option once every year.

Utah does not regulate interest rates and fees on payday loans.  Lenders can charge as much as they wish. Borrowers are advised to consider a number of lenders before making a choice.  You may find numerous lenders who take advantage of consumers because there is no law specifically stating they cannot.  Some comparison-shopping will help you find a lender offering the most reasonable loan fees and interest rates.  It can make a Utah payday loan affordable, regardless of your personal budget.

If you are unable to repay a loan, you must make arrangements with your lender for a payment plan.  In Utah, lenders can charge more than $20. for non sufficient funds.  Lenders can also take court action against borrowers who do not pay their loans.  If this occurs, borrowers can be held responsible for both attorney and court costs, in addition to the cost of the loan.

The absence of strict regulations on payday loans may appear to be in favor of consumers.  This is not necessarily the case.  Consumers who are tempted to borrow larger amounts of money than they can afford to repay can encounter difficulties when the loan is due.  Payment plans can result in financial problems.  A better course of action is to exercise caution when deciding how much money to borrow, and choose a lender with reasonable rates.

There are Utah payday loan stores throughout Utah, in addition to online lenders.  If you borrow wisely and repay promptly, you  can have short-term cash whenever you need it.

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