Online payday loans in Utah are your real chance to get fast cash easily and use it for whatever needs, with no collateral and hard credit checks. At the same time, you can always have access to money, regardless of your income size and social status. Microfinance organizations from our network have made the application process as comfortable and efficient as possible. With us, you will solve all your financial difficulties in a matter of minutes.
Table of Contents:
- How Do Payday Loans Work?
- Some Good Reasons to Take a Payday Loan
- Requirements for Utah Payday Loans
- Utah Payday Loan Regulations
- Factors to Consider When Choosing a Website for a Payday Loan
- How to Apply for a Payday Loan
- Can I Get a Personal Loan with a Poor Credit Score?
- Advantages of Utah Payday Loans
- Reasons You Can Be Rejected for a Loan
- Tips for Personal Loan Borrowers in Utah
- Are Speedy Payday Loans the Best Option if You Need to Borrow Money?
- Personal Loans Near Me
- Personal Loan FAQs – Utah
- Your Alternatives to Payday Loans in Utah
How Do Payday Loans Work?
Sometimes consumers need money urgently, and their friends and relatives are not able to help them, and banks do not approve your application for various reasons (or you simply have no time to wait for the bank’s decision).
In this situation, the only way out is to apply for a speedy personal loan online via our referral service. Your application will be processed within 20 minutes.
Microfinance companies from our network offer their clients the opportunity to get a cash advance loan without paperwork and tiresome queues.
The borrowed funds can be used for whatever purpose, so they can be spent on various needs – paying for education, shopping, travel.
Distinctive features of payday loans are quick funding and relaxed borrower eligibility requirements.
Other features of this product include:
- convenient loan repayment options;
- flexible terms;
- online application;
- no need to provide collateral;
- fast decision making;
- no paperwork.
To receive the money quickly, you must provide only one document proving your identity, usually a government-issued ID.
Some Good Reasons to Take a Payday Loan
Payday can be used for any number of reasons, but some of the most common reasons are:
✔Consolidation of Debt;
✔Purchase of Home Appliances;
✔Special Event / Wedding;
Requirements for Utah Payday Loans
Below is an example of some of the qualifications needed to get accepted for a loan in Utah. In some cases, you may be required to provide additional documentation:
- You must be at least 18 years;
- You must have a monthly income of at least $1,300;
- You must be a resident of Utah;
- You must have a current ID;
- You must have no open bankruptcies;
- You must provide proof of 3 months of income;
- You must not be an active member of the military or a dependent or spouse of an active military member;
- You must have an active bank account in your name.
Utah Payday Loan Regulations
You should be aware of all fees and costs while taking an online personal loan in Utah. An APR depends on the loan amount you need. If you are going to borrow not more than $30, you cannot be charged more than $1 per $5 you borrow. If you borrow $100 and are going to pay it off within 2 weeks, the APR would be 309%.
If you need a loan in the amount between $40 and $100, you will be charged a legit acquisition: one-tenth of the amount. If you borrow more than $100, this fee cannot exceed $10. By the way, the maximal loan amount is not indicated in Utah.
A loan term varies from 7 days to 31 days.
Factors to Consider When Choosing a Website for a Payday Loan
There are a number of items that you must pay special attention to when choosing a lender in Utah:
- You need to make sure that the lender and its website is located within Utah;
- Read online reviews about the company;
- Check the lender’s rating;
- Be sure to read company records carefully for compliance with legal requirements;
- Check whether the company has a license to issue personal loans. These data can be found on the official website of the organization.
How to Apply for a Payday Loan
With our online referral service, you can have your application completed in 15 minutes or even less! Follow a few steps below and you can have cash in your bank account as soon as the same day.
- APPLY ONLINE IN MINUTES. Our application is 100% secure and confidential;
- WE’LL GIVE YOU A QUICK DECISION. We will let you know if you are pre-approved immediately;
- GET MONEY FAST. If you got approved and you accept the terms of the loan, the lender will send the money directly to your bank account. Typically, the funds will be in your account the same or the next business day. In some cases, you can have funds in your account within an hour.
Can I Get a Personal Loan with a Poor Credit Score?
Banks are reluctant to give loans to customers with low credit scores. And it’s very easy to ruin it. The credit history includes all the facts of the client’s appeal to credit organizations.
But even if you have a bad credit history, this is not a reason to despair. Applying for a personal speedy loan online via our referral service in Utah is a good chance to get a bad credit loan. Applications are approved in 95% of cases, even if you have a poor credit score. To get a loan, you usually only need access to the Internet and some kind of identity and income verification. The only disadvantages of this product are small loan amounts and high interest. But the advantages prevail.
Advantages of Utah Payday Loans
The main benefits of payday loans are as follows:
✔Online process. You do not need to go anywhere to get money. The process can be completed remotely;
✔Fast loan decision. It will take 3-15 minutes for the lender to make a decision;
✔Flexible repayment term. You can choose the due date that is convenient for you;
✔You can use the money for whatever purpose;
✔Payday loans have fewer requirements than other loans;
✔Such loans are unsecured which means you do not need to provide collateral;
✔You can get a loan even if you have a bad credit history. Moreover, the timely loan repayment will help you improve your credit history;
✔There is often a 14-day cooling-off period;
✔You can apply for a loan around the clock, even on days off and holidays.
Reasons You Can Be Rejected for a Loan
Before you apply, you must be aware of the reasons you might be rejected for a loan. Common reasons are given below:
- Bad credit history. Although payday loans are available to all consumers regardless of their credit, some lenders may still reject your request if you have a poor credit score. You’d better work on your credit score to boost your chances of getting accepted for a loan of any type (see below);
- False data. To receive money, you only need some kind of identity verification. But you must always provide correct and true data when filling out an application form. Information is rarely checked thoroughly, but if the situation is controversial or some errors or inaccuracies are detected, you may be rejected for a loan;
- Existing debts. Taking out a loan to cover another debt is not a good idea. Banks and microfinance institutions may think that you have no money and want to close another debt with a new loan. You must prove to the lender that you will be able to pay off your loan on time.
Ways to Improve Your Credit Score
If your credit history is poor, then it will take time and effort to improve it. What actions can you take?
- Get a credit card with a minimum limit. Pay with a card in stores and return the money on time, do it regularly and your credit history will begin to improve. The main thing is to spend no more than you need and avoid delays;
- Get a small payday loan. Another opportunity to work on your credit history is to take out a small-dollar loan for a short period and repay it on time. The information about a closed loan will be seen on your credit report;
- Change credit history through the credit bureau. It happens that the credit bureau has false information about your credit history: the loan was closed, but the information was not transferred to the credit bureau… In this case, you can send a request to the bureau and correct the situation. To do this, you need to go to the credit bureau’s website and fill out an application form online.
Another way that might work is to not take loans for a while. Constantly going into debt may arouse suspicion among banks and microfinance institutions. Try not to go into debt for several months to improve your credit history.
Tips for Personal Loan Borrowers in Utah
Select the right loan amount
Before applying for a loan, carefully evaluate how much you can really borrow. On average, most UT residents borrow no more than $1,000 online and manage to repay the debt in less than a month. However, you should not focus on general statistics because the most important indicator here is your monthly income.
Consider only those funds that you actually have. For most people, this is wages.
You must also assess your obligatory expenses, for example, the costs related to children and elderly relatives. This will allow you to more accurately estimate the size of your income, which can then be freely used to pay off debt.
A loan amount that does not exceed 30-40% of your monthly income will be comfortable. At the same time, it is worth considering not only the original loan amount but also the interest.
Make sure that the APR is beneficial
When applying for a loan, it is worth studying its terms and conditions in detail, especially the interest rate. First of all, it depends on the size of the loan and its term.
Rates on short-term payday loans are usually high but cannot exceed 1% per day. At the same time, the real overpayment is small given that the amount and terms of such loans are small.
Larger personal loans usually come with a lower interest rate – 0.4-0.6% per day. They are paid in installments within several months or even a year and require greater financial stability from the borrower. Therefore, many companies are ready to issue them only to those borrowers who have already confirmed their commitment to shorter loans.
Pay attention to additional conditions
When applying for a loan, you should pay attention to the presence of paid additional services and hidden fees. Often these include insurance, legal assistance, payments for transferring money to a bank account, or even for checking information about the borrower in the credit bureau (in fact, any adequate financial institution requests this information anyway, to make sure that the potential client is solvent). Of course, if you think that an additional service (such as job loss insurance) will help you in the future, it will be safer to purchase it. However, if you are sure that you will not need the service, but the company insists on buying it, you should seriously consider choosing another lender. Such imposition is especially common in the offline segment, which involves direct contact between the manager and the client. Remember: if you agree to unnecessary services, you risk significantly increasing the total loan cost. And this is absolutely useless.
Remember the deadline and don’t hide from the lender
You will have to pay the issued loan strictly according to the schedule specified in the agreement. Remember about the deadline and never allow delays in payment, otherwise, you will be charged fines and penalties. If you feel you will be unable to make a payment on time (due to an unforeseen situation, for example, loss of a job or sudden illness), notify the lender about it in advance. Hiding from the lender in such circumstances is by no means worth it because many companies are ready to offer debt restructuring and loan extension. The sooner you get in touch with the lender, the easier it will be to find a mutually beneficial solution.
Moreover, you should not seek help from pseudo-legal companies that undertake to solve problems with debts. They promise that they will be able to challenge the legal force of the contract with the lender and resolve the situation. Using such illegal methods will increase the fines and penalties.
It is much easier to accurately calculate the loan amount from the very beginning and repay it on time.
Are Speedy Payday Loans the Best Option if You Need to Borrow Money?
Our online referral service occupies a leading position in the Utah lending market. Millions of consumers confirm that we are a responsible partner and always fulfill our obligations. A huge number of positive reviews from our customers confirm our excellent reputation.
We always do our best to help our clients get \the most comfortable terms of cooperation, including:
- information support;
- a rich selection of products;
- an extensive network of licensed lenders;
- affordable rates;
- approval within 10 minutes;
- convenient payment methods;
- same-day funding via transfer to a bank account;
- flexible terms.
Use our website, fill out an application online, and we will do our best to help you find the right loan offer for your needs.
Personal Loans Near Me
We help consumers get online speedy loans across the state of Utah:
- Salt Lake City
- Cedar City
- West Valley City
- La Verkin
- Pleasant Grove
- Spanish Fork
- West Haven
- Eagle Mountain
- Woods Cross
- Garden City
Personal Loan FAQs – Utah
You need to be a resident of Utah to qualify for a Utah personal loan. Whether you live in West Valley City, Woods Cross, or in a remote part of the state – we make the application process fast and secure. If you live in another state, please check our front page to see if other online loans are available in the state that you currently reside in.
Can I pay my loan off early?
Yes, and usually there’s no penalty to repay your loan earlier than scheduled. If you’d like to close your loan early, you should contact your lender. Repaying your loan earlier than scheduled may reduce the total loan cost.
I’m self-employed, do I still qualify for a loan?
Yes, of course. As long as you have any source of income, you may qualify for a personal loan.
Can I take out more than one loan?
Typically, you can only have 1 loan product at a time. You will be required to repay any existing loan to qualify for another loan product.