Payday Loan Laws in Utah
The beehive state is a geographically diverse and rugged state. It is nicely nestled at the convergence of three splendid geological regions that is, the Colorado plateau, the Great Basin and the Rocky Mountains. Utah State is home to scenic pine forests located in the mountain valleys and arid deserts complete with sand dunes. Utah is inhabited by more than 2.7 million people, according to the US Census Bureau. 80 percent of this population inhabit the Wasatch front which is an area bound by Mount Timpanogos to the east and Utah lake to the west.
Utah is by no means a small state, whichever way you choose to look at it. It is ranked the 11th biggest state in the US (square miles) with a state GDP of $114.5 billion. Utah has a well developed economy with its economic dynamism being ranked first in the US by the Bureau of Economic Analysis. In Utah, payday lending is perfectly legal and within the law. The state's payday loan system is governed by payday loans laws in Utah.
It is important to note that payday loans are not available in every state and laws and regulations vary by state. Information for Utah Payday Loans is provided for your convenience.
According to the Utah Department of Financial Institutions, payday loans also known as deferred deposit loans offer quick reprieve to people who are facing financial emergencies or a temporary shortage of cash.
When paid back within the stipulated time frame, payday loans are cheaper than overdrafts. In Utah, these loans are commonly known as check advance, check and cash advance loans. Payday loans best serve their intended use when they are paid within the time frame that was stipulated in the contract. Payday loan laws in Utah are few and far between. The practice is not closely monitored or even regulated as is the case in most other states in the US.
Twelve weeks is the maximum payday loan term allowed under Utah laws. The maximum amount that you can borrow as well as the interest rate payable to the lender has no cap. Lenders have the leeway of deciding the amount to give you as well as the interest rate to charge you. Lenders are however required to apply for registration and also maintain a valid payday business permit. Operating a mobile payday loan facility is however restricted in Utah.
* Payday loans provide a source of cheap money for pressing needs and emergencies.
* They do not require the submission of any documents and can even be processed online. The process is discreet and easy.
* You can always prepay and avoid the pending interest rate.
In order to secure a payday loan in Utah, there are several requirements that you have to satisfy. These include:
* Have a checking credit union or bank account that is active.
* Have some form of regular salary or employment.
Utah payday loan lenders are especially strict with first time borrowers who have to undergo strict vetting to verify the above requirements. The Department of Financial Institutions stresses that payday loans may be used to offset interest rates and penalties imposed on a person by other creditors or to pay for medical emergencies and unexpected automobile repairs but never as a form of permanent or continuous financing.
Take a look at the benefits of applying for Online Payday Loans if available in your state.