Cash Loan: Utah Payday Advance Loan
About the payday loan and cash advance industry in Utah
If you need a cash advance or some cash to cover your bills this month, you have the option to take out a Utah payday loan or Utah cash advance. Utah payday loans make it simple of Utah residents to access money that they will have coming in in the near future. These loans are designed to increase cash flow temporarily by providing the borrower with money before their next paycheck arrives. Payday loans and cash advances are sometimes called deferred deposit loans, and are meant to be short-term. Utah law limits the extension of Utah payday loans, Utah cash advances and quick cash loans in Utah to not more than 10 weeks.
Getting Utah Payday Loans or Quick Cash Loans in Utah
Most Utah payday loan providers have some basic requirements for borrowers. If you want to take out a payday loan, you will need to show proof of an active checking account with a bank or credit union, and also prove that you are gainfully employed. Utah fast cash loans and payday loans can only be granted when these basic requirements are met. If you meet these requirements, the lender will need to draft an official contract or agreement, and disclose all terms of the loan in writing and verbally.
You must make sure that the payday lender you are working with is registered with the Utah Department of Financial Institutions. You can call (801) 538-8830 to make sure the lender is registered and authorized to issue Utah payday loans, Utah cash advances and quick cash loans in Utah.
State Laws Governing Payday Loans in Utah
Some important state laws governing payday loans in Utah and Utah cash advances include:
- The loan will likely go to a collection agency if you end up defaulting on the loan, but you have the right to request that the collection agency not contact your or your employer while you are at work.
- You may request a due date extension of your Utah payday loan of up to ten weeks, and interest will be charged on the balance at the same APR
- The complete schedule of fees and charges must be explained in detail on the Utah payday loan or Utah cash advance contract. This information must include the annual percentage rate and the total dollar amount of fees you will be paying on your loan balance
- Utah payday loan lenders have the right to report a default to the major credit bureaus, which in turn can make it difficult for you to receive a Utah cash advance or similar loans in the future
- A Utah payday loan provider has the right to charge at least $20 in NSF fees
- Payday loan providers in the State of Utah have the right to file a civil suit against and seek a court judgment if you fail to pay your loan on time. If this happens, you will be responsible for paying the outstanding balance on your Utah payday loans or Utah cash advances at the federal rate plus an additional two percent.
Finding Help for Utah Payday Loans and Cash Advances
There are two organizations in Utah that help consumers who need more information about payday loans, cash advances and other types of lending programs. The Department of Financial Institutions can explain some of your rights and provide information about registered payday loan providers in the state of Utah. You can contact this department at (801) 538-8830.
The Utah Consumer Lending Association can also answer any questions you have or address concerns about quick cash loans in Utah and the process of getting a cash advance in Utah. You can contact this organization by calling (801) 328-1888.