Personal Loans in Utah:

Utah Payday Loan Laws and Utah Loan Regulations

Legal Status: Legal(Applies to check cashers only)

Citation: Utah Code Ann. 7-23-101 et seq.

Utah State Licensed Online Lenders:
CashCentral.com, CashNetUSA.com, CheckCity.com, ChecknGo.com, QLoot.com, SpeedyCash.com
Maximum Loan Amount:No Limit
Loan Term: May not exceed 10 weeks
Maximum Finance Rate and Fees:No usury limit
Finance Charge for 14-day $100 loan:No Limit
APR for 14-day $100 loan: No Limit

Debt Limits:
Maximum Number of Outstanding Loans at One Time: No limit
Rollovers Permitted: Not Specified (cannot extend or renew loan more than 10 weeks from original loan date)
Cooling-off Period: None
Repayment Plan: Yes

Collection Limits:
Collection Fees: Not Specified
Criminal Action: Not Specified

State Regulatory Agencies for Payday Loans:

Regulator: Utah Department of Financial Institutions
Address: 324 South State Street, Suite 201 Salt Lake City UT 84111
Phone:(801) 538-8830
Fax:(801) 538-8894
Regulatory Contact:
Utah Department of Financial Institutions
Consumer Lending List
Online Resources:
Deferred Deposit Lending
Predatory Lending

The cost of a personal loan:

The cost of a personal loan

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.

Borrowed Amount Loan Period Monthly Payments Total Payable Amount
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.

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