Utah State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal (Applies to check cashers only)

Loan Terms:

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: 1 day after payment on existing loan

Repayment Plan: Yes (Once per 12 month period; at least 4 equal payments, at least 60 days; no extra fees.)

Collection Limits:

Collection Fees: Not Specified

Criminal Action: Prohibited

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

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