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Cash Advances in Utah

When you have found yourself in need of quick cash and your next paycheck is still weeks away, there is another option. If you are in need of financial assistance and you are currently employed, you can use the option of a payday loan.  Cash advances are short term loans provided to those individuals who are employed and in need of help when their next payday is still a way off.

Payday advances are controlled at a state level in the United States of America. While a few states have created legislation that outlaws cash advances, the majority of states do allow these types of loans and have created further legislation that regulates them and protects both the borrower and the lender. In the state of Utah, payday loans are legal and the state has provided legislation that regulates how the loans are issued and operated. The state has set a limit to the time that a loan can be rolled over if it has gone unpaid.

How To Get A Payday Loan in Utah

For a potential borrower who is in need of a personal loan and searching for a company to provide them with one, there are a few things to keep in mind. Lenders with storefronts can be found locally in the state of Utah, however, online lenders can be used as well. Online lenders can provide quick and easy payday advances through the use of electronic transfers. From the comfort of your own home, an online company can approve a loan and deposit the total amount into your checking account via direct deposit. When the time comes for repayment, the total borrowed amount, plus any additional interest and fees, can be electronically repaid to the lender.

After a cash advance company is found, they will usually need a few items from the borrower before they can approve a cash loan. Although the requirements will vary from company to company, they will generally require the following from a potential borrower:

  • A borrower must provide personal identification (a state issued I.D. card such as a driver’s license or passport).
  • A borrower must have a valid checking account (some lenders will require that the checking account is at least three months old to be considered valid).
  • A borrower must be currently employed (some lenders will require proof through pay-stubs or bank receipts showing previous deposits).
  • Some form of repayment security (this is either a postdated check or authorization for the lender to withdraw from the borrower’s checking account).

Laws and Regulations For Utah Payday Lenders

As previously stated, payday loans are legal and regulated in the state of Utah. The state government has created specific legislature to regulate the practice of giving payday advances. The state allows a ten week maximum of rollover if the loan goes unpaid on the initial date of repayment. There is no minimum or maximum time that a loan can be taken for and there is also no limit cap on the amount of interest that can be charged. Individuals in Utah can utilize both local and online lenders for their financial assistance needs.