Payday Loans in Salt Lake City, Utah
Events happen, and we often end up in a spot where we have to cover some unforeseen expenses. Think about submitting an application for a payday advance loan in Salt Lake City, UT, to see if you meet the requirements.
The loan request process is swift and effortless. To be qualified, you have to meet a few general conditions.
What is a Payday Loan? What Can It Cover?
A cash advance loan is where the borrower will receive a small sum of cash on a short-term agreement. This is thought of as an unsecured loan due to the fact that no collateral is expected.
When unforeseen expenses present themselves, such as missed rent or utility fees, car repairs, health or vet costs, and so on, people usually rely upon payday advance loans.
Paycheck Advance Loan Criteria In Salt Lake City, Utah
In Salt Lake City, UT, payday loan borrowers must satisfy several requirements to qualify for a loan.
The borrower has to:
- Provide proof that they live in Salt Lake City, UT
- Must be 18 years old
- Receive an income that they can prove that's at least $1,000/month
- Provide up-to-date contact details like phone number and email address
- Provide their SSN
If a borrower does not satisfy the above rules, they will automatically be denied a payday advance loan. Ensure that you can provide the documents required when requesting a loan.
Laws and Regulations Concerning Paycheck Advance Loans in Salt Lake City, UT
The State of Utah has ruled paycheck advance lending legal. Still, they have created the below rules and regulations for the cash advance lending market:
- An individual lender cannot offer a loan in excess of $600. Borrowers are not allowed to have more than two active loans from different lenders. There is no minimum loan amount.
- The minimum loan term is not determined, the maximum loan term length is 31 days. In Utah, borrowers may not rollover their loans.
- The fees and charges are different for each money lender. The service fees enacted by lenders on each loan or transaction do not fall under interest. The service fees apply to every $100 loaned and can range between 11-15%.
- An interest rate must be mutually settled upon. APR can range up to 369%.
Will Paycheck Advance Lenders in Salt Lake City, UT, Complete Credit Checks? What If I Have Bad/No Credit History At All?
Yes, the lenders we partner with will do a credit check on you, still, even if you possess no credit or less than optimal credit, you may still be eligible for a loan as long as you can show that you can pay back the loan. Lenders are commonly unconcerned about your credit if you possess proof of income and a strategy to pay back the loan.
Lenders will rely on a soft credit inquiry, which will have no impact on your credit score. This is simply to get a feel of your credit history and general information.
A hard credit check, on the other hand, requires your permission. These credit pulls are used for various purposes, such as mortgages, credit cards, and more.
You can still be approved for a payday loan with less than great credit in Salt Lake City, Utah, if you can prove you will repay the loan.
So, when you apply for a loan, whether it is in person or online, double check that you have your income information ready and any other documents verifying that you can pay back the loan. The more evidence you have, the better chance you are to be approved.
When Will I Get My Deposit in Salt Lake City, Utah?
When you see your cash truly depends on your lender as some lenders provide same-day payday advance loans, which means you will get your payday loan on the same day you submit your application, as long as you get an approval.
Much of the time, though, lenders will send the borrower their lump sum on the next business day. Businesses typically close for holidays and weekends. Because of this, if you apply on a Friday, you may not see your loan until Monday.
If you're needing a same-day cash advance loan in Salt Lake City, Utah, you will need to be sure that you're applying by 10:30 am. All same-day loans going out that day will be approved by that time. However, you should submit an application earlier than that if possible, as it will boost the likelihood that you see your money on the day that you apply.
One additional consideration that you should know is even if the lender grants your loan request and posts the credit to your bank account, sometimes the bank won't release that loan immediately. It's important to let your bank know that you plan to get a payday loan, so they could possibly make an exception in releasing the funds earlier.
On the whole, it's wise to prepare ahead of time to get money on the following business day. That way, you're not left in the lurch if you cannot receive it on the same day.
Consider Borrowing From Us
If you possess underwhelming credit or no credit and are wanting to get a payday advance loan, consider applying through us, as you probably have a better chance of approval.
We work with hundreds of different lenders who offer their services online. Frequently you will get your loan on the next business day so ensure that you plan accordingly.
Although, you can always locate the closest payday loan storefront to you and apply in person to increase the chances of receiving your money on the same business day. When requesting a loan in person, ensure that you have your government ID or driver's license; a passport is sufficient. Now and again, lenders may request proof of address, so bring a utility bill to the store as well.
To find the nearest paycheck advance loan store, please use the list below and find your city.
Payday Loan Direct Lender Companies in Salt Lake City, UT
Below you will find a list of payday loan companies offering their services in Salt Lake City, Utah. If you can't find a lender near your location in Salt Lake City, consider applying in a nearby city in Utah. Alternatively, you can apply online on our website and get a decision almost instantly.
If you can't find a lender near your location in Salt Lake City, consider checking out payday loan lenders in nearby cities. Alternatively, apply online on our website and get an instant decision. If approved, you will get your cash the same or next business day.