Difference between secured and unsecured loans in Utah
Payday loans in Utah
A payday advance is a small dollar short-term advance which can come to help individual with little, typically unforeseen costs. Pay day Loans are used for the short-term and are not meant for long-lasting loans or for larger purchases. They provide a safe and convenient cover allowing consumers to enhance their purchasing power while covering small unexpected expenses.
Utah cash advances range from $50 to $1,000. The requirements for these loans are less strict than for conventional loans. However, in exchange for the cash, Payday Loans charges a nominal amount. This charge coupled with the initial amount borrowed is due on your next day of pay.
Though payday loans come easy, customers must think about the amount of their next income and figure out how much they can properly repay within their spending plan. Although many lending institutions help renew the loan, this is not recommended as it can result in a cycle of loans leading to a debt trap costing more in the long term.
The case of bad credit
Unlike mortgage or car loans, payday advances are unsecured individual loans for small amounts for people in need of immediate help. Therefore lending firms are open to consider individuals with relatively bad credit scores. In most cases lending institutions do not even utilize a standard credit check. For larger amounts some verification may be necessary.
Easy online procedures
Various types of online loans require proof of identity which often implies faxing. That is never ever an issue when applying for payday loans. Most firms offer online application to help quick and easy availing of the required cash loan. One can complete the application in minutes with an easy choice. However one needs provide information regarding social security number, source of income and banking details.
Rates and Terms
Loan Amounts: The minimum loan amount in Utah is $50.00. Based on income and other factors, loan limits will be determined.
Term of Loan:Minimum 8 Days – Maximum 36 Days. Total term cannot exceed 70 days.
Permitted Fees:The Annual Percentage Rate (“APR”) will vary depending on the length of your loan.These details can be had from the loan agreement.
Extensions:If one does not wish to repay the loan on the due date, you may choose to extend. In Utah, you may extend/roll-over your loan up to 10 weeks or 70 days. The cost of your extension is determined by the number of days you choose to extend. When the extended loan becomes due, the required amount will be deducted electronically from the account. Extension requests must be submitted by 6:00 PM Mountain Time on the business day before your loan is due.
Right to Rescind (cancel) – One can rescind the payday loan on or before 5:00pm Mountain Time of the next business day following the loan transaction. Requirements include sending an email or fax indicating your intent to rescind, along with written authorization to effect a debit entry to your Bank Account for the principal amount of the loan.