Advance cash loan Utah providers are regulated and overseen by The Department of Financial Institutions.
In Utah, cash advance loans are also called payday loans, deferred
deposit loans, postdated check loans, and check advance loans.
These are a type of short-term (typically 2-4 weeks), small dollar amount loans, with borrower normally paying the debt back in full on the next payday from regular income.
Some of the most often used requirements to getting a payday loan in Utah include a steady job and an active checking account.
Credit checks are often not part of the loan processing, which is why these loans are available to people with bad credit but regular employment.
Because of the high borrowing costs, high annual percentage rates (APRs) of interest, payday loans are NOT intended as solutions for long-term money problems.
If you are thinking about using a cash advance in Utah, you should get to know the local regulations and alternatives to payday lending, to fully understand your rights and choices as a consumer.
A good source of information for payday loan laws in Utah is The
Department of Financial Institutions, which enforces these laws and licenses the payday lending firms in the state.
Some of the aspects these laws regulate include (but are not limited to) disclosure requirements for the lender in terms of fees and charges, prohibitions on loan rollovers (extensions), and limitations on the debt interest charges.
There are an estimated over 22,000 payday lending stores nationally in the U.S., and many of the larger nationally operating franchises also have outlets in Utah.
One of these more well-known payday advance companies is the publicly traded Advance America, which is a subsidiary of the Latin American banking and consumer finance conglomerate Grupo Elektra.
In Utah, Advance America provides cash advances, but also MoneyGram services, Visa prepaid cards, tax services, and check-to-card service (as an alternative to check cashing).
If you don't want to visit a physical store in-person, the company also provides an online payday loan alternative, available from the official Advance America website.
Nationwide, according to Pew research, around 75% of payday lending customers choose to visit one of their local cash advance stores in person.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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