Utah payday loan lenders conduct their business under the supervision of the state's Department of Financial Institutions.
In Utah, cash advance loans are short-term (often two weeks in duration,
until borrower's next payday), small dollar amount loans, intended for
covering unexpected shortfalls in personal finances, such as arising
from emergencies of different types.
The payday lending products are NOT meant to provide cash for long-term money problems, partly due to the high costs of borrowing, as calculated by the high annual percentage rates (APRs) of interest.
Therefore, even in the short-term, you should research alternatives to payday loans, including applying for a small consumer loan from a bank or a a credit union, having an advance against your next salary from an employer, and getting a cash advance from a credit card.
You should also familiarize yourself with the payday lending laws in Utah, which regulate many aspects of how these deferred deposit loans can be offered to consumers in the state.
These laws regulate, for example, the disclosure requirements for a payday lender, prohibitions and restrictions on loan rollovers (extensions), and how lenders can try to collect on their debt in the case of non-payment.
One of the best sources for information on what your rights as a consumer are is The Department of Financial Institutions, the main payday loan supervising organization in Utah.
Before you choose a payday loan company in Utah to do business with, you
should make sure that the company is registered and licensed to do so.
Many of these registered payday lenders have voluntarily adopted a set of "Best Practices" principles, with the intention of providing high quality customer service.
You can learn more about these payday lending "Best Practices" principles in Utah from the state's Department of Financial Institutions.
Among the popular payday advance companies operating in Utah, one of the most used is Check City, a franchise with more than 65 stores located in multiple states.
Their in-store financial services in Utah include check cashing, cash advances, prepaid debit cards, phone cards, money orders, withdrawal transfers, plus tax and mortgage services.
For Utah counties, their outlets are located in Cache, Davis, Salt Lake (including Salt Lake City), Washington, and Weber.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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