We will be running a series of articles on our blog covering different states and how they interact with payday loans during the next few weeks.
Today we will be getting the numbers on Utah and payday loans.
When using payday loans it is always important to get the facts before you actually take out one of these loans.
In this series we will be covering:
- Utah Payday Loan Laws
- What to watch out for
- How to get help
Before we get started we should take a look at our article on How To Use Payday Loans to make sure we are all on the same page in understanding the proper way to use these loans!
Utah Payday Loan Laws
Utah has some of the laxest laws associated with payday loans in the country.
There are no limits on rollovers of your loans, length of loans, interest rates or amounts of fees charged per loan.
They also do not limit how many active loans a person can have at any given time.
We did find one rule that caps interest rates on defaulted loans, but that is about it.
What To Watch Out For
The payday loan companies make huge amounts of money on rollovers.
They will talk you into extending your loan and in essence rewrite the whole deal all over again.
This will cost you the original interest charge in full, (which will be added back to the loan total) and a whole new set of counter fees.
Another big ticket item for these companies is multiple loans.
Never take out a payday loan to make a payday loan payment. It does not even read right!
How To Get Help
The companies online that offer to help you are uncountable but the ones that can really deliver the help you need are few.
Many of these companies are really out to take your money, sit on it for a length of time and then pass it on to the payday loan companies instead of really giving you the help you need!
They make money off of your money!
We have a company we recommend for anyone who may need help with out of control payday loan debt and you can read about it in our article: Payday Loan Repayment Plan
This company is all about helping you, not themselves!
In this article, we covered Utah payday loan laws, what to watch out for when thinking of taking one out in Utah and how to get help if you do have trouble with these loans.
We hope this article has helped you in deciding if a payday loan is right for you and how to use one properly.
If you have any questions or comments about your experiences with these loans we want to hear from you!
Please leave us a comment below and we will get back to you as soon as possible!