Page last reviewed: 22 May 2018
- Loan calculator – compare 15 companies in Utah;
- Legal information – consumer rights and obligations of lenders;
- Payday loan help – what to do if you are in trouble;
- Cities – detailed review of payday lenders in biggest cities in Utah;
Payday loans calculator
Important features of Utah payday lending laws:
- The lender is required to post a schedule of fees charged for a deferred deposit loan. The fees are required to be disclosed using the APR and the dollar amount of the fees.
- The lender is required to post the number a person can call to file a complaint. The Utah Department of Financial Institution`s phone number is (801) 538-8830.
- The lender cannot rollover (“extend”) the loan beyond ten weeks from the initial execution date of the loan.
- The lender cannot charge interest past ten weeks after the initial execution date of the loan
- The lender may not make a new loan to you on the day you pay in full another loan if the combined loans will result in you paying more than 10 consecutive weeks of interest.
- The lender may not make a new loan whose proceeds are used to satisfy or refinance any portion of an existing deferred deposit loan.
- The lender is prohibited from threatening to bring criminal proceedings against you if a payment you provide to the lender is returned for non-sufficient funds.
- You may make payments on your loan in $5 increments or more without incurring any additional finance charges.
You may rescind the payday loan and finance charges if you return the loan amount by 5:00 PM the next business day after you obtain the loan.
- You may request an interest-free Extended Payment Plan (EPP) once every 12 months, or any time you have paid ten weeks of interest on a deferred deposit loan. The EPP must be a minimum of 4 payments over no less than 60 days. Further details are provided in the loan documents.
- If the loan goes into the collection process because you are in default, you or your employer may ask the lender or collection agency, verbally or in writing, not to contact you at work.
- At least 10 days prior to filing suit for non-payment, a lender must notify you by mail or email:
– that you must make agreed payments or they
– will seek a judgment against you, and
– that you may make payments through an EPP.
Summary of consumer rights could be found here – pdf file.
Payday loan help
Consumers who can not pay their loan in time may contact the Utah Department of Financial Institutions (801) 538-8830, the Utah Consumer Lending Association (801) 355-9188 or their local telephone directory for a listing of these organizations.
For detailed review of payday lenders in each city, please click the link: