Payday loans in Utah
The Check Cashing and Deferred Deposit Lending Registration Act permits payday lending in Utah for those registered with the Department of Financial Institutions, with no state fee cap.
- Payday lending
- Allowed
- Max cost
- None in the law
- Top amount
- no limit in state law
Are payday loans legal in Utah?
Yes, Utah permits payday lending, with the Utah Check Cashing and Deferred Deposit Lending Registration Act as the governing law. State law places no limit on fees or interest and sets no maximum loan amount. The lender and you may mutually agree on any interest rate. Instead of price caps, Utah bars lenders from collecting additional interest 10 weeks after a loan starts. You can ask to roll over the loan to extend it, provided the new date falls within 10 weeks of the original loan date.
Registration with the Utah Department of Financial Institutions is required for any lender serving a Utah resident. If a lender is not registered, the loan is void and the contract has no legal force. Interest, fees, or the principal (the original amount borrowed) cannot be collected or kept by that lender. Before borrowing, you should confirm that the lender is registered in Utah. Once every 12 months, you can request an extended plan with at least four equal payments for more repayment time.
- No fee or interest cap exists in Utah, and the interest statute allows parties to agree on any rate.
- Rather than capping prices, Utah uses a 10-week limit: interest stops after 10 weeks, and rollovers cannot extend repayment beyond 10 weeks.
- You can cancel a payday loan for free if you do so by 5 p.m. on the following work day.
- After interest has been charged for 10 weeks, the borrower can request an extended payment plan with at least four equal payments.
- Lenders must verify the ability to repay and obtain a signed acknowledgment from the borrower.
- If a lender is unregistered, the loan is void, and they cannot keep the principal, interest, or fees.
Utah payday loan laws
- Law in force
- Utah Check Cashing and Deferred Deposit Lending Registration Act
- Cited as
- Utah Code 7-23-101 et seq. (operating rules: 7-23-401, 7-23-403)
- Fees under the law
- There is no cap: any rate of interest may be agreed upon by parties (Utah Code 15-1-1).
- Most you can borrow
- no limit in state law
- How long a loan runs
- Once 10 weeks pass after execution of the loan, collecting interest is prohibited.
- Rollovers
- This option requires a borrower request and cannot extend past 10 weeks from the initial loan date.
- Repayment plan
- available at least once in every 12-month period: four or more equal payments lasting at least 90 days from default or 60 days from entering the plan, whichever is greater
- Installment lending limits
- Any rate of interest may be agreed upon by parties without a general rate cap (Utah Code 15-1-1).
Also checked against dfi.utah.gov. Full statute text.
Online lenders that list Utah
Eleven companies we track say they lend in Utah: 4 online installment lenders, 6 tribal lenders and 1 loan broker.
| Lender | Kind | Posted APR |
|---|---|---|
 NetCredit | Installment | 34.99% to 99.99% |
 OppLoans | Installment | 99% to 195% |
 Fig Loans | Installment | 190% to 279% |
 Rise Credit | Installment | 60% to 299% |
 Viva Payday Loans | Broker | Partner lenders quote 4.99% to 1,386% |
Tribal loans in Utah
A lender must register before making payday loans in Utah or lending to a Utah resident; if a required registration is missing, the loan is void and even the principal cannot be kept.
On the immunity claim tribal lenders make, see are tribal loans legal.
Six tribal lenders we track list Utah as a state they lend in. Three of the six publish an APR, from 73.7% to 725%.
| Lender | Posted APR |
|---|---|
 Mobiloans | 73.7% to 405% |
 Spotloan | 99% to 490% |
 BrightLending | 325% to 725% |
 MaxLend | Not published |
 Minto Money | Not published |
| American Web Loan | Not published |
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Utah and the states around it
| State | Payday lending | Max cost | Top amount |
|---|---|---|---|
| Utah | Allowed | None in the law | no limit in state law |
| Arizona | Banned | None in the law | None allowed |
| Colorado | Only as installments | 36% APR | At any time, no single lender may provide more than $500. |
| Idaho | Allowed | None in the law | No more than 25% of your gross monthly income may be borrowed, with a principal limit of $1,000. |
| Nevada | Allowed | None in the law | The customer's expected gross monthly income sets a ceiling: the loan and any other outstanding loans combined must not go over 25 percent of it. |
| Wyoming | Allowed | Fees run $30 or 20% monthly, with the higher figure applying. | W.S. contains no set limit. 40-14-363 |
Utah loans with no credit check
Installment loan rates: Any rate of interest may be agreed upon by parties without a general rate cap (Utah Code 15-1-1).
See no credit check loans: the checks lenders still run, and the price.
Verify a lender's license in Utah
- Look the lender up on the license list before you hand over any bank details.
- Lenders here answer to the Utah Department of Financial Institutions (DFI).
- Had trouble with a lender? Report the lender.
Sources for Utah
- In Utah or with a Utah resident, payday lending requires registration with DFI.; If a lender was required to register but failed to do so, the loan is void.; An unregistered lender cannot keep any fees, interest, or principal.le.utah.gov
- After 10 weeks from when the loan was made, lenders cannot take more interest.; A rollover is permitted only if the borrower requests it.; You may cancel for free by 5 p.m. on the next working day.le.utah.gov
- On request, an extended payment plan must be allowed by lenders at least once in 12 months.; Special rights to a payment plan apply after 10 continuous weeks of fees or interest.; At least four equal payments must be allowed by the plan.le.utah.gov
- Utah allows contracting parties to agree on any interest rate.le.utah.gov
- DFI advises verifying Utah registration for payday lenders on NMLS Consumer Access.dfi.utah.gov
- DFI accepts complaints only in writing.dfi.utah.gov