Utah Payday Loan Laws Details
The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Utah payday loan laws contact the Utah Department of Financial Institutions.
Payday loans are legal (applies to check cashers only) in Utah (see Utah Payday Loans or Utah Installment Loans to compare fees and requirements for individual lenders).
| Feature | Specification |
|---|---|
| Amount (max) | No Limit |
| Rates or Fees (max) | No usury limit |
| Term Limitations | May not exceed 12 weeks |
In Utah, rollovers are not specified but loan cannot be extended or renewed more than 10 weeks from original loan date. There is no cooling period specified between loans. Utah has no requirements for extended repayment plans.
For example, in Utah the rates and fees on a 14 day, $100 loan are:
| Terms | Amount |
|---|---|
| Loan Amount | $100 |
| Fees | No Limit |
| APR | No Limit |
Utah also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.
| Feature | Specification |
|---|
A licensee may charge and receive on each loan interest at a simple annual rate not to exceed 36 percent. A licensee may charge and receive a loan fee in an amount not to exceed 20 percent of the amount of the loan proceeds advanced to the borrower. A licensee may charge and receive a verification fee in an amount not to exceed $5 for a loan made under this chapter. The verification fee shall be used in part to defray the costs of submitting a database inquiry as provided in subdivision B 4 of §6.1-453.1.