Payday Loans Salt Lake City UT

Navigate through the online application process with ease to access payday loans in Salt Lake City, UT, through zaving.

Last updated by Zaving Editorial Team, on April 16th, 2024

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What are payday loans and can I get them in Salt Lake City, UT?

Payday loans offer individuals facing urgent financial needs quick access to cash, typically requiring repayment within a short timeframe. In Salt Lake City, Utah, payday loans, commonly known as ‘deferred deposit loans’ in the state, are legal. However, while they are easily accessible in the state, they often come with substantial fees and high-interest rates, making them an expensive form of borrowing.

Eligibility requirements for payday loans in Salt Lake City include:

  • Age: Applicants must be at least 18 years old.
  • Income: Proof of a steady source of income, such as employment or regular benefits like Social Security or disability payments, is required.
  • Residency: Borrowers must be US citizens or permanent residents residing in Utah.
  • Bank account: An active checking account is generally necessary, as it is where the loan funds are deposited and repayment is withdrawn.
  • Identification: Applicants are often required to provide a valid government-issued photo ID for identity verification.

The high fees and interest rates associated with payday loans make them a risky option for borrowers, potentially trapping them in a cycle of debt if not managed carefully. Therefore, before considering a payday loan in Salt Lake City, it's crucial for borrowers to thoroughly understand the terms and conditions of the loan and ensure they are able to pay back their loan on time.

What are the rules for payday loans in Utah?

In Utah, payday loans operate under certain regulations, though they're relatively lenient compared to some other states.

Here's an overview of the rules governing payday loans in Utah:

  • Interest rate (APR): Not specified. However, the average APR in the state exceeds 600%.
  • Minimum loan amount: There's no specified minimum.
  • Maximum loan amount: There's no upper limit on the loan amount.
  • Minimum loan term: Not specified.
  • Maximum loan term: Payday loans in Utah must be repaid within 70 days, equivalent to 10 weeks.
  • Number of rollovers: Rollovers are allowed, but they cannot extend beyond 10 weeks or 70 days without the borrower's explicit request.
  • Maximum finance rate and fees: There are no restrictions on financing fees, charges, or the total APR.

It's crucial for borrowers to review their loan terms carefully, given the absence of caps on financing fees and charges. While rollovers are permissible, borrowers should be mindful of potential pitfalls to avoid falling into a cycle of debt. Understanding the intricacies of payday loans in Utah is essential to make well-informed financial decisions.

What are the pros and cons of payday loans in Salt Lake City?

When assessing payday loans in Salt Lake City, it's essential to weigh their advantages and disadvantages carefully.


  • Swift access to funds: Payday loans provide immediate financial relief for pressing needs.

  • Minimal eligibility criteria: Typically, borrowers only need a steady income and an active bank account to qualify, making these loans accessible to many Salt Lake City residents.

  • Convenience: With numerous storefronts and online platforms offering payday loans in Salt Lake City, they're easily accessible for those seeking quick financial assistance.

  • Loan amount flexibility: Unlike states with strict borrowing limits, Utah allows for flexibility in loan amounts based on individual needs.


  • High fees: Payday loans in Salt Lake City come with steep interest rates and fees, often resulting in APRs exceeding 600%, making them a costly option.

  • Short repayment terms: Borrowers must repay the loan within a brief period, typically 70 days, which can strain their finances.

  • Debt cycle risk: The combination of high costs and short repayment terms can lead to a cycle of debt, where borrowers continually borrow to cover previous loans, worsening their financial situation.

  • Limited consumer protections: Utah's minimal regulations provide little safeguard against predatory lending practices and unfair terms.

More of your frequently asked questions about payday loans in Utah

Can I take out multiple payday loans in Utah?

Yes, it's possible for borrowers in Utah to have multiple payday loans simultaneously. State laws do not limit the number of payday loans that individuals can obtain concurrently. However, taking out multiple loans increases the financial burden on borrowers and raises the risk of becoming trapped in a cycle of debt. Borrowers should carefully evaluate their financial situation and repayment capabilities before considering multiple payday loans to avoid worsening their financial condition.

What happens if I can't repay my payday loan in Utah?

Utah law offers certain safeguards for borrowers struggling with repayment. Once a year, you can enroll in a 60-day repayment plan, allowing you to settle the outstanding loan balance in four equal installments. While lenders can't impose an extra fee for this option, a $20 fee might be applied for plan defaults. Although criminal action is prohibited, lenders can pursue judgment for the loan amount, interest, attorney's fees, and court costs if you default. Therefore, swift communication with your lender is essential if you encounter difficulties repaying your payday loan in Utah.

Can I get a payday loan in Utah with bad credit?

Yes, individuals with bad credit can often still obtain a payday loan in Utah. Payday lenders typically prioritize a borrower's income and employment status over their credit score. As long as you can demonstrate a steady source of income, you may qualify for a payday loan, even with bad credit. However, it's crucial to be aware of the high costs associated with payday loans, including high-interest rates and fees. Borrowers should carefully consider their financial situation and ability to repay the loan before taking out a payday loan in Utah.

What are some alternatives to payday loans in Utah?

Seeking alternatives to payday loans in Utah is essential for individuals facing financial challenges. Credit unions offer small-dollar loans with more favorable terms, including lower interest rates and extended repayment periods. Banks and online lenders may provide personal installment loans, allowing borrowers more flexibility in repayment. Nonprofit credit counseling services can offer financial guidance and assistance with debt management plans. Additionally, local community organizations and government agencies provide emergency assistance programs to support those in need. Borrowing from family or friends is another option, but it's crucial to establish clear terms to avoid conflicts.