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What are Payday Loans?
Payday loans are a type of small-dollar, short-term loan that is typically due on the borrower’s next payday. These loans are designed to help people cover unexpected expenses or get through a financial rough patch between paychecks.
Payday Loans in Holden, Utah
Payday loans are legal in Utah, but the state has enacted some restrictions on the loan terms to protect consumers.
Utah Payday Loan Restrictions
Utah state law limits payday loans to a maximum of $1,000, or 25% of the borrower’s gross monthly income, whichever is lower. The loan term cannot exceed 10 weeks, and lenders cannot charge more than 10% interest on the loan.
Payday Loan Alternatives in Holden, Utah
If you need cash fast but don’t want to take out a payday loan, there are some alternatives you may want to consider.
- Personal Loans: If you have good credit, you may be able to get a personal loan from a bank or credit union. These loans typically have longer terms and lower interest rates than payday loans, but they can take longer to get approved.
- Credit Cards: If you have a credit card, you may be able to use it to cover your expenses.
- Government Assistance: Depending on your situation, you may be eligible for government assistance programs, such as SNAP, TANF, or LIHEAP.
Facts and Statistics About Payday Loans in Holden, Utah
- According to the Utah Department of Financial Institutions, there were 42,949 deferred deposit loans (payday loans) made in Utah in 2020.
- The average payday loan amount in Utah was $450 in 2019, according to data from the Utah Department of Financial Institutions.
- The total amount of payday loans made in Utah in 2019 was $261 million.
- Utah has the highest average interest rate for payday loans in the country, according to a 2020 report from the Center for Responsible Lending.
- The average interest rate for a payday loan in Utah is 485%, according to the same report.
Apply Now for a Payday Loan in Holden, Utah
If you’re in need of fast cash and are considering a payday loan, TheGuaranteedLoans can help. We are a connector service, not a direct lender, and we can facilitate your connection with potential lenders in Holden, Utah.
To get started, fill out our easy-to-use online application. We’ll ask you for some basic information about yourself and your income, as well as how much you’d like to borrow and when you can pay it back.
Once we receive your application, we’ll match you with potential lenders who may be able to help. If you’re approved, you could get the cash you need in your bank account as soon as the next business day.
Remember:
- Payday loans should only be used as a last resort.
- Make sure you understand the terms of the loan before you accept it.
- Pay back the loan on time to avoid additional fees and interest charges.
Apply now and get connected with a potential lender in Holden, Utah today!