Utah Payday Loan Laws

There are extremely strict rules and regulations in the state of Utah about payday loans. The lenders as well as other borrowers have been subjected to an equally strict rule and regulation, which ensures that there is no amount of fraud that would be going on in the payday loans.

• Maximum APR – 560 percent
• Maximum Finance Fees – $18 per $100 dollars
• Maximum Financing Interest – 18 percent
• Maximum Quantity of Loans at One Time – One
• Maximum Payday Loan – No limit
• Loan Term Limit – 10 Days
• Loan Term Maximum – 21 Days
• Total Number of Extensions: 3 times
• Loan Default Collections Actions Permitted: Non-criminal (exception for NSF checks)

There are a lot of people that prefer to go for emergency payday loans in order to take care of any sort of problems that they may have. Such payday loans can actually turn out to be a lifesaver for a lot of people, but most of the lenders are actually taking into ensuring that you would be conducting fraud with the help of loopholes in the Constitution and legalization of the payday loans for the state of Utah. Under such circumstances would find that most of them prefer to pay off on the payday loans one by one, ensuring that the borrower would have a hard time to pay off the loan. The lender is well within the legalized nature of the payday loans to pay off in such manner, but the excess amount of strain that is to be borne by the borrower is certainly something that is not to be anticipated. Hence, this type of loopholes needs to be plugged at the earliest.

In most circumstances, you would find that there are a lot of people that prefer to go for payday loans, and they find that most of the lenders have been charging them an excess amount of the interest rate. This is a feature that is well within the jurisdiction of the state, but since there are no fixed rules and regulations about the interest rate, rather than the prescribed 18%, you would find that most of them try and go for something that is well beyond the interest rate. This results in an excess amount of money to be paid to the lender, and it becomes an additional burden for the borrower. The state of Utah needs to take a look into it.

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