What are Payday Loans?
Payday loans are short-term loans of unsecured nature that are given for a short period of time and usually do not exceed the amount of $1000 per loan. They are also supposed to be returned in full at once on the date agreed by a lender and a borrower.
What Are the Requirements for a Payday Loan?
The requirements are very simple - they mostly presuppose that a borrower is over 18 years old and is an American citizen or a resident and should be able to provide the profs of identity, income and employment. That is basically all that payday lenders in Utah require from their prospective customers.
What Are the Charges?Payday lenders in Utah do not charge any application or other fees. However, payday loans are provided under the interest that is much higher than the ones for any regular loans and so on. As long as the state of Utah has got pretty permissive policy with regards to payday lending, interest rates may vary with regards to the lender and a borrower's request. In rare cases the APR can reach up to 1,700% with some lenders; however, usually it is much higher.
When Is the Repayment?
Payday loans are short-term and they also refer to the group of unsecured loans. Thus, they are supposed to be repaid in full and in one installment - the loan amount plus interest. Usually, it is made automatically on the day of the repayment when the money is transferred automatically from a borrower's account back to a lender. In case of non-sufficient funds on the account, a borrower is likely to get troubles with additional fees and repayments on top of the interest; thus, it is strongly recommended to make sure that the repayment is timely and that the sufficient amount of cash is on the account.
What about Bad Credit?
Payday lenders do not perform credit checks, so each and every customer is welcome to apply for a loan.
What is the Maximum Loan Amount?
Payday lenders provide up to $1,000 loans; the lender makes a final decision on the amount to offer basing on the info indicated in your application. The maximum loan amount is $1,000 as the loans are unsecured and small in nature and are supposed to help borrowers to bridge the gap between the paychecks or deal with various unexpected situations.
How Long does it Take to Get the Money?
In case of immediate approval loans are transferred in a matter of several hours. You will hardly find a faster and a more convenient service.