Utah

Utah payday loan laws are similar to Nevada. Like Nevada, Utah has no caps on the amount of interest a lender can charge. So by law a lender is free to charge whatever annual percentage rate (APR) they want.

Despite the fact that Utah has no limitations on fees, they do however set requirements for payday loan lenders that want to operate in Utah. Under Utah law, anyone applying for a license must pay a registration fee, provide certain identifying information, and disclose whether or not they’ve been convicted or being convicted of any criminal activity. Also, in Utah an applicant is required to renew their license every year.

Utah payday loan laws prohibit non-check cashers from making deferred deposit loans. No one can operate a mobile payday loan operation. A payday loan lender in Utah can roll over a loan, ass long as the terms do not total more than 12 weeks.

Each payday loan store in Utah is required to post a complete schedule of interest and fees in dollar amounts, as well as a phone number of someone customers can call to make complaints to. All payday loan stores in Utah must give their customers a copy of the agreement in writing. They must also verbally explain the terms of the contract, fees charged, and the date in which payment is due to their customers.