Looking for an Unsecured Personal Loan in Utah?
Tired of finding yourself turned down for a loan because of bad credit? Sick of dealing with payday and title lenders who charge more than your loan is worth? Our Loans Discovery Program is the solution you’ve been looking for! The program matches you to tailored lending solutions that address your specific needs and objectives. With just five minutes of work and a few pieces of information, you can have multiple offers for unsecured personal loans delivered right to your inbox! It’s quick, it’s easy, and best of all, it’s free!
We pride ourselves on our unique process for finding money options. As we explain in greater detail on our How It Works page, our business is designed to connect you with offers for personal unsecured loans that meet your goals. If you know exactly what you want, we offer some great ready-to-use lending packages for credit scores of all ranges that you can take advantage of now! If you need more help finding the right offer, our Discovery Program partners you with one of our personal consultants, who will work to understand your situation and guide you through the options available to find your perfect unsecured personal loan!
Unsecured Loans for People with Bad or No Credit
You may think that you don’t have any good options left to borrow money because of your credit rating. We’re here to tell you – that’s not the case. We work with scores down to 450, and we conduct our search using the credit score that you provide. It allows us to find your ideal offer while protecting your score at the same time! Since no two people’s situations are the same, we maintain a wide variety of loan offers to suit your needs. Our options include:
- Loan limits between $500 and $70,000
- 2, 3, 5, and 7-year repayment timelines
- Interest rates starting below 5%
- No requirement for collateral with any of our options
- No payoff penalties if you settle your debt early
Any information you give Loans Now is completely secure. We don’t collect sensitive data like bank statements or credit card information. The few details we collect to pinpoint your offers aren’t shared with anybody. You’ll never have to worry about receiving unwanted emails or phone calls. We don’t lend any money directly, so our service is completely free! You’ll never pay any kind of fee and we’ll never ask you to send us money in any way.
The Price of Progress in Utah
While Utah enjoys a lower rate of unemployment, and a higher rate of income, than many other states, not everything is perfect. Utah’s steady growth since the year 2010 has also resulted in a higher cost of living than in other regions. Even as median household income grows, so does the cost of basic necessities. Groceries, gas, and clothing are just a few examples. In the case of emergencies, such as a broken down car or an emergency hospital trip, things can get truly desperate. For those who don’t enjoy a high-paying job, Utah’s prosperity is just a reminder of their own dire circumstances.
This creates a situation where predatory lending practices can easily flourish. In particular, payday and title loans are numerous throughout the state. These short-term, high-risk loans charge an average of around 459% APR and aren’t restricted by either lending or finance charge limits. It’s estimated that payday lenders have taken over $26 million in fees from Utah borrowers each year since 2017. While these lenders seem like good options, with no credit checks and instant approval, the debt quickly grows, and the risk of default is very high.
Utah Laws and Regulations for Bad Credit Personal Loans
When it comes to consumer protection, Utah is one of the most lacking states in the country. Title 15-1-1 of the Code of Utah caps the maximum interest rate that lenders can charge at 10%. However, this can be waived if both parties establish a written contract at a higher rate. The only additional stipulation is that if a different period of time isn’t established in the contract, then interest is applied on an annual basis. While this offers mediocre protection to Utah borrowers, it’s easy to circumvent and doesn’t apply to all lenders universally.
A perfect example is the aforementioned payday and title lenders. Payday lenders are technically governed by Title 7-23, the Check Cashing and Deferred Deposit Lending Registration Act, as well as Utah HB 0292. So long as they conduct their business completely by check, deferred deposit lenders do not have a limit on the amount they can loan, a maximum finance rate, or a maximum APR. The only limitations set are that a deferred deposit loan may not extend past 10 weeks, and no renewals are allowed within that 10-week timeframe. Additionally, it is the responsibility of the lender to ensure the borrower can feasibly repay their loan.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Utah Personal Loan for Bad Credit Lending Regulator
Within the state of Utah, the Utah Department of Financial Institutions (DFI) is responsible for ensuring that financial institutions register with them to conduct business within the state, and abide by all prescribed regulations. The DFI also processes complaints by consumers regarding perceptions of unfair or unlawful practices by banking and financial institutions.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K