Fair to Bad Credit Loans in UT

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Last updated October 7th 2018

Commentary is for informational purposes only. See legal disclaimers here.

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Utah Usury and Regulations

Summary of Utah Usury Law(s) / Quote: "Legal: 10% / Contract: Agreed rate / Judgment: Agreed rate / Corporate: No Special Rate"

(WeFindLenders.com endeavors to include the most up to date legal data for Utah, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Utah, and/or contact the Utah State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)

Utah Usury Law Information:

Legal Maximum Interest Rates: Quote: "10% absent contract - Utah Code (15-1-1)"

Usury Penalties: Quote: "Felony of the 3rd degree - Utah Code 76-6-520: Criminal Usury"

Judgment Interest Rates: Quote: "Federal post-judgment interest rate as of Jan. 1 of each year plus 2%; judgment on contract shall conform to contract and shall bear interest agreed to by parties - Utah Code 15-1-4: Interest on Judgments"

Legal Exceptions: Quote: "Pawnbrokers - Utah Code 11-6-4: Political subdivisions may not set interest rates"

Utah Lenders By City

Salt Lake City UT / Provo UT / West Valley City UT / West Jordan UT / Orem UT / Sandy UT / Ogden UT

Complaints to:

Utah Department of Financial Institutions / Utah Complaint Process / Utah Complaint Form (PDF)

Mailing Address: Utah Department of Financial Institutions / PO Box 146800, Salt Lake City, UT 84114-6800, Phone: 801.538.8830 Fax: 801.538.8894, Email: dfi@utah.gov

Utah Lender List Map

Utah Bad Credit Lenders Map - Initial Static Image

Click or tap map image above for interactive version.
Lenders
contact us for listing removal or amendment.


Granite Credit Union
1283 Zenith Ave Salt Lake City
UT 84106 - www.granite.org
801.288.3000

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University Federal Credit Union
490 E 500 S, Salt Lake City
UT 84111 - www.ucreditu.com
801.481.8805

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Utah First Credit Union
222 E S Temple, Salt Lake City
UT 84111 - utahfirst.com
801.320.2600

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Mountain America Credit Union
735 State St, Salt Lake City
UT 84111 - www.macu.com
801.325.6292

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Freedom Credit Union
815 Freedom Blvd 200 W, Provo
UT 84604 - www.freedomcu.com
801.375.2120

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City Center Credit Union
345 W 100 S, Provo
UT 84601 - citycentercu.com
801.374.5856

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Utah Community Credit Union
1501 S 40 E St, Provo
UT 84606 - www.uccu.com
800.453.8188

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Deseret First Credit Union
695 E 800 N, Provo
UT 84606 - www.dfcu.com
801.655.5689

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CUP Federal Credit Union
302 East 1860 South, Provo
UT 84606 - cupcu.com
801.374.1170

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Wasatch Peaks Credit Union
4723 Harrison Boulevard Ogden
UT 84403 - wasatchpeaks.com
801.627.8700

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Goldenwest Credit Union
147 26th Street, Ogden
UT 84401 - www.gwcu.org
801.621.4550

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Bad Credit Loan Form for Utah

Fast Loan Pre-App Method
Accessing Bad Credit Lender Pool (?)

Learn about GAP (Gift Angel Program)

 

Bad Credit Loan Example In Utah

Glen really enjoys skiing and decided to upgrade his equipment this year and he also signed up for a seasons pass at one of the mountain ski areas near the city where he lives.

With the cost of the equipment, the seasons pass and new clothing, he quickly found himself in debt. Everything was charged to a credit card which he must pay soon.

Glen would like to borrow some money to pay for everything, however Glens credit score is really in the dumps and he is having difficulty finding a lender willing to take a chance on him for a loan.

He wants to borrow a total of $6300 and repay it over the next three years. He figures by that time he will be ready for a new pair of skis and boots and he will probably need another loan.

Up until now he really has not paid much attention to his credit score. He never needed a loan before and assumed it was as simple as applying for a loan and the money would be in your account the next day.

For many people it is as simple as that. Those with good to excellent credit ratings can often apply for a small loan, be approved and the funds transferred to a checking account within a day or two at the most.

Not so in Glens situation. He is having trouble even finding someone who will consider him for a loan. He is getting a little worried that he will not find a lender and he will have to pay credit card interest rates on the overdue balance he is unable to pay by the due date.

A $6300 loan with a three year term and 9.59% interest rate for Glen would cost him the following per month:

• Loan Amount (principal) = $6300
• Interest Rate = 9.59%
• Term Length =3 year
• Monthly Payment = $202.07
• Total Paid Back = $7274.62
• Total Interest = $974.62

Glen is actually getting a little desperate. He needs this loan to avoid paying high interest rates. He does not have a lot of spare cash and wants to minimize every expense he can.

Lenders will charge higher interest rates to clients with a bad credit rating, so he is going to have to pay more than he was expecting.

Never the less, his monthly payments are just a little over $200 a month which he can afford. He does not have any other debts at this time. He dealt with his bad debt situation a year ago. He repaid everything he owed at that time.

What he did not realize was that it can take as long as seven years before items that were reported to your credit score are actually removed.

They stay that long to provide a full record to lenders when they assess potential clients for loans. Glen is going to pay a lot more attention in the future to ensuring he meets all of his payments on time and improves his credit score. It has been a huge learning experience for him.

If you live in the State of Utah and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.

Sincerely,

Chris Somerset

Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.

Debt Consolidation Loans in UT

Last 5 debt service loans approved in the State of Utah. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.

$5000 $95000 850000 $60000 $10000

9.52% 5.46% 9.89% 5.80% 9.90%

Utah Consolidation Providers Map

Utah Debt Consolidation Loan Providers - Initial Static Image

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Lenders
contact us for listing removal or amendment.


Debt Hero Debt Consolidation
420 E S Temple Salt Lake City
UT 84102 - 801.203.4392

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A American Debt Consolidation
Ogden, UT 84401
801.393.4209

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Sandy Utah Debt Consolidation
9260 S 300 E, Sandy, Utah 84070
801.594.0053

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Utah Debt Solutions
1513 N Hill Field Rd #1a, Layton
UT 84041 - 801.628.2458

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Start Fresh Utah - Debt Relief
1226 S Jordan Pkwy Suite A
South Jordan, UT 84095
www.startfreshutah.com
801.921.5949

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American Credit Foundation
7720 700 E, Midvale
UT 84047 - 801.208.1000
americancreditfoundation.org

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AAA Fair Credit Foundation
230 200 S #3104, Salt Lake City
UT 84101 - www.faircredit.org
800.351.4195

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Chartway Federal Credit Union
444 S Main St B2, Cedar City
UT 84720 - www.chartway.com
800.678.8765

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Mountain America Credit Union
410 N Main St, Cedar City
UT 84721 - www.macu.com
435.586.0143

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America First Credit Union
150 N Main St, Cedar City
UT 84720 - 800.999.3961
www.americafirst.com

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UT Debt Consolidation Form

Utah Application Form
Bad Credit Debt Consolidation Loans (?)
 

About Consolidation Loans In Utah

Whether you live down near the beatiful red dirt and rock of St. George, or up in the great big Salt Lake City, you may need to some assistance with your debt issues. It's very easy to fall behind with payments when you have a calamity such as a family illness or unemployment.

Although a debt consolidation loan isn't always the best solution (learn about that choice here), there are many different options to consider. You can simply walk away from your debt with a personal bankruptcy (not a good one), settle with your creditors for a smaller payback option (hurts your credit rating), or knuckle down hard and find a way to make a lot more money going forward.

Whatever your choice is, we hope we have provided you some local Utah resources to help solve your money problems.

Consolidation Loan Example in Utah

Dean and his wife are desperate to avoid losing their home and they are trying to do everything possible to make enough money to pay all of the overdue bills and to pay the past due mortgage payments.

They fell behind on just about everything when Dean lost his job a few months back.

His wife has taken on a second job while he continues to search for full time employment. He has taken many part time short term jobs to try and make ends meet, but he just cannot seem to land something that will give him stable employment with enough income to meet all of their commitments.

One solution they are looking at is a debt consolidation loan of $25000 which would allow them to catch up on everything. It would mean an extra payment, however they would avoid a lot of fees and allow them to keep their home.

The problem is that they do not make enough income to support this additional loan. With their current income, they cannot afford to live in the house they are in and pay all of the associated expenses.

They may have to explore other solutions to help them qualify for a loan or they are going to lose their home and possibly also declare bankruptcy which will really have a huge negative impact on their credit score.

A $25000 loan with a 5 year term 6.75% interest rate for Dean would cost him the following per month:

• Loan Amount (principal) = $25000
• Interest Rate = 6.75%
• Term Length = 5 year
• Monthly Payment = $492.09
• Total Paid Back = $29525.19
• Total Interest = $4525.19

Dean and his wife have several choices: they can sell their home, which they obviously do not want to do; Dean can find a job that pays more, which he has been attempting to do; they can change the loan from a five year amortization to fifteen years or more which will significantly drop the monthly payment; they can register this loan as a secured loan using their home as equity and secure a lower interest rate, which will also lower the monthly payment.

If Dean can lower his monthly payment for this loan, he may be able to qualify for the loan he is looking for. By using his home as security for the loan and extending the term to at least 15 years his monthly payment could drop by over $300 a month making this loan much more affordable.

They have some decisions to make with regards to what they want to do. They could stay in the house they love, while taking on more debt. If Dean is successful at finding another full time job, they could actually recover from the debt situation they are in relatively quickly.

This is a major decision they need to think about and commit to if they want to remain in the house. More to come with regards to this loan application and the future that Dean and his wife will have.

If you live in the State of Utah and you're trying to get approved for a debt consolidation loan, we hope our website helps you find a good lender regardless of your credit rating.

Sincerely,

Andy Somerset

Andy Somerset is the son of Lance Somerset who founded the We Find Lenders Pool. He writes for WeFindLenders.com whenever he's not working hard on his degree in finance.

Credit Counseling Services In UT

Utah Credit Counseling Providers - Initial Static Image

Click or tap map image above for interactive version.
Counselors
contact us for listing removal or amendment.

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Premier Credit Consulting
12272 South 800 East Ste. D-185
Draper, UT 84020 - 801.513.2020
premiercredco.com

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Aggressive Credit Repair, LLC
878 Windsor Ln, Bountiful
UT 84010 - 801.298.3460
aggressivecreditrepair.com

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Consumer Credit Advocates
4746 900 E #240, Salt Lake City
UT 84117 - 801.265.9333

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Curtilage Credit Cleanup
136 Main St, Salt Lake City
UT 84101 - 801.532.4669

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WFL Loan Product Menu

  • Bad credit scores below FICO 650
  • 200+ lenders review your pre-application(s)
  • Applying does not worsen your credit score
  • Interest rates starting as low as 9% (cs)
  • Collateral not always required
  • Funding between 24 hours and 5 days
  • Terms from 6 months to 10 years
  • Borrow between $500 and $50,000
  • Loans for people with 650+ credit scores
  • 500+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Fast approvals and fast funding
  • Line of credit approvals with reasonable APR
  • Borrow between $500 and $150,000
  • Lenders who provide bad credit consolidation
  • Debt settlement or debt relief services
  • 300+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Seamless approval and funding process
  • Debt relief counseling available
  • Borrow form $5000 - $150,000

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