Bad Credit Personal Loans in Utah
When you’re looking for a personal loan in Utah with bad credit, there might be some basic things you’d like to know. Since obtaining a loan has become more attainable in recent years, this can be good news for those with less-than-perfect or no credit history. Continue reading below to learn:
- What kind of loans are available in Utah?
- What products or services can loans for bad credit be used for?
- How can I apply for a bad credit loan in Utah?
Read on to understand how bad credit personal loan options* work in the great state of Utah.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
Bad Credit Personal Loan Options in Utah
Borrowers who have fair to bad credit or less-than-perfect credit history may face challenges when it comes to finding lenders for less-than-stellar credit.
Bad credit personal loans may offer a potential solution for those with less-than-perfect, or no credit score or history. Working with alternative lenders may be helpful when traditional financing is not an option.
Understanding Utah Loan Types for Bad Credit
Residents of Utah who need financing have options available to them, even with bad credit. Lending options legally available according to Utah state law include personal loans, auto loans, home loans, and payday loans.
Bad Credit Personal Loans
In most cases, after an applicant is approved, the lender releases the requested funds in a one-time lump sum payment. Once the cash transfers to the borrower’s account, the borrower is legally obligated to repay the lender via fixed monthly payments over a predetermined length of time.
Secured loans are usually obtained through specific merchants to finance goods – like a refrigerator. For those who may not qualify for a secured loan or who need access to cash, unsecured loans are also available.
After an application is filed, the lender takes into consideration approving the loan based on a review of credit history and other factors. If a borrower is approved, funds may be transferred into their bank account as early as the next business day.
Bad Credit Auto Loans
In Utah, there are two types of auto loans available for residents with bad credit: car title loans and traditional auto loans.
Car title loans are short-term loans where cash is exchanged for the physical title of the borrower’s vehicle. At the end of the loan period, the borrower must repay the title lender in full for the amount loaned. Even though title loans can be costly, title loans are currently legal in the state of Utah.
Auto loans may be hard to get if you have bad credit. In addition, annual percentage rates (APR) can be high, and may surpass the vehicle’s market value when considering the total cost of the loan.
Some used car dealerships may offer in-house financing regardless of credit score to help those with bad or less-than-stellar credit get into a vehicle they can afford. (If considering this option, check with the used car dealership you are working with to confirm the terms and conditions before proceeding.)
Bad Credit Home Loans
To obtain a home loan from a conventional, otherwise known as a traditional, mortgage lender in Utah, the minimum is 620. Borrowers with a credit score of 580 (or 500 with a 10% down payment) may qualify through the FHA. Applicants who have an active duty, veteran, or other qualified status, may be eligible for a home loan through the VA.
Bad Credit Payday Loans
Payday loans are a form of lending often associated with higher fees and a higher cost of borrowing. These payday loans, also called ‘cash advance loans,’ are currently legal in Utah.
Utah currently has no limit on maximum loan amounts or the number of loans a person may apply for. Additionally, there are no restrictions on interest rates or finance charges. Roll-over loans are permitted, provided loan terms do not exceed ten weeks.
What Products or Services Can a Bad Credit Loan Get You?
Utah residents may be interested in using outside financing for a variety of reasons. And borrowers may be able to finance goods or services through a bad credit personal loan using an alternate lender.
You might be wondering: Is a lease the same as a loan?
Leases & loans are quite different – here’s what you need to know:
- A loan (or personal loan) is generally a lump sum of funds provided on the recipient’s behalf that is paid back over time (and, like most loans, includes interest.)
- A lease (or lease-to-own option) allows the recipient to possess the leased item for a pre-determined period of time and includes the option to purchase the item outright. It does not include interest but has leasing fees.
Uses for Bad Credit Loans in Utah
Sometimes when you need funds, it can come at inconvenient times. Not everyone can wait until the next paycheck to handle a need that’s unexpected. A bad credit loan through an alternate lender may help people by opening access to the products and services they need. Here are some products attainable via bad credit loans in Utah:
Product: Furniture
Average Price**: $400 – $10,000
Product: Mattresses
Average Price**: $250 – $3,000
Product: TVs
Average Price**: $300 – $3,500
Product: Refrigerators
Average Price**: $1,000 – $2,500
Product: Washers and Dryers
Average Price**: $300 – $2,000
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
**Retail prices may vary based on extras and the type of product you purchase. For example, a mattress can have a retail price as low as $250, however, some other products or goods may have a retail price upwards of $3,000 or more.
Utah Bad Credit Loans in Summary
If you live in Utah and have less-than-perfect credit, you’re not alone. Bad credit loans can be an attractive option for consumers who reside in Utah and may be looking to acquire the products and services they need or want.
Various types of bad credit loans are available in Utah to suit different consumer needs, as you read about above. Consumers with bad credit who cannot get loan approval from traditional lenders may qualify for bad credit loans with alternative lenders.
Alternative lenders may offer competitive rates and repayment terms although they are likely to cost more than a traditional loan in the end. And the loan application process may be completed online, where the approval process can be quick. Typically, you may have access to the funds and see them in your account soon, if approved.
Find a store near you* to apply for access to products and services within our network.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.
Utah Bad Credit Loans FAQs
Q: What Kinds of Loans for Bad Credit Can You Get in Utah?
A: There are options available for potential borrowers with bad credit. Types of loans in Utah offer secured and unsecured personal loans, traditional auto loans, car title loans, payday loans, and home loans.
Q: What’s Considered “Bad Credit”?
A: Bad credit is defined as any credit score below 580 by credit reporting agencies such as Equifax and Experian. However, those with lower credit scores may have options to get what they want and need through various alternate lenders.
Q: Where’s the Best Place to Get a Bad Credit Loan?
A: Online alternative lenders may be able to fund a secured loan directly to your merchant of choice as early as the next business day. And paying your loan off early may potentially lower overall interest paid, saving you money on total loan cost.
Q: How Can I Apply for a Bad Credit Loan?
A: Applying for a bad credit loan is quick and easy. To get started, find a store near you* within our network and start the application for a loan today. Credit score may be considered, but a poor or no credit score doesn’t mean you will be automatically disqualified, as there are other factors taken into consideration.
*Please Note: Payment solutions vary based on the merchant and will be indicated at the beginning of the application process. Be sure to confirm that the merchant you select offers the lease, loan, or alternative payment solution you intend to apply for.