Loan Rates and Fees in Utah

Utah does not cap the fee a licensed payday lender can charge - the lender sets the rate, and you'll see it labeled "finance charge" on your agreement. There is no state-mandated maximum loan amount; terms cannot exceed 10 weeks (70 days) total, including any extensions.

Because there's no fee cap, costs vary by lender. If you're quoted a $15-per-$100 fee on a $300 loan due in 14 days, the fee would be $45 and your total repayment $345. Federal disclosure rules require your agreement to show the APR - on that example, roughly 391% APR reflects the 14-day fee scaled to a full year, not a separate charge.

• Rollovers are permitted, but the total loan duration - including the original term and any extensions - cannot exceed 10 weeks from the date the loan was first made.
• Returned payment (NSF) fees have no specific state cap - confirm the exact amount in your agreement before you sign.
• Utah does not operate a statewide payday loan database, so no database or verification fee should appear on your agreement.

Verify any unclear line item with the Utah Department of Financial Institutions.

Utah does not set a maximum interest rate for licensed consumer lenders - the rate in your agreement is whatever you and the lender agree to, calculated on a simple-interest (declining-balance) or precomputed basis depending on the lender.

Origination fees, administrative fees, and similar upfront charges have no state-imposed cap; your agreement must itemize each fee.

On a $1,000 loan at 35.99% simple interest for 12 months with no origination fee, you'd repay approximately $1,200 total - roughly $200 in interest plus $1,000 in principal. Your actual cost will differ based on the rate, fees, and term your lender offers.

• Refinancing restarts interest and fees on the new amount - compare your remaining balance to the new loan's total of payments before you agree.
• Returned payment (NSF) fees: same rule as payday - no specific state cap; confirm the exact amount in your agreement.
• Late fees have no state cap; your agreement must state the exact late charge and any grace period before it applies.
• You can prepay in full at any time, and the lender must credit you for unearned interest - see installment loans in Utah for repayment details.

Verify any unclear line item with the Utah Department of Financial Institutions.

• Returned payment fee: no state cap for either product - confirm the exact amount before you sign.
• Total of payments: the full amount you'll repay over the life of the loan, including all interest and fees.
• Military status: if you or your spouse are active-duty military, federal law caps your rate at 36% MAPR regardless of Utah law.