How Old Do I Need To Be To Get Payday Loans In Provo UT?
No matter what their age, everyone has experienced a period of financial instability. Whether it’s because you have unexpected medical bills that aren’t covered by insurance or your house needs urgent repairs, several situations could leave you in a financial emergency. In these emergencies, payday loans can help you afford urgent costs. However, there is a payday loan age requirement in Utah.
This guide from Utah Title Loans, Inc. will explain the minimum age for payday loans in Utah. We will also explain other factors for payday loan eligibility in Utah and Utah payday loan laws that you should understand before applying for this fast cash loan.
What Are Payday Loans?
A payday loan is an unsecured cash loan that allows borrowers to borrow from a future paycheck. Those who can prove their income can borrow between $100 and $500 to help pay for urgent expenses.
This is an unsecured loan, meaning you don’t need to have collateral to secure the loan. All you need is a few required items, including your most recent paystub or earnings statement to prove your income.
Borrowers can use the emergency money to pay for their financial emergency. They can also use their next paycheck to repay the loan amount and continue their life without having to deal with late fees, service disruptions, or ruined credit.
What Is the Payday Loan Age Requirement In Utah?
The minimum age for payday loans in Utah is 18 years old. Borrowers must be a legal adult in order to borrow money through emergency cash loans, as underage people are less likely to have the financial literacy and maturity to handle borrowing and repaying money. Failing to repay a payday loan can have serious consequences, so you must be at least 18 years old to borrow money.
This is not just a requirement at Utah Title Loans, Inc.; this is the payday loan age requirement in Utah for every loan lender. It is a Utah law that borrowers of emergency cash loans like payday advances must be at least 18 years old. You cannot legally borrow money if you are not the legal age for payday loans in Utah.
What Are The Other Requirements For Payday Loan Eligibility in Utah?
Age is not the only eligibility criteria for borrowers looking for payday loans in Utah. Payday loan eligibility in Utah requires borrowers to have a couple of items. These items will prove your identity, income, and checking account. Each of these elements is essential to ensure you can meet the guidelines as outlined by Utah payday loan laws.
The following are the required items for payday loans in Utah:
- A driver’s license or state-issued ID to verify you meet the legal age for payday loans in UT
- Your most recent paystub or earnings statement to verify your income
- A blank check from an active checking account in your name
These requirements will be verified during an in-person meeting you have with one of our loan associates. To continue with the process, your ID must verify that you meet the payday loan age requirement in Utah.
What Are Other Utah Payday Loans Laws?
The statute that affects payday loans doesn’t just mention the minimum age for payday loans in Utah. Utah Code-Title 7-Chapter 23 has all of the laws that affect payday loans in the state. There are other details in this law that affect payday loans, such as requirements for borrowing, loan terms, etc.
The following are some of the other Utah payday loan laws:
- There is no minimum loan term
- The maximum loan term for Utah payday loans is 70 days (10 weeks)
- There is no cooling-off period for payday loans in Utah
- Payday loans are not reported to credit bureaus
- Unauthorized lenders are prohibited from offering payday loans
What Is The Process For Getting Payday Loans In Utah?
Now that you understand Utah payday loan laws, you can begin applying for one. If you meet the payday loan age requirement in Utah, you can begin the process to get approved for emergency cash. At Utah Title Loans, Inc., we believe in making the process simple to allow borrowers to get approved quickly and receive fast access to the cash they need for emergencies.
The following are the steps involved in the Utah payday loan approval process:
- Submit your information through the online contact form
- Speak to a loan agent on the phone about payday loans and their terms
- Bring your required items to a Utah store location
- Have a loan associate verify your required items
- Sign paperwork to complete the process
- Receive your emergency funds the same day or the next business day
FAQs
How does payday loan repayment work?
Most borrowers will use their next paycheck to repay their payday loan. This is to prevent borrowers from having to pay interest rates. The longer it takes to repay the loan, the more interest you will accrue.
Can you borrow money through a payday loan as a freelancer?
You do not need a salaried position to get approved for a Utah payday loan. If you work as a gig worker or freelancer, you can use a recent earnings statement to prove your income.
How much can you borrow with a payday loan?
Utah Title Loans, Inc. allows borrowers to get between $100 and $500 for payday loans. How much you can get approved for depends on how much money you make, as determined by your paystub. The more you make, the more you are likely to get approved for.
Apply For Payday Loans In Utah – Borrow Up To $500 Today!
As long as you are at least 18 years old, you are the legal age for payday loans in UT and can get approved for this emergency cash loan. At Utah Title Loans, Inc., we allow borrowers of all credit types to get approved, and you can receive your emergency funds by the next business day.
Are you looking for fast, same-day payday loans to afford your urgent financial emergency? Fill out our online contact form today to begin the process. One of our friendly loan agents will call you to guide you step-by-step through the approval process for Utah payday loans.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.