Payday loans in Utah
Payday loans are easy to understand; you take out a loan from an alternative lender and give a post-dated check as a guarantee for payment. As soon as your salary arrives, the funds are directly deducted from your bank account.
Payday loans are a perfect solution for consumers with poor credit history and in need of quick cash. They are a form of short term funding which come with great benefits as compared to traditional bank loans. The only downside is that payday loans attract high interest. Some of these loans come with an APR of up to 400%.
Based on a report done in 2016 in the office of the auditor general, Utah has lesser restrictions on payday loans compared to other states. According to the report, a payday loan of $300 can attract an APR of up to 521% if it has a term of two weeks. If you fail to pay up on time, some lenders may decide to roll over a payday loan. This means that you only pay the interest while the loan term is extended. This extension comes with additional fees that can highly increase the total cost of borrowing.
Greendayonline installment loans in the state of Utah
Greendayonline installment loans can be a better alternative to payday loans if you require quick cash in Utah. The loans can be applied online using a computer or smartphone. If you qualify, the money will be deposited to your bank account on the same or next business day. There are numerous benefits of applying for Greendayonline installment loans. Here are the best reasons why Greendayonline installment loans are better than payday loans Utah.
Lower rate of interest
Greendayonline installment loans have an APR of between 60% and 299% which is manageable compared to payday loans that can have an APR of s high 400%
installment loans have a term ranging from 4 to 26 months. With a long repayment term, your monthly payments will be manageable and this reduces the chances of defaulting. On the other hand, a shorter repayment term means that you will complete loan repayments within a short time and stat a debt-free life.
Qualify for an installment loan between $300 and $5,000
In Utah, you can get a Greendayonline installment loan for amounts ranging from $300 to $5000. This is a higher amount as compared to what you get from a payday lender.
Build or improve credit
When applying for payday loans Utah, it is not a guarantee that the lender will report your credit information to the major credit bureaus. But if you miss some payments or default, these lenders will forward the loan to a third party agency and your credit score will be affected. On the other hand, Greendayonline ensures that all payments are reported to the major credit reporting agencies, Equifax, Experian and TransUnion. So long as you keep making timely payments, your credit score will eventually increase.
Becoming a Greendayonline customer gives you access to your TransUnion credit score. You will also get free TransUnion credit alerts.
On top of these benefits, customers who have already borrowed a loan from us and don’t need the cash anymore can return the money within 5 business days. No fees will be charged.
Is Greendayonline worth considering when you need quick money?
Greendayonline specializes in offering installment loans in Utah. However, these loans can be an expensive option compared to credit cards and payday loans from banks and credit unions, both of which offer a lower interest rate. The only problem is that, if you have bad credit, the amount you qualify for may not be enough to meet your immediate needs.
Greendayonline loans can be a smart choice when compared to other types of loans like payday loans and car title loans (where your vehicle title is used as collateral). Besides that, Greendayonline also offers financial education tools to its customers which can help you use money responsibly. This can help you qualify for affordable financing in future.
Do not forget consolidation
If you have a number of loans already in Utah and would like some relief from your creditors. Greendayonline can also provide payday loan consolidation that can drastically reduce the interest you are paying on multiple payday loans. If you are in this situation do not delay.