Payday loans in Utah are easy to understand; you take out a loan from a payday loan alternatives lender and give a post-dated check as a guarantee for payment. Your pay is instantly withdrawn from your bank account as soon as it comes.
Payday and personal loans are a perfect solution for consumers with poor credit history and in need of quick cash. Payday loans are a form of short-term funding that comes with great benefits as compared to traditional bank loans. The main disadvantage is that payday loans come with a hefty interest rate. Some of these loans have APRs as high as 400 percent.
Utah has fewer limitations on payday loans than other states, according to a 2016 study by the office of the auditor general. According to the report, an online 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 interest if you extend the loan term. Additional costs are attached to this extension, which may significantly raise the overall cost of borrowing.
Greendayonline installment loans in the state of Utah
Greendayonline installment loans if you need money fast in Utah, this might be a better option than payday loans. You can apply for loans online using a computer or smartphone. If you qualify, the money will be deposited into your bank account on the same or next business day with minimal online credit checks. Applying for Greendayonline installment loans has a lot of advantages. Greendayonline installment loans are superior to payday loans in Utah for the following reasons.
Lower rate of interest
Greendayonline installment loans have an APR of between 60% and 299%. This is manageable than payday loans that can have an APR of as high as 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. A shorter payback period, on the other hand, implies you’ll finish your loan payments quickly and be debt-free sooner.
Greendayonline installment loans are available in Utah for sums ranging from $300 to $5,000. This is a higher loan amount as compared to what you get from a payday lender.
Build or improve credit
When applying for small payday loans in 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. Greendayonline records all payments to Equifax, Experian, and TransUnion, the three main credit reporting agencies. So long as you keep making timely payments, your payday loans in Mount Vernon credit score will eventually increase.
Becoming a Greendayonline customer gives you access to your TransUnion credit score. Additionally, you will get free TransUnion credit notifications.
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. You won’t incur any fee charges.
Is it worthwhile to choose Greendayonline if you need money quickly?
Greendayonline is a Utah-based company that specializes in installment loans. However, compared to credit cards and payday loans from banks and credit unions, which both have lower interest rates, these loans may be costly. The only problem is that, if you have bad credit, the amount you qualify for may not be enough to meet your immediate needs.