We get calls almost every day from someone looking for a Pay Day Loan. However, we do not offer Pay Day Loans, and we are ecstatic about that!
Pay Day Loans require you to present a post-dated check for your next pay day. When that pay day comes, you are then expected to either pay the loan off (which is usually a huge lump sum) or extend it to your next pay day by paying the interest for the time you had the loan. Extending the loan only makes you pay more interest and pushes that lump sum off to the next time. And, in Utah, you are only allowed to extend a Pay Day Loan up to 10 weeks from the day you got the loan. That means that 10 weeks after you get the loan, you are required to pay it all back as well as all of the interest you’ve acquired. That adds up!
Instead of Pay Day Loans, Utah Money Center offers Signature Loans! These loans are similar to Pay Day Loans, but we think they are even better! For starters, you don’t need to have a checking account, because we don’t use post-dated checks. You don’t need checks!Signature Loans are also set up so that with every payment (which is based around your pay days), you pay down the principal a little. This allows you to always be reducing the amount that the interest is being charged on, thereby reducing the amount of interest you pay every time. If you keep current with your schedule, you can pay the same amount every pay day and pay off your loan in a year! That’s awesome!
Of course, you are always allowed to pay off the loan early, if you are able to. You can even pay a little extra with every payment or in between payments to get it paid down sooner! And there are no fees for doing that at all!
Get started on your Signature Loan today by calling 801-373-2274 or online by hitting “Apply Now” at the top of our website!