Personal Loans in Utah, What You Need To Know

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About Personal Loans in Utah

Personal loans are an unsecured loan that are deposited into your bank account as soon as the same day. These loan types have been gaining popularity over the past few years and are helping the citizens of Utah take control of their finances. What are making personal loans so popular is the fact that they are unsecured so they don’t require collateral. What is also making personal loans so appealing is that they are a fixed loan, meaning that you will have the same exact same monthly payment for the life of your loan, the rates will not change. Personal loans have many uses and can be used to fund any large purchases whether it’s a home repair to a medical expense, personal loans are also popularly used to consolidate credit card debt.

How to get Personal Loan Online in Utah

With the popularity of online personal loans, you might be asking yourself how someone gets a personal loan online in Utah.  The first step to finding a personal loan online in Utah is to find a reputable lender, this might be difficult due to the fact that not all online lenders are able to do business in Utah, which can lead to frustration when after applying to a lender you find out you were denied because they don’t lend in your state. Thankfully, you’ve come to right place, we here at UTloan.com can connect you with the best personal loan companies online in Utah based on your exact customized financial situation. To be connect to your personal loan, click here.

Personal loans in Utah

What to look for in Personal Loan in Utah?

When looking for the best personal loan available there are many important factors you need to keep an eye on. The biggest factor involved in personal loans is the APR (often referred to as the rate). The APR is the percentage of interest that is charged for borrowing money. The APR of a personal loan can range anywhere between 5.99% up to 35.99%. The APR is calculated by a lender by looking at several data points. These data points are important for lenders decide your interest rate as they are run through a series of computer functions to decide risk. These data points include but are not limited to:

  • Your Credit Score (many lenders have strict cutoffs, usually 580+)
  • Your debt to income ratio
  • Your Credit History
  • Employment status
  • Your household or personal income (usually between $20,000 to $40,000 as a minimum)
  • Alternative data (ex. your education)

What is The Typical Interest Rate on a Personal Loan in Utah?

Now that we know what factors go into lenders deciding an interest rate, its time to learn where do personal loan interest rates typically stand. While Your credit score is the largest factor in determining your interest rate, most consumers getting personal loans have a credit score between 640 and 720, they will see rates of around 10% to 20%. The following is a better break down of personal loan interest rates and on the spectrum of credit score.

 

Expected Personal Loan Interest Rate in Utah by Credit Score

Credit Score RangeCredit ScoreExpected Interest Rate
850 – 720Excellent10.3% – 13.5%

720 – 680

Good13.5% – 15.5%

679 – 640

Average17.8% – 19.5%

640 – 300

Below Average19.5% – 36.99%

If you find yourself having below a 580-credit score, you might find it difficult finding a personal loan. This does not mean that you should turn to payday loans as they have extremely high-interest rates (in excess of 100%) and you can easily fall into a cycle of debt with a payday loan.

How do I get my Personal Loan in Utah?

Since only certain United States lenders can lend online in Utah, finding a lender who offers fair interest rates on personal loans online in Utah might be difficult. Thankfully we here at UTloan.com are here to help. We did our research so we don’t have to, here is a list of the best lenders online in Utah who offer personal loans.

A few Personal Loan Lenders in Utah (Select Below to See More)

LenderAPR RangeAvailable TermsMin Loan AmountMax Loan Amount
Marcus By Goldman Sachs logo

6.99% - 19.99%

Estimated APR

3 to 6 Years

Available Terms

$3,500

Min Loan Amount

$40,000

Max Loan Amount
Check my Rate

Rate Range*

6.99% - 19.99%

Loan Terms*

3 to 6 Years

$3,500 up to $40,000

Loan Amount Range*

About Marcus By Goldman Sachs Personal Loans

Marcus by Goldman Sachs offers industry-leading personal loans.

Loan Features

Loan Amount

Marcus By Goldman Sachs offers Personal Loans with a minimum loan amount of $3,500 and a maximum loan amount of $40,000.

Loan Term

Marcus By Goldman Sachs offers Personal Loans terms ranging from 3 to 6 Years.

Good For

This loan would be ideal for Good credit individuals who want a personal loan from an industry leader.

Features and Benefits

  • No Fees. Ever. We don't deduct a sign-up fee from your loan amount.
  • Tailored monthly payment options designed to fit your budget.
  • Marcus is backed by Goldman Sachs' 150 years of financial expertise.

Lender Requirements

  • Be at least 18 years old (19 in Alabama and 21 in Mississippi and Puerto Rico)
  • Proof of employment, loan purpose, income and creditworthiness.
  • Valid U.S. bank account and Social Security number or Individual Tax ID Number.

Marcus By Goldman Sachs® Offer Terms and Conditions

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Income Disclosure

List your total available income including wages, retirement, investments, and rental properties. You are not required to disclose income that is alimony, child support or separate maintenance unless you want to use that income to qualify for a loan. If applicable, include self-employment salary. For total commission earnings, provide an annual average. Increase non-taxable income/benefits by 25%.

Payoff logo

5.99% - 24.99%

Estimated APR

2 to 5 Years

Available Terms

$5,000

Min Loan Amount

$35,000

Max Loan Amount
See Your Rate

Rate Range*

5.99% - 24.99%

Loan Terms*

2 to 5 Years

$5,000 up to $35,000

Loan Amount Range*

About Payoff Personal Loan & Debt Consolidations

Payoff loans are tailored for debt consolidation with low rates, they offer flexible payment schedules as well as financial guidance. Payoff offers fixed-rate debt consolidation loans to made specifically to pay off credit card debt. On average, Payoffs customers get these loans to cover their debt of $18,000.

Loan Features

Loan Amount

Payoff offers Personal Loan & Debt Consolidations with a minimum loan amount of $5,000 and a maximum loan amount of $35,000.

Loan Term

Payoff offers Personal Loan & Debt Consolidations terms ranging from 2 to 5 Years.

Good For

This loan would be ideal for Anyone overwhelmed by debt with fair to excellent credit that wants to consolidate all their credit card debt into one fixed monthly payment..

Features and Benefits

  • Soft Credit Check
  • Loans funded in 3 to 7 days
  • Origination Fees: 0% - 5.00%
  • Consolidate your credit card debt
  • No late fees

Lender Requirements

  • A minimum credit score of 640
  • A debt-to-income ratio of 50 percent or less
  • At least three years of good credit history
  • Minimum Annual Income: $40,000
  • Minimum Credit History: 2 Years
  • At least two open lines of credit in which you’ve made on-time payments
Prosper logo

6.95% - 35.99%

Estimated APR

3 to 5 Years

Available Terms

$2,000

Min Loan Amount

$40,000

Max Loan Amount
See Your Rate

Rate Range*

6.95% - 35.99%

Loan Terms*

3 to 5 Years

$2,000 up to $40,000

Loan Amount Range*

About Prosper Personal Loans

Applying for a personal loan the traditional way can be daunting. Through Prosper, you can apply for a low-interest loan from the comfort of your home.

Loan Features

Loan Amount

Prosper offers Personal Loans with a minimum loan amount of $2,000 and a maximum loan amount of $40,000.

Loan Term

Prosper offers Personal Loans terms ranging from 3 to 5 Years.

Good For

This loan would be ideal for Individuals with good credit who want to get a loan from and industry leader..

Features and Benefits

  • Soft Credit Check
  • Loans Funded Quickly
  • Fast Funding
  • No Prepayment Penalty
  • Peer to Peer lending

Lender Requirements

  • Be at least 18 years old
  • Have good credit (usually 640+) their average borrower has a credit of 717.
  • Minimum credit history of 2 years
  • Maximum debt to income ratio: 50% (excluding mortgage)
  • Have a checking account in your name
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