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Online Installment Loans in Utah

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MoneyKey > Online Installment Loans > Online Installment Loans in Utah

Online Installment Loans in Utah

Looking for installment loans in Utah from a reliable lender? You’ve come to the right place. At MoneyKey, our Utah Installment Loans can help you pay for those unexpected expenses that can pop up from time to time. If you’re approved, we’ll deposit the money into your bank account the same business day*. As you move through your credit journey, you may also be eligible for a reduced cost of credit and/or increased loan amounts based on your payment history over time†. MoneyKey is a state-licensed direct lender in Utah, so when you take out a Utah Installment Loan, you’ll be doing business directly with us and your loan will be funded by us. We’re available every day to help you throughout your borrowing and repayment process. We have a fully-staffed, friendly and knowledgeable Customer Care team working 7 days a week to answer any loan-related questions you may have.

Summary

Loan Amount: $200 to $2,500 Loan Type: Installment Loan Loan Term: ~12 months Funding: Same business day* Pre-Payment Available: Yes Apply now

How It Works

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1. Submit Your Appllication

 
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2 Get Approved◆

 
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3. Get Money The Same Business Day*

Start Application

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Loan Details

Loan Amount

For a Utah Installment Loan, the amount you can borrow ranges between $200 and $2,500. After we review your application, we’ll let you know how much you may qualify for.

Cost of Loan

Interest will be charged on your MoneyKey Utah Installment Loan, with a maximum annual percentage rate (APR) of 295%. The APR, repayment amount and payment schedule will vary depending on the specific details of your loan, which are available in your loan agreement. This loan is an expensive form of credit and is not intended to meet long-term financial needs. MoneyKey urges you to use this product responsibly. As you move through your credit journey, you may also be eligible for a reduced cost of credit and/or increased loan amounts based on your payment history over time†.

Term of Loan

The Utah Installment Loan term is approximately 12 months, so if you receive your income bi-weekly, semi-monthly or weekly, your loan will be payable in 23 installments. If you receive your income monthly, your loan will be payable in 11 installments.

Here are some examples:

In this example, the APR is 291.19% for a $1,000 Installment Loan with an Effective Date of 08/13/2020, payable in 23 bi-weekly installments.

Annual Percentage Rate Finance Charge Amount Financed Total of Payments
The cost of your credit as a yearly rate 291.19%
The dollar amount the credit will cost you $1,820.88
The amount of credit provided to you on your behalf $1,000.00
The amount you will have paid after you have made all payments as scheduled $2,820.88

Payment Schedule

Payment Date Payment Amount
08/27/2020 $122.68
09/10/2020 $122.68

In this example, the APR is 291.89% for a $1,000 Installment Loan with an Effective Date of 09/16/2020, payable in 11 monthly installments.

Annual Percentage Rate Finance Charge Amount Financed Total of Payments
The cost of your credit as a yearly rate 291.89%
The dollar amount the credit will cost you $1,627.56
The amount of credit provided to you on your behalf $1,000.00
The amount you will have paid after you have made all payments as scheduled $2,627.56

Payment Schedule

Payment Date Payment Amount
10/02/2020 $238.79
11/04/2020 $238.78

State License

MoneyKey is a state-licensed direct lender in Utah. Loans are funded by MoneyKey – UT, Inc. and governed by all applicable laws. For more information regarding the license status of MoneyKey - UT, Inc., please visit the National Multistate Licensing System website.

Online Installment Loans in Utah: Frequently Asked Questions

Will I need to make an appointment to submit a request for an online installment Loan in Utah through MoneyKey?
No appointments will need to be made. Assuming that you have Internet access, you’ll be able to apply for online loans in Utah through MoneyKey when it suits you. To start your application, all you need to do is click here. Submitting a request for Utah Installment Loans is easy and it’ll only take you minutes to complete◆. If you’d like to receive more details on this process, you can call us at 1-866-255-1668 and someone from the Customer Care team will be happy to help you.

General Inquiries

Do online loans in the form of installment loans in Utah impact my credit score?
They may. Whenever your Utah online installment loan payments are reported to a credit bureau – or loan payments of any kind – there’s a relatively high chance that your credit score will be impacted one way or another. Whether the effect is negative or positive is going to be determined by the timelines of your online loan payments. To be clear, your credit history is made up of a diverse array of actions that all contribute to what your score ultimately ends up being at any given moment, so it can be difficult to measure the exact impact of any single action. At the end of the day, it’s important that you ensure that the payments you’re making on your Utah online loans are being submitted on time.
How is a Utah online loan different from a storefront loan?
Storefront loans and online loans are two types of personal loans that are different in a few ways. Storefront loans are obtained by physically visiting a lender's storefront or office to fill out an application and to submit the necessary documentation. The borrower usually receives the funds in person, either in cash or a check, although this won’t always be the case. The application process for storefront loans can take longer, and the borrower must be physically present to sign the loan agreement. On the other hand, online loans in Utah are obtained through online lenders, who operate exclusively on the internet. The application process is entirely (or primarily in some cases) online, and the borrower submits their application and documentation electronically. If the loan is approved, the funds are transferred directly to the borrower's bank account. Online loans are often more convenient than storefront loans. The borrower can apply from anywhere with an internet connection, and the loan agreement can be signed electronically. In summary, while storefront loans offer a personal touch and may be suitable for borrowers who prefer to interact with people face to face, online loans can be more convenient and accessible to a wider range of borrowers.
How are online installment loans in Utah different from lines of credit?
Both Utah installment loans and lines of credit are common types of financial products that individuals may use to borrow money. However, they operate differently and have their own unique characteristics that set them apart from each other. An installment loan in Utah is a loan that is repaid over a fixed period of time in regular installments. The borrower receives the full amount of the loan upfront and pays back a portion of the principal and the interest and/or fees through each required minimum payment, until the loan is fully repaid. On the other hand, a line of credit is a flexible loan that allows borrowers to access a revolving credit limit whenever they need it. Borrowers are given a maximum credit limit, but they can borrow and repay funds as needed, up to the limit. Interest and/or fees are only charged on the amount of money that is borrowed, not on the full credit limit. Lines of credit are often used for short-term needs, such as home emergency repairs or unexpected expenses. One key difference between Utah installment loans and lines of credit is how the borrower receives the funds. With an installment loan, the borrower receives the full amount upfront, whereas a line of credit allows the borrower to access funds as needed. Overall, installment loans and lines of credit have different features and are suited to different borrowing needs. Installment loans are best for large, one-time expenses, while lines of credit are more flexible and can be used for shorter-term needs. You’ll need to assess your personal situation and determine what makes more sense for your needs. Have more questions? Please refer to our general FAQs page or contact our Customer Care team at 1-866-255-1668.

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