If you’re looking for some extra cash to help pay a financial emergency, you may have learned about title loans and how they can be a great option for funding when you’re in a pickle. Before you make a decision, you want to make sure you know what you can about title loans and Utah title loan regulations.
In Utah, the Title Lending Registration Act helps regulate title loans, and the important things included in title loans like:
- Title loan amounts
- Interest rates
- Length of terms
Title Lending Registration Act for Title Loans in Utah
The Title Lending Registration Act governs title loans in Utah. One of those sections requires title loan companies, like LoanMart, to take into account the ability the borrower has to repay their title loan.
When you apply for a title loan with LoanMart, one of the main things we look at is your current and expected income. We make sure we abide by this law by asking you to provide us with your source of income during the title loan process. We make sure of it by asking you to provide some sort of proof. Depending on your source of income, proof of your weekly/bi-weekly/monthly income can be from:
- An earning statement/paystub
- Pension plan statement
- Letter of employment (via employer)
Maximum Funding for Title Loans in Utah
The Title Lending Registration Act doesn’t relate to the maximum amount for a title loan, which makes Utah one of the many states that doesn’t limit the amount that you can borrow through a title loan company.
With LoanMart, we help you with your finances by lending you the money you need in your emergency. Based on the equity of your vehicle and your ability to repay the loan, LoanMart loans customers up to $30,0001 in funding. We plug in your car’s information into vehicle guides like the Kelley Blue Book. The guide gives information regarding the market sale price and similar sales on your car around the US. Once we get the amount your car is worth, Utah prohibits title loan companies from lending you more than the fair market value of your car.
This way, you will be able to make you loan payments and any interest charges to avoid any consequences.
Interest Rates for Title Loans in Utah
Unfortunately for those borrowing in Utah, title loan laws do not put any cap on the amount of interest a title loan company can charge. Even when states do have interest caps, they’re very high.
With LoanMart, though, we have some of the most competitive interest rates in the industry. We make sure to take into account your budget, and amount you are borrowing when calculating your interest rate. We also let you know ahead of time so that, if it is too much that you can’t afford, you are under no obligation to continue to take out the loan. We believe in being honest and upfront with our customers, so their fees aren’t unexpected.
Length of Terms for Title Loans in Utah
Under the Title Lending Registration Act, there aren’t any specific term limits for title loans in Utah. This gives the title loan companies freedom to set up terms as long or as short as they want. Most title loan companies will set up terms on an average of 30 days in length.
LoanMart offers customers the option to customize their loan terms based on their needs and budget. We have terms ranging from 12 to 48 months in length to pay back your loan amount. That way, you don’t have to scramble for the money and get charged a late fee. We give you enough time to pay it off.
Repossession Laws and Defaulting on Title Loans in Utah
With title loans in Utah, if you fail to fulfill the terms of your contract or pay off the loan, you default on the title loan. It’s important to read your contract to understand what could default your loan. If you default, you could be in risk for repossession.
Title loan repossession laws in Utah doesn’t provide borrowers protection beyond the most basic. Some states require a written notice before repossession, but Utah does not require this. This means a title loan company could take your vehicle without warning.
When you choose LoanMart for your title loan needs, the last thing we want to do is take your car. If you have a vehicle, you most likely need it for everyday use and taking it from you could cause problems in your life. If we notice you are missing payments or having difficulties, a LoanMart representative will reach out to you to help you. We give you notice for any missed payments, and if actions might be taken in the case of defaulting.
If you ever struggle with payments, we want you to know LoanMart is here to help. We want to make sure you don’t struggle with your payments, so we help in the ways we can!
Applying for Title Loans in Utah
Applying with LoanMart is fast and easy. We give you three different ways to apply so its most convenient for you:
- At a participating location
- Over the phone at 855-422-7412
Once you’ve submitted your application, you’ll be asked to provide important documentation regarding you, your car, and your income information:
- Proof of insurance and registration
- Pictures of your vehicle
- VIN plate and odometer
- Proof of income
- Proof of residency
- 4 personal references
- Vehicle title
After submitting your information, you’ll be given your contract outlining your loan, the terms, and the interest rate1. Once you sign it, you may be able to receive your funds in less than 24 hours3! If you have any questions, call us today at 855-422-7412!