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There are two different rates you need to be aware of when considering a title loan in Utah:

  • Interest Rates
  • Loan Amounts

How much money can I get for a Title Loan in Utah?

In Utah, title loans are capped at $25,000. However, there are a number of factors that influence how much money a lender will be willing to let you borrow:

  • Income
  • Loan Terms
  • Value of your vehicle

The greater your income and the higher the value of your car, generally the more money you’ll be able to borrow.

What are some of the other advantages of a Title Loan?

Title loans are great short-term loan option for a number of reasons:

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  • There’s no restrictions on how you spend the money
  • There’s no lengthy application process
  • There’s no credit check until the very end, lenders are more concerned with the value of your car and your income

You’ll need a qualifying car title in your name and just a few other items to get a title loan.

What other things do I need to get a Title Loan?

There are a few things you need for a title loan:

  • Qualifying title for the vehicle
  • Proof of Income
  • Proof of residency
  • Government-Issued I.D. (Driver’s License, State I.D., Passport, etc.)
  • Photos of the front, back, and sides of vehicle

What is considered proof of income for a Title Loan in Utah?

Many people think the only way to show proof of income for a title loan is through a paystub. You can also show proof of income for a title loan with things like:

  • Social Security
  • Inheritance
  • Annuity
  • Settlement/Court-Ordered Award
  • Workers’ Compensation

How do I get a copy of my vehicle’s title?

It may be possible for you to get a duplicate copy of your car title at a Department of Motor Vehicles (“DMV”). Some DMVs are even capable of providing you with an expedited copy. Depending on the situation, LoanMart may be able to direct you to the nearest DMV that can help you, or even assist you in getting a duplicate title. If you add LoanMart as a lien holder at that time, it may speed up your title loan process.

Are there any costs other than the interest for a Title Loan in Utah?

Lenders shouldn’t charge you for applying for a loan. However, there may be other costs associated with a title loan. Your lender should outline these costs during the application process.

How long do I have to pay back my Title Loan in Utah?

There is no maximum loan term in Utah, so it will vary from lender to lender and loan to loan. Your lender should outline the repayment schedule for you during the application process.

What happens if I don’t pay back my Title Loan in Utah?

If you are unable to repay your title loan, your car may get repossessed. There is no grace period in Utah between when you miss a payment on your title loan and when your lender can repossess your car. They are not required to give you notice before taking and selling your car. That said, in Utah, unlike other states, if a lender sells your car for less than the amount you owe, they are not permitted to continue seeking payment from you. And, if they sell it for more than the value of your debt, they must return the surplus to you.

Is there any way I can extend the terms of my Title Loan in Utah?

You may be able to extend the terms of your loan by speaking to your lender. You will be obliged to pay any accrued interest up to that point. While it is possible to extend multiple times, you’ll be responsible for the current interest each time you renew your loan.

How to get a Title Loan with LoanMart

Now that you understand not only the various rates involved with title loans but also a little more about how they work in general, you can see title loans are a great way to get money in an emergency. You won’t be subjected to lengthy sign up processes, nor will lenders look deep into your credit history. As long as you have a qualifying car title in your name, you may be eligible for a title loan of up to $25,0001. And, thanks to LoanMart’s streamlined application process, you may be able to get your money in less than 24 hours3.

With our easy process, we give you three ways to contact us that make it convenient for you:

  1. Visit a participating store
  2. Call us at 1-844-237-5530
  3. Sign up online without leaving your home

Once you’ve decided how to get in touch, all you have to do is follow these steps to get the money you need1:

  1. Fill out the registration form
  2. Submit the required documents to your LoanMart representative
  3. Sign your LoanMart agreement
  4. Collect your funds!

Protect yourself from having your financial plan derailed by an unexpected expense. Now that you understand title loan rates in Utah, you can get a title loan from LoanMart to help you get your financial plan back on track.