You may be considering different options for loans and easy access to cash, and we welcome you to evaluate the different products and services we offer at Liquid Loans. We have multiple locations across the Wasatch Front, including South Salt Lake, where we specialize in helping borrowers with getting money quickly and with fair terms. We even have an online application for your convenience to make the process of getting an online loan even easier. Click here to get the process started, you’ll be surprised at how easy it is to complete and how quick the pre-approval process is.
What is a Payday Loan?
Of the many loan options available to residents in South Salt Lake, there are always many questions surrounding payday loans. This type of loan is sometimes referred to as a cash advance, which in other words, is a short-term loan usually between $200-$1,500, and is designed to be used when a borrower is short on money and needs a little financial assistance until they receive their next paycheck. On the positive side, you can get cash quickly without your credit being checked, however, it can come with a steep price in the form of high interest rates and fees, which can make these kinds of loans quite risky. This is why at Liquid Loans, we have payday alternatives for our customers, to help them get the easy access to money, but without the downside they can encounter with a payday loan.
Are Payday Loans Legal in South Salt Lake, Utah?
Currently payday loans are legal in Utah as they are in many parts of the country. Unfortunately there aren’t any limits on the finance charges payday lenders are able to impose; in addition to the exorbitant fees, the average payday loans APR can be higher than 600%. These two things support what many payday loan borrowers experience when getting a payday loan- they pay back significantly more than they initially borrowed and can quickly get into trouble if they miss any payments due to the expensive fees that are typically added on to the loan.
Alternatives to Payday Loans in South Salt Lake
At Liquid Loans, we offer personal loans to help borrowers who are faced with expensive and often predatory loan options. A Liquid Loan personal loan can be paid back over time in weekly payments, no prepayment penalties, and no limitless finance charges that you see with payday loans. We don’t check your credit score either which makes the approval process easy so we can help you on your way so you can fix your temporary financial struggle.
The Liquid Loans South Salt Lake location is conveniently located off of State Street and 3300 South, across the street from Century Salt Lake 16 and XD, and close to a couple of popular restaurants- Crown Burger and The Pie Pizzeria. You can always call us at 801-953-1219 if you have any questions and we’ll be happy to assist you. Or if you’re short on time, you can always apply for a loan here on our website and get a preapproval within seconds.