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Laws for Utah Installment Loans
Installment Loans have been one of most popular loans in the online circle owing to the prompt addressal of your money needs by various financial firms around the country.
With the demand for Installment Loans on the high, each state has put forward strict legal procedures to procure a installment loan which would greatly combat the wrong doers in the name of helping in crisis. And fortunately, the Utah Department of Financial Institutions has legalized Installment Loans in the state of Utah with strict laws put forth to benefit its people.
The Financial Laws In Utah
In order to regulate the Utah installment loan lenders, the State has put forth various laws which would control the legal procedures involved in obtaining a said loan. Some of the laws are as follows.
The Clear Notices
The Utah Installment Loans laws require the lenders to post a strict schedule of fees which is transparent for its customers to see and follow. The law doesn't budge with just the interest rates in words, instead the special amounts in dollars and the annual percentage rate the lender charges, must be clearly mentioned in their bulletins.
Strict Extension Periods
The law has posted strict rollover norms for the extension of the loan beyond ten weeks, beginning from the initial execution of the current installment loan. Also beyond the loan period, the lenders cannot accrue the interest rates at their will owing to the delay in the payment of the said amount.
No Bullying Laws
If in case the customer fails to pay his/her dues on time, there have been reports of them being threatened to complete their financial deeds on time. Owing to such atrocious behavior, the Utah payday laws deny the rights of the financial firms to bully its customers with criminal proceedings for payments that are returned due to insufficient funds.
All that the lender gets to enjoy is a $5 increment without any additional charges on late payments.
Extended Payment Plan (EPP)
The EPP has been a boon for citizens which can be requested at various financial firms in Utah. These plans which can be acquired every 12 months can have minimum of 4 payments within a 60 day grace period. The catch of this special plan is, during the 60 day period, the lender cannot levy any interest on your already existing loan.
Cancellation Laws For Utah Installment Loans
For those of you who wish to cancel your installment loan, this procedure would prevent you from paying any extra charges on the interest rates as on date.
All that you need to do is, return the loan funds to your lender by the 5 pm deadline of all business days with a one day grace period being offered to gather all the money.
Accessibility of the lendersWith various fraudulent cases been reporting in terms of Installment Loans, the law makers have passed a strict order to the payday lenders to post the phone lines that would benefit the customers in case of any false claims by its salesmen
These are some of the financial laws and restrictions put forth by the Department of Financial Institutions for Utah Installment Loans, which greatly benefits the customers from the wrenching hands of the money lenders.