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No rate cap — and the state’s own regulator reports the average APR at 522.56%. Utah also publishes how many borrowers use the protections it does have.
Utah Department of Financial Institutions — annual report to the Legislature
Utah has no rate cap. It does have a statutory reporting requirement, and the figures the Department collects from lenders and files with the Legislature are more candid than anything the industry publishes.Utah · RegulatorUtah Department of Financial Institutions, Deferred Deposit Lenders aggregate report to the Legislature under 7-23-503(2)(a) — average annual percentage rate charged on deferred deposit loans: 522.56%; average loan amount $388; average 26 days outstanding
That is how many deferred deposit loans in a single reporting year were carried to the maximum ten weeks — the full permitted duration, at an average rate above 500%.
Set against an average loan of $388 and an average of 26 days outstanding, it tells you there are two populations here: people who repay in under a month, and a large group who go the full distance.
Under Utah Code § 7-23-403 a borrower may enter an extended payment plan. The Department reports the average take-up at 7.86%, on an average plan of $373.
Better than Florida’s 0.71% — but still fewer than one borrower in twelve. Five states on this site now have this right documented. Ask for it by name, before your due date.
Utah Code § 7-23-401(3)(b) gives a right of rescission. In the reporting year the Department recorded 1,923 loans rescinded at customer request, totalling $851,622.
That right is real and it is used. If you have taken a loan you immediately regret, ask about rescission the same day.
The Department asks lenders the minimum and maximum they charge for a $100 loan over seven days. The reported range was $0 to $50.
Fifty dollars to borrow a hundred for a week. There is no cap, so that is lawful.
You can revoke authorisation and instruct your bank to stop the payment, whatever your agreement says.
What Regulation E says about automatic payments →
A payday loan is a consumer debt. If it goes unpaid, two Utah rules decide what a lender can do next: how long it has to sue you, and how much of your pay a court can order taken.
Being sued over an old payday loan? A collector can still file, but the time limit is a defence you can raise — and you cannot be jailed for the debt. What can and cannot happen if you don’t pay →