State License
MoneyKey is a state-licensed direct lender in Utah. Loans are funded by MoneyKey – UT, Inc. and governed by all applicable laws.
Click below to view the Utah Consumer Credit Notification.
Looking for installment loans in Utah from a reliable lender? You’ve come to the right place. At MoneyKey, our Utah Installment Loans can help you pay for those unexpected expenses that can pop up from time to time.
If you’re approved, we’ll deposit the money into your bank account the same business day*.
As you move through your credit journey, you may also be eligible for a reduced cost of credit and/or increased loan amounts based on your payment history over time†.
MoneyKey is a state-licensed direct lender in Utah, so when you take out a Utah Installment Loan, you’ll be doing business directly with us and your loan will be funded by us.
We’re available every day to help you throughout your borrowing and repayment process. We have a fully-staffed, friendly and knowledgeable Customer Care team working 7 days a week to answer any loan-related questions you may have.
Loan Amount: $200 to $2,500
Loan Type: Installment Loan
Loan Term: ~12 months
Funding: Same business day*
Pre-Payment Available: Yes
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For a Utah Installment Loan, the amount you can borrow ranges between $200 and $2,500. After we review your application, we’ll let you know how much you may qualify for.
Interest will be charged on your MoneyKey Utah Installment Loan, with a maximum annual percentage rate (APR) of 295%.
The APR, repayment amount and payment schedule will vary depending on the specific details of your loan, which are available in your loan agreement.
This loan is an expensive form of credit and is not intended to meet long-term financial needs. MoneyKey urges you to use this product responsibly.
As you move through your credit journey, you may also be eligible for a reduced cost of credit and/or increased loan amounts based on your payment history over time†.
The Utah Installment Loan term is approximately 12 months, so if you receive your income bi-weekly, semi-monthly or weekly, your loan will be payable in 23 installments. If you receive your income monthly, your loan will be payable in 11 installments.
In this example, the APR is 291.19% for a $1,000 Installment Loan with an Effective Date of 08/13/2020, payable in 23 bi-weekly installments.
| Annual Percentage Rate | Finance Charge | Amount Financed | Total of Payments |
|---|---|---|---|
|
The cost of your credit as a yearly rate
291.19% |
The dollar amount the credit will cost you
$1,820.88 |
The amount of credit provided to you on your behalf
$1,000.00 |
The amount you will have paid after you have made all payments as scheduled
$2,820.88 |
| Payment Date | Payment Amount |
|---|---|
| 08/27/2020 | $122.68 |
| 09/10/2020 | $122.68 |
In this example, the APR is 291.89% for a $1,000 Installment Loan with an Effective Date of 09/16/2020, payable in 11 monthly installments.
| Annual Percentage Rate | Finance Charge | Amount Financed | Total of Payments |
|---|---|---|---|
|
The cost of your credit as a yearly rate
291.89% |
The dollar amount the credit will cost you
$1,627.56 |
The amount of credit provided to you on your behalf
$1,000.00 |
The amount you will have paid after you have made all payments as scheduled
$2,627.56 |
| Payment Date | Payment Amount |
|---|---|
| 10/02/2020 | $238.79 |
| 11/04/2020 | $238.78 |
MoneyKey is a state-licensed direct lender in Utah. Loans are funded by MoneyKey – UT, Inc. and governed by all applicable laws.
Click below to view the Utah Consumer Credit Notification.
To qualify for a MoneyKey Installment Loan in Utah, you must:
Please note that currently, no credit products offered through MoneyKey have rates that would meet the requirements applicable to lend to covered members of the US Armed Forces and their dependents.
No, this is not a payday loan. A payday loan is a short-term loan where you are typically required to pay back the loan in full on your next payday. This is an installment loan, which is different because unlike a payday loan, no lump-sum payment is required. With an installment loan, you pay back the loan in installments over time until it is paid off.
Finding a loan to apply for shouldn’t be difficult, and it’s convenient to apply online. With an Installment Loan through MoneyKey, you can submit an application right from your phone as long as you have internet access. This simple process takes just minutes to complete.
For details on specific funding cut-off times, visit MoneyKey’s FAQs here.
Yes, and there’s no penalty to pay off your Utah Installment Loan earlier than scheduled. If you’d like to make an early payment, or a larger payment to pay down more of your principal, you may do so by contacting us at 1-866-255-1668. Paying off your loan earlier than scheduled may reduce the total fees you'll pay.
You need to be a resident of Utah to be eligible for a Utah Installment Loan. Whether you live in Salt Lake City, Provo, or in a remote part of the state – we make applying for online installment loans in Utah fast and secure.
If you live in another state, please check our rates page to see if other online loans such as Installment Loans or Lines of Credit are available in the state that you currently live in.
No appointments will need to be made. Assuming that you have Internet access, you’ll be able to apply for online loans in Utah through MoneyKey when it suits you. To start your application, all you need to do is click here. Submitting a request for Utah Installment Loans is easy and it’ll only take you minutes to complete◆.
If you’d like to receive more details on this process, you can call us at 1-866-255-1668 and someone from the Customer Care team will be happy to help you.
They may. Whenever your Utah online installment loan payments are reported to a credit bureau – or loan payments of any kind – there’s a relatively high chance that your credit score will be impacted one way or another. Whether the effect is negative or positive is going to be determined by the timelines of your online loan payments. To be clear, your credit history is made up of a diverse array of actions that all contribute to what your score ultimately ends up being at any given moment, so it can be difficult to measure the exact impact of any single action. At the end of the day, it’s important that you ensure that the payments you’re making on your Utah online loans are being submitted on time.
Storefront loans and online loans are two types of personal loans that are different in a few ways.
Storefront loans are obtained by physically visiting a lender's storefront or office to fill out an application and to submit the necessary documentation. The borrower usually receives the funds in person, either in cash or a check, although this won’t always be the case. The application process for storefront loans can take longer, and the borrower must be physically present to sign the loan agreement.
On the other hand, online loans in Utah are obtained through online lenders, who operate exclusively on the internet. The application process is entirely (or primarily in some cases) online, and the borrower submits their application and documentation electronically. If the loan is approved, the funds are transferred directly to the borrower's bank account. Online loans are often more convenient than storefront loans. The borrower can apply from anywhere with an internet connection, and the loan agreement can be signed electronically.
In summary, while storefront loans offer a personal touch and may be suitable for borrowers who prefer to interact with people face to face, online loans can be more convenient and accessible to a wider range of borrowers.
Both Utah installment loans and lines of credit are common types of financial products that individuals may use to borrow money. However, they operate differently and have their own unique characteristics that set them apart from each other. An installment loan in Utah is a loan that is repaid over a fixed period of time in regular installments. The borrower receives the full amount of the loan upfront and pays back a portion of the principal and the interest and/or fees through each required minimum payment, until the loan is fully repaid.
On the other hand, a line of credit is a flexible loan that allows borrowers to access a revolving credit limit whenever they need it. Borrowers are given a maximum credit limit, but they can borrow and repay funds as needed, up to the limit. Interest and/or fees are only charged on the amount of money that is borrowed, not on the full credit limit. Lines of credit are often used for short-term needs, such as home emergency repairs or unexpected expenses.
One key difference between Utah installment loans and lines of credit is how the borrower receives the funds. With an installment loan, the borrower receives the full amount upfront, whereas a line of credit allows the borrower to access funds as needed. Overall, installment loans and lines of credit have different features and are suited to different borrowing needs. Installment loans are best for large, one-time expenses, while lines of credit are more flexible and can be used for shorter-term needs. You’ll need to assess your personal situation and determine what makes more sense for your needs.
Have more questions? Please refer to our general FAQs page or contact our Customer Care team at 1-866-255-1668.