Best Loans for Bad Credit in Utah for 2024

Happy Money offers the best loans for bad credit in Utah, with a MoneyGeek score of 94 out of 100, highlighted by its customer service, transparency and application process.

Updated: November 27, 2024

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Happy Money is the best personal loan lender for bad credit in Utah, offering a MoneyGeek score of 94 out of 100. It stands out due to its thorough customer service and education, competitive interest rates, and a record of credibility and transparent lending practices. Following closely is Avant, the runner-up, with a MoneyGeek score of 92 out of 100. It is recognized for its flexible payment options, efficient application and approval process, and robust customer service.

MoneyGeek reviewed four personal loan lenders in Utah that disclosed their minimum credit score requirements between 580 and 640 to find suitable offers for those with less-than-ideal credit. While these selections are notable, other lenders in Utah may also meet your needs, including Utah First Credit Union, Utah Community Federal Credit Union and UFirst Credit Union, which offer localized services and could provide additional options for personal loans.

Best Bad CreditLendersUtah

2024

Best Bad Credit Loans in Utah

Best Overall - Happy Money

Runner-Up - Avant

MoneyGeek scored personal loan lenders in Utah that explicitly disclose their minimum credit score requirements on their websites to find the best personal loans for bad credit. Only 12% of lenders disclose this information.

We filtered our analysis to include lenders with minimum credit score requirements between 580 and 640, which meets Experian's definition of fair credit. Our research did not find any published minimums lower than 580.

Our analysis was completed in April 2024 and considers banks and lenders who are licensed to do business in Utah. We also consider financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

Overall Best Bad Credit Loan Lender in Utah

Happy Money

94MoneyGeek Score
11.72% to 17.99%APR Range
640Minimum Credit Score
$5,000 to $40,000Loan Amount Range
24 to 60 monthsRepayment Terms

Happy Money is MoneyGeek's pick for the best personal loan lender for bad credit in Utah, with a MoneyGeek score of 94 out of 100. Happy Money is a fintech company that collaborates with lending partners federally insured by the NCUA to originate personal loans. With a minimum credit score of 640 and a loan amount ranging from $5,000 to $40,000, it provides accessible funding, often by the next day. It doesn't impose specific fees, offers a financial reprieve and has flexible repayment terms from 24 to 60 months to accommodate various budgets. However, it solely provides loans for debt consolidation and charges an origination fee, which are both considerations for applicants.

Pros

Doesn't charge late, early repayment, bounced checks, failed ACH or other fees
Offers to pay creditors directly
Lower maximum APR than competitors

Cons

Only offers loans for debt consolidation
Charges an origination fee
No co-signers or co-borrowers

Runner-Up for Best Bad Credit Loan Lender in Utah

Avant

92MoneyGeek Score
9.95% to 35.99%APR Range
580Minimum Credit Score
$2,000 to $35,000Loan Amount Range
12 to 60 monthsRepayment Terms

Avant is the runner-up for the best bad credit loan lender in Utah with a MoneyGeek score of 92 out of 100. It partners with WebBank, a state-chartered FDIC member bank, to originate personal loans. It accommodates borrowers with a minimum credit score of 580 and offers personal loans from $2,000 to $35,000, with funds available as soon as the next day. Avant allows you to check loan options without affecting your credit score and features flexible repayment terms of 12 to 60 months. However, applicants should note that it charges an administration fee of up to 9.99% and may levy late and dishonored payment fees.

Pros

Doesn't charge a prepayment penalty
Flexible repayment terms between 12 to 60 months
Offers next-day funding

Cons

Charges an administration fee up to 9.99%
Has late fees and dishonored payment fees
Low borrowing limits at $35,000

Calculate Your Monthly Loan Payment in Utah

In Utah, the average new account balance for personal loans is $7,521, according to the Credit Industry Snapshot report. A personal loan, typically an unsecured loan, requires regular, monthly repayments over a set period. This process includes paying back both the principal amount borrowed and the interest accrued.

Understanding the monthly financial commitment is especially helpful for those with less-than-perfect credit. To navigate these potential risks and stay on top of your financial obligations, use MoneyGeek's personal loan calculator to estimate your loan payments accurately.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Dec 22, 2024

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Best Bad Credit Loans by Credit Score in Utah

Utah's average credit score of 731 is higher than the national average of 715 based on Experian data.

Some Utah lenders are open to working with individuals who have lower credit scores, but be aware that this often results in higher interest rates and terms that may be less appealing. For information on which personal loan lenders are available in Utah based on credit score, refer to the accompanying table below.


Avant	580	9.95% to 35.99%	$2,000 to $35,000	12 to 60 months	Next Day	92
Prosper	600	8.99% to 35.99%	$2,000 to $50,000	24 to 60 months	1 business day	90
Achieve	620	8.99% to 35.99%	$5,000 to $50,000	24 to 60 months	Same Day	92
Happy Money	640	11.72% to 17.99%	$5,000 to $40,000	24 to 60 months	3 to 6 Business Days	94

What to Do if Your Loan Application Is Denied in Utah

It's not uncommon to face a personal loan application denial in Utah, but this doesn't halt your borrowing journey. Here are some measures to enhance your chances for approval on future applications.

1
Find out the reason for the denial
If a lender denies your loan application, it could be due to a poor credit score, high debt-to-income ratio, low income level or errors in your application. Reviewing the reasons for denial will guide you in addressing the weak points and prevent future rejections.
2
Modify your loan terms
Consider discussing with your lender whether changes to the loan amount or repayment terms could lead to an approval of your loan application.
3
Find another lender
Lenders have varied criteria for loan approval, so compare and consider different lenders to find the best match for your needs and credit history. Important factors include:
- Eligibility requirements: Different requirements exist for credit score, income level, debt-to-income ratio and employment history.
- Interest rates: Seek lenders with competitive rates, which is particularly beneficial if you have bad credit.
- Additional fees: Watch for origination, late, and prepayment fees, as some lenders may not charge these, which can be significant if you have bad credit.
- Loan terms: Understand the differences between short and long repayment terms when evaluating personal loan options.
- Customer service and reputation: Assess lenders' customer service and reputation as part of your search for a personal loan lender suitable for bad credit.
4
Look for alternatives
There may be options other than personal loans better suited for individuals with bad credit, such as secured loans, credit builder loans or borrowing from friends and family. Exploring these alternatives can be beneficial.
5
Improve your credit score
Enhancing your credit score can lead to loan approval. Actions include timely bill payments, reducing debt and limiting new credit applications.

EXPERT TIP

Work on improving your credit score before applying for a personal loan to increase your chances of approval and getting better terms. Here are some long-term steps to consider:

Monitor your credit utilization ratio: Keep your credit utilization ratio low, as high credit utilization can negatively impact your credit score. Aim to use less than 30% of your available credit limit.
Don’t close old credit cards: The length of your credit history contributes to your credit score. Even if you no longer use a credit card, keep it open unless it has an annual fee.

—Alvin Yam, CFP

FAQ About Bad Credit Loans in Utah

When shopping for personal loans in Utah, it's common for borrowers, especially those with bad credit, to have questions or concerns. To assist in this process, we compiled answers to some frequently asked questions, offering clarity and guidance to help you make well-informed decisions.

Who is the best personal loan lender for bad credit in Utah?

With a MoneyGeek score of 94 out of 10, the best personal loan for bad credit in Utah is offered by Happy Money.

Which lender in Utah has the lowest APR rates for personal loans?

Achieve and Prosper offer the lowest starting APRs at 8.99%. Typically, only borrowers with excellent credit can expect to secure this rate.

Which lender in Utah has the lowest minimum credit score requirement for personal loans?

Avant has the lowest minimum credit score requirement for personal loans in Utah, at 580.

How to apply for a personal loan for bad credit in Utah?

When applying for a personal loan with bad credit in Utah, begin by obtaining your credit report to gauge your financial situation. Look for lenders that cater to bad credit borrowers, such as online lenders, local credit unions and banks. Evaluate various loan offers by comparing interest rates, repayment terms and associated fees. Complete the application accurately, either online or in person, and be prepared to provide additional information if needed.

How long does it take to get a bad credit loan in Utah?

The time to get a bad credit loan in Utah varies by lender. Some lenders offer same-day funding, while others can take from the next business day to a few business days or even up to a week.

Can I pay off my personal loan early in Utah?

Yes, you can pay off your loan early in Utah. It's recommended to check with your lender regarding any potential prepayment penalties.

Is there a difference between personal loans and installment loans in Utah for bad credit?

In Utah, there is no significant difference between personal loans and installment loans for bad credit, as both require borrowing a set amount and repaying it in regular, fixed installments.

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About Zachary Romeo, CBCA

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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sources

Experian. "What Is the Average Credit Score in the U.S.?." Accessed April 11, 2024.
TransUnion. "Credit Industry Snapshot." Accessed April 11, 2024.

The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.