Best Personal Loans in Utah for 2024

Q: What are some personal loan red flags to look out for?

When considering personal loans , be wary of red flags such as extremely high APRs, a lack of transparency about the lending institution, several poor consumer reviews and negative public spotlight regarding predatory practices.

With a MoneyGeek score of 98, First Tech is the best choice for personal loans in Utah. It is known for excellent customer service, competitive interest rates and a straightforward approval process.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Rae Osborn

Updated: November 27, 2024

Advertising & Editorial Disclosure

Our analysis at MoneyGeek shows that First Tech (MoneyGeek score of 98) and PenFed (MoneyGeek score of 96) are top-notch personal loan lenders because they offer excellent customer service, competitive rates, and flexibility. When you apply for a loan, lenders look at your credit profile, income history and the amount of debt you have compared to your income.

Utah's average credit score is a solid 731, based on Experian data from 2023. The average borrower in the state might find it easier to get good loan terms because lenders often see them as trustworthy. However, you might not get the best interest rates if you have a lower credit score.

We chose the best lenders by looking at their reputations, annual percentage rate (APR) ranges, the lowest credit scores they'll accept and how flexible they are with loan terms. You can find a loan that makes sense for your needs with the right information.

Best Personal Loan LendersUtah

2024

Best Personal Loan Lenders in Utah

Best Overall - First Tech

Runner-Up - PenFed

Best for Bad Credit - Happy Money

Best for Debt Consolidation - Alliant Credit Union

MoneyGeek's personal loans scoring system is designed to provide a comprehensive overview of each lender’s performance in key areas that matter to borrowers. We use a point-based system, assigning scores according to the presence or absence of certain desirable features in various critical categories.

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 Personal Loan Lender in Utah

First Tech

98MoneyGeek Score
8.94% to 18.00%APR Range
UndisclosedMinimum Credit Score
$500 to $50,000Loan Amount Range
6 to 84 monthsRepayment Terms

MoneyGeek's pick for the best personal loan lender in Utah is First Tech, boasting a MoneyGeek score of 98 out of 100. This financial institution offers competitive APRs, ranging from 8.94% to 18.00%, which is lower when compared to the average offered by others. Its loan repayment terms provide flexibility, extending up to 84 months. The lender shines in their attentive customer service and educational resources, alongside upfront and transparent fees and rates, which contribute to its overall recommendation.

Pros

Insured by the National Credit Union Administration (NCUA)
Balanced, low APRs
Doesn't charge an application or loan origination fee

Cons

Limited state availability
Longer time to wait for loan approval compared to other lenders analyzed

Runner-Up for Best Personal Loan Lender in Utah

PenFed

96MoneyGeek Score
7.99% to 17.99%APR Range
UndisclosedMinimum Credit Score
Up to $50,000Loan Amount Range
Up to 60 monthsRepayment Terms

PenFed is MoneyGeek's selection as the runner up for best personal loan lender in Utah, with a MoneyGeek score of 96 out of 100. Offering an APR range from 7.99% to 17.99%, PenFed's rates are competitive, falling below some higher APRs presented by other lenders. The lender particularly stands out for its repayment terms, providing significant flexibility up to 60 months. Additionally, their strong suit in providing clear, upfront information and having streamlined application and approval processes solidify their recommendation.

Pros

Offers some of the lowest APRs available
No early repayment penalty
Insured by the National Credit Union Administration (NCUA)

Cons

The second best lender offers limited information on the loan application process.
A minimum monthly payment of $50 is required for loans.

UNDERSTAND YOUR DEBT-TO-INCOME RATIO

The amount of monthly debt payments you have relative to your monthly gross income is called your debt-to-income ratio, or DTI.

Most lenders prefer to see a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. Debt includes items like mortgages, car loans, credit cards, and existing personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may come with higher interest rates. — Alvin Yam, CFP®

Calculate Your Monthly Loan Payment

According to our analysis, lenders in Utah offer personal loan products averaging about 49 months. Explore your loan options with our personal loan calculator, a simple tool that calculates monthly payments and total loan costs based on the amount, interest rate and term length. It helps you make informed decisions before committing.

Personal Loan Calculator

Estimate the monthly payment for your loan.

Updated: Dec 21, 2024

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5 Years

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Why You Can Trust MoneyGeek

Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

Best Personal Loan Lender in Utah for Bad Credit

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 provider for borrowers with low credit in Utah, with a 94 score out of 100. Although not a lender itself, Happy Money partners with various institutions to offer installment loans. With APRs ranging from 11.72% to 17.99%, these rates are noticeably low for those with credit scores starting at 640. The provider stands out for its superior customer service and substantial transparency, making it a trusted choice for personal financing.

Pros

Works with 10 federally insured lenders to originate all loans
Transparent eligibility requirements, including credit score minimum
No application fee

Cons

The lenders they work with charge an origination fee
Longer time to wait for loan approval compared to other lenders analyzed

How does MoneyGeek score lenders for bad credit loans?

We use our standard methodology and weights, but we limit our analysis to lenders that explicitly mention their minimum credit score requirements on their public websites. Only 12% of lenders that offer personal loans fit this criteria.

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

Getting a personal loan is still possible if you have lower credit than this, but you will not have access to the best interest rates and terms available. Some lenders offer prequalification, to help you understand what you might be eligible for without affecting your credit.

Best Personal Loan Lender in Utah for Debt Consolidation

Alliant Credit Union

96MoneyGeek Score
10.99% to 13.99%APR Range
UndisclosedMinimum Credit Score
$1,000 to $100,000Loan Amount Range
12 to 60 monthsRepayment Terms

Alliant Credit Union is MoneyGeek's pick for the best option in Utah for borrowers looking to consolidate debt, with a MoneyGeek score of 96 out of 100. You must be a member in good standing for 90 days to qualify for a personal loan from this online-only bank. Alliant offers competitive APRs from 10.99% to 13.99%, which are notably lower than many competitors. The lender particularly excels in providing transparent information and competitive rates, which greatly benefit customers seeking clarity and cost-effectiveness for their borrowing needs.

Pros

Among the highest loan limits available in our analysis
Insured by the National Credit Union Administration (NCUA)
No prepayment penalties

Cons

An online-only credit union, no physical branches
Have to be a member for 90 days to apply

How does MoneyGeek score lenders for debt consolidation?

We looked only at interest rates and fees and loan terms and flexibility, with a 60% and 40% weighting, respectively. If the winner in our analysis also won as Best Overall or Runner-Up, then we selected the next best winner for diversity.

Some lenders have minimum interest rates that are higher for debt consolidation loans compared to their rates for general-use loans. When consolidating debts, finding the lowest interest rate possible will help you save the most money over the long term.

IS INTEREST ON PERSONAL LOANS TAX DEDUCTIBLE?

Interest on personal loans is generally not tax deductible as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
If used for home improvements that increase the home's value.
If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
In some cases, if the loan is used for investment purposes related to income-generating assets.

— Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in Utah

As you seek a personal loan in Utah, remember that lenders will scrutinize your credit report, income and debt-to-income ratio. These factors directly influence your loan's terms and feasibility. The best personal loan providers, as evaluated by MoneyGeek, have solid reputations, clear disclosure of APR ranges, required minimum credit scores and adaptable loan terms.

A higher credit score increases your chances of loan approval and can also secure you lower interest rates, making it worth considering steps to improve your credit before applying.

Refer to the table below to see how your credit score might affect your monthly loan payments and understand the potential impact on your finances.

Data filtered by:Results filtered by:

Credit Band

Select

Credit Band:690 to 719

Loan Amount

Select

Loan Amount:$2,000


$348	6
$180	12
$97	24
$69	36
$55	48
$47	60
$42	72
$38	84

This table offers an approximation of monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates, provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates can differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in Utah

Personal loans offer many advantages, including the potential for lower interest rates compared to credit cards and the convenience of consolidating various debts into a single payment. These loans also provide the flexibility to cover an array of expenses and the opportunity for co-signers to help achieve better loan terms.

However, borrowers should be mindful of factors like origination fees and the risk of asset forfeiture in a secured personal loan, which underscore the importance of understanding the personal loan benefits and drawbacks before proceeding with a loan agreement.

The good and bad of personal loans

Competitive interest rates for eligible applicants
Simplifies finances through debt consolidation
Expedited funding for time-sensitive financial needs
Broad utilization for diverse personal expenses

Potential addition of origination fees increasing total loan cost
Risk of penalty charges for early loan repayment
Possibility of losing assets with secured loans upon default
Encouragement of unnecessary debt through easy approval processes

FAQ About Personal Loans in Utah

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying for a loan.

Who is the best lender in Utah for personal loans?

According to MoneyGeek's analysis, First Tech is the best lender for personal loans in Utah, with a MoneyGeek score of 98. This lender offers an average APR of 13.5%.

Where is the best place to get a personal loan in Utah?

In Utah, personal loans are offered by banks, online lenders and credit unions. Utah First Credit Union, Utah Community Federal Credit Union and UFirst Credit Union are some local credit unions offering personal loans. These provide in-person access.

Who has the best personal loan interest rates in Utah?

PenFed offers the lowest starting APR at 7.99% according to MoneyGeek's analysis. However, your best lender may vary based on your needs. Securing a low rate often requires an excellent credit score.

What can I use a personal loan for in Utah?

In Utah, you can use personal loans for medical expenses, wedding costs or home repair. Generally, personal loans cannot be used for college tuition or gambling.

What are some personal loan red flags to look out for?

When considering personal loans, be wary of red flags such as extremely high APRs, a lack of transparency about the lending institution, several poor consumer reviews and negative public spotlight regarding predatory practices.

Do lenders consider income level when applying for a personal loan?

Yes, lenders consider income level when applying for a personal loan. They also examine your debt-to-income ratio, credit score, employment history, the nature of your employment (self-employed or W2) and your credit history. Opening new lines of credit while applying for a personal loan can affect your application.

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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 US?." Accessed October 15, 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.