Utah Terms & Rates

When you’re facing a shortfall, you need money quickly to keep life moving forward. Whether it is for home improvements, repairs, or any other unexpected situation, quick installment loans from Leap Credit are ideal for situations when you don’t have time to go through the traditional loan process. Our short-term installment loans provide you with a fast, easy way to borrow money while going about your daily life. Because of our convenience and affordability, you’ll have your money and be on your way in no time!

Short-term installment loans can be used for any number of reasons, but some of the most common reasons are:

  • Debt or Consolidation of Debt
  • Home Repair/Home Appliances
  • Event / Wedding
  • Moving
  • Funeral Expenses
  • Medical Expenses
  • Vehicle/Transportation Repairs
  • Vacation
  • Taxes

Short-term installment loans are a better alternative than payday loans or title loans. In Utah alone in 2014, there were more than 45,000 people using payday loans[1]. When it comes to title loans, Utah is one of just seven states that have no caps on their interest rates and fees, which can cost a lot of money for consumers. In 2013, 56,977 title loans were taken out in Utah for a total loan volume of $59,370,034.[2] By comparison, short-term installment loans, like those offered by Leap Credit, typically offer the best interest rates and repayment terms.

According to Pew Research: When comparing payday loans to short-term installment loans, “monthly payments are usually affordable, with approximately 85 percent of loans having installments that consume 5 percent or less of borrowers’ monthly income… Prices are far lower than those for payday and auto title loans.”


Borrowing money shouldn’t involve unnecessary hurdles. At Leap Credit, we pride ourselves on our process: straightforward, simple, and fast. One of the biggest benefits of using Leap Credit for an installment loan is our speedy, consumer-friendly process, from the time you apply to the time you finish paying off the loan. Leap Credit’s fast loan process can get you the cash you need, usually within a day or two. There’s no compounding interest. You tell us exactly what you need to borrow. We’ll make sure you understand the terms of the loan upfront. Many consumers would agree that, based on the fast approval process and structure of the loan, short-term installment loans are often considered a great alternative to other types of loans, such as a payday loan or auto title loan.

What is an installment loan?

An installment loan is money borrowed directly from Leap Credit and repaid with interest through pre-determined payments. The approval process will vary from applicant to applicant, but if you’re approved, money is dispersed quickly, usually within two business days. Working with Leap Credit, the borrower commits to a repayment schedule that fits their financial capabilities and needs. Payments are made, monthly, until the loan is paid back in full. There are no penalties for paying the loan back early. The approval process is easy and can be done quickly through our online installment loan application. You can also call 1-888-532-7842 to work with one of our customer service agents to ensure that your repayment terms are consistent with your ability to repay. If you’re approved, we will transfer the funds directly into your bank account. Leap Credit’s customer service agents are dedicated to ensuring that your loan terms fit your situation. Think of a short-term loan from Leap Credit as a financial life preserver. Use it when you need it, then return it. It will be available the next time the waters get choppy.

When it comes to repayment, you don’t want any added stress or headaches. Leap Credit allows you to pick a payment plan that fits with your income schedule. Payments can be auto-deducted from your bank account, so it’s one less thing for you to worry about each month.  This is why working with Leap Credit is so easy. Knowing how installment loans work and what your payments will be is important to ensure that your loan gets paid back in a timely manner. Because each state has its own laws and regulations created to protect their consumers, it is always recommended that you work with a licensed lender in your specific state. Here is the link to find a list of all non-depository consumer lending companies in Utah – including Leap Credit.

We are a licensed direct lender in Utah and what that means for you – the borrower

As of November 8, 2018, Leap Credit is one of approximately 1,205 direct lenders conducting business and offering short-term installment loans in Utah[1]. Title 70C of the Utah Consumer Credit Code includes the following protections for installment loan borrowers in Utah:

  • 70C-2-101 – Maximum delinquency (late) fees/charges: $30 or 5% of the delinquent unpaid amount of the installment[2]. There are certain exceptions to this protection so please take a look at the complete Utah Consumer Credit Code here.
  • 70C-2-203 – A lessor, in order to secure the debt arising from a consumer lease, may not take a security interest in the dwelling of the lessee. A security interest taken in violation of this section is void from its inception.
  • 70C-3-101 – Subject to the other provisions of this section, a debtor may prepay the unpaid balance of a closed-end consumer credit debt at any time without penalty[3].
  • Utah does not cap interest rates or loan fees but does prohibit unconscionability (either in the lending law or in the state deceptive practices statute). Unconscionability provisions generally allow courts to strike or reform contracts or clauses that take advantage of borrowers to a grossly unfair degree. As discussed in Section I(A)(6), a prohibition of unconscionability has some potential to act as an outer limit on finance charges[4].

Why is it important to find a licensed direct lender in Utah?

There are several differences between licensed and unlicensed lenders throughout Utah. The biggest difference between the two types of lenders comes down to how each works within (or beyond) state laws. If you choose to work with an unlicensed lender, there may be some fees and charges that you might not otherwise have with a licensed lender.

While the urgency of some situations might make it more tempting to go with the first available lender, it could also come with more risk. While some lenders may promise guaranteed approval or even a lower rate, it’s easy to overlook the fine print where additional fees and charges often reside.  Don’t get bogged down with hidden fees and surcharges. Working with a licensed installment loan direct lender will ensure that you aren’t charged for more than you can afford. They are also willing to work within your needs as well. Quality licensed lenders, like Leap Credit, will keep you informed and in control of your finances.

Depending on what you need the installment loan for, Leap Credit will work to make sure it is compliant with Utah laws. As a licensed direct lender in Utah, Leap Credit can be helpful in making sure that you borrow the right amount for the need. As any lender will tell you, you don’t want to borrow more than you can afford. Make sure when you apply that you only apply for the minimum amount needed. This will be helpful when it comes time for repayment.

State laws are ever-changing to protect consumers from predatory lenders, some of whom always seem to discover new loopholes and dishonest lending practices. Licensed direct lenders, such as Leap Credit, will always be aware of current statutes and ensure that your loan is compliant with state laws. You can also rest easy knowing that you are not being taken advantage of. Leap Credit takes away the hassle of having to do more work just to borrow money. Time is of the essence when it comes to short-term installment loans, so let Leap Credit take that burden off your shoulders.

Tips for short-term installment loan borrowers in Utah

  • Pay down principal. When discussing your repayment terms with us, ask how you can make payments on your principal loan amount in addition to paying interest. The easiest way to pay off your loan quicker is to add a small amount to your minimum payment. Simply adding to your minimum payment (within your means, of course) will help you to pay off your loan quicker and get you back on track before you know it.
  • Portion your paycheck. Depending on your income, you can set up your installment loan payments accordingly. Work out your payments so that you only need to spend a small amount of your paycheck on your loan payments. Account for any other financial obligations you have, and budget it out. Allow yourself the flexibility to afford day-to-day activities and needs.
  • Length of the loan matters. Depending on the need and the loan terms, always take into consideration the length of the loan. If the need arises, consider taking longer to pay back the loan. As you go through our application process, know what you can afford and how quickly you’ll be able to make payments.

Every loan is different, just like every need is different. Finding the right installment loan to fit your needs and budget is important. Installment loans are designed to be flexible enough for you to pay the loan back quickly and without any hassle. To make it convenient, you even have options to set up terms like autopay, or if you have the means, you can even pay the loan off early without having to worry about pre-payment penalty charges. Let Leap Credit make your life easier. Life is full of surprises; don’t let this one take control of your life.

Leap Credit offers Short-Term Installment Loans in the following Utah counties:

Beaver County | Box Elder County | Cache County | Carbon County | Daggett County | Davis County | Duchesne County | Emery County | Garfield County | Grand County | Iron County | Juab County | Kane County | Millard County | Morgan County | Piute County | Rich County | Salt Lake County | San Juan County | Sanpete County | Sevier County | Summit County | Tooele County | Uintah County | Utah County | Wasatch County | Washington County | Wayne County | Weber County

Customer Notice: Short-term installment loans should be used for short-term financial needs only, not as a long-term financial solution. Customers with credit difficulties should seek credit counseling.

National Foundation for Credit Counseling: www.nfcc.org

Money Management International www.moneymanagement.org

Credit Counseling Services: www.consolidatedcredit.org

Below is the contact information for Utah’s Department of Financial Institutions:

Utah Department of Financial Institutions

324 S. State St., Suite 201

Salt Lake City, UT 84111

(801) 538-8830


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