Best Loans for Bad Credit in Utah for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byBenjamar Gabawa
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Updated: April 25, 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.

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Best Bad Credit Loans in Utah

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.

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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.


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


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

    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.


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


    • 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. Personal loans typically require 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.


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.

AvantMinimum Credit Score580APR Range9.95% to 35.99%Loan Amount Range$2,000 to $35,000Repayment Terms12 to 60 monthsTime to Receive FundsNext DayMoneyGeek Score 92
ProsperMinimum Credit Score600APR Range8.99% to 35.99%Loan Amount Range$2,000 to $50,000Repayment Terms24 to 60 monthsTime to Receive Funds1 business dayMoneyGeek Score 90
AchieveMinimum Credit Score620APR Range8.99% to 35.99%Loan Amount Range$5,000 to $50,000Repayment Terms24 to 60 monthsTime to Receive FundsSame Day MoneyGeek Score 92
Happy MoneyMinimum Credit Score640APR Range11.72% to 17.99%Loan Amount Range$5,000 to $40,000Repayment Terms24 to 60 monthsTime to Receive Funds3 to 6 Business DaysMoneyGeek Score 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.

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.

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.

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.
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.

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.

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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?
Which lender in Utah has the lowest APR rates for personal loans?
Which lender in Utah has the lowest minimum credit score requirement for personal loans?
How long does it take to get a bad credit loan in Utah?
Can I pay off my personal loan early in Utah?
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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.