Best Personal Loans in Utah for 2024
Updated: April 25, 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 choices because they offer excellent customer service, competitive rates, and flexibility. When you apply for a loan, lenders look at your credit score, 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, interest rates, 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.
- 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. First Tech 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
Overall 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.
Runner-Up for Best Personal Loan Lender in Utah
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.
- 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 competitive rates. 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
Best Personal Loan Lender in Utah for Bad Credit
- 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
Best Personal Loan Lender in Utah for Debt Consolidation
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 score, 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.
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 secured loans, which underscore the importance of understanding the personal loan benefits and drawbacks before proceeding with a loan agreement.
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.
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%.
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.
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.
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.
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.
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.
sources
- Experian. "What is the Average Credit Score in the US?." Accessed April 6, 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
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