Best Personal Loans in Utah for 2024

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Reviewed byAlvin Yam, CFP
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Reviewed byAlvin Yam, CFP
Edited byRae Osborn
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Updated: April 25, 2024

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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.

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    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. 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
    First Tech

    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.
    PenFed
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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®

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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.

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    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 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
    Happy Money
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    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
    Alliant Credit Union
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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 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.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000

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.

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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?
Where is the best place to get a personal loan in Utah?
Who has the best personal loan interest rates in Utah?
What can I use a personal loan for in Utah?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?
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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.