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Common Mistakes to Avoid While Applying for Installment Loans in Utah with Bad Credit

Getting an installment loan in Utah is not too difficult, and applying online helps you receive your funds even quicker

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installment loans
Installment loans are riskier for lenders because no collateral is involved with them, and less than perfect credit is accepted. Pixabay

Installment loans have emerged as a kind of personal loan that’s convenient for when you need cash quickly and don’t want to have to cut through all the red tape that most traditional personal loans come with. What’s great about them is they are a better alternative to payday loans because their payments can be broken up into smaller amounts payable over time instead of paying a lump sum all at once. But while they do have a lot of conveniences that come with them, they can have a few pitfalls that you should look out for. Before you deciding to apply for an installment loan in Utah, consider avoiding the following common mistakes.

Being Ignorant Of State Laws Regarding Installment Loans

Installment loans are less regulated and don’t have the same kind of borrowing laws around them that regular bank loans have, but they do still have laws that come with them to ensure they are being used in a responsible manner. Some states like Utah have some fairly well-defined laws regarding personal installment loans, but others you have to dig a little deeper to find. But finding out information such as licensing, advertisement regulations, loan term regulations and other information is important to making sure you’re dealing with a reputable lender. Usually looking up state codes in the legislative chapters online will give you the information surrounding installment loans in Utah with bad credit.

installment loans
Getting an installment loan in Utah is not too difficult, and applying online helps you receive your funds even quicker. Pixabay

Being Unaware Of Interest Rates And Finance Charges

Installment loans are riskier for lenders because no collateral is involved with them, and less than perfect credit is accepted. As a result, the interest rates and finance charges can become fairly high. The good news is unlike payday loans, you will usually be given a schedule of payments due upfront and you can plan for your payments that will come up with more time than you would payday loans. But you should always remember that installment loans are only meant to be used for a short-term expense that you plan to be financially ready to pay off, and they’re not intended to function like credit cards or auto loans.

Assuming You Can Get An Installment Loan Without A Credit Check

To be clear, some levels of less-than-good credit are acceptable with installment loans, and often the credit check that’s done is an alternative one that’s less picky than the one banks use. But it is still conducted because lenders need to ensure they’re not lending to a borrower who’s too likely to default or in very bad position to make payments. You should avoid any lender advertising an installment loan allowing approval with no credit checks at all because more than likely they are a scam artist. Always check the lender’s license, website page, and overall reviews especially if you’re applying online because installment loans in Utah with bad credit have sometimes been advertised by scam artists. If you need to verify that a lending company is legitimate, you can usually look them up in the state’s finance department registration directory.

installment loans
Installment loans have emerged as a kind of personal loan that’s convenient for when you need cash quickly and don’t want to have to cut through all the red tape that most traditional personal loans come with. Pixabay

ALSO READ:Google Photos Now Adding Live Video Previews for Android Users

Getting an installment loan in Utah is not too difficult, and applying online helps you receive your funds even quicker. But you need to make sure you can verify the following with a government-issued photo ID, paycheck stubs, bank records or other documents the lender may ask for:

1. You are 18 or older

2. You are a legal US citizen or permanent resident, and a legal Utah resident as well

3. You are employed regularly and meet the monthly income requirements

4. You have an active bank checking account

If you meet these requirements, an installment loan may be just what you need. Keep exploring other areas of our blog to see more great home tips. 

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Services spared from extra tax during GST transition

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Delhi: The government on Tuesday said that the services sector will not be charged extra tax levied during the transitional period of the implementation of the goods and services tax (GST).
According to Rashmi Varma, special secretary, revenue, in the finance ministry, the one percent additional tax which is proposed to be levied during the transitional period of GST for two years will not impact services sector.

Verma, who was addressing the CII (Confederation of Indian Industry) Big Picture summit held here, elaborated that the additional levy will only be charged on the manufacturing sector.

The special secretary assured the media and entertainment (M&E) industry that the soon-to-be-implemented GST will be a game changer for the sector.

“Multiplicity of tax will go in one stroke. Entertainment, services and goods tax both at the Centre and states will be built into one — making compliance hassle free.”

However, the entertainment tax levied by local authorities like panchayats and municipalities will remain, she clarified.

“But, the share of such taxes to the total tax collected would be insignificant. Close to 99 percent of the taxes levied under the Centre and state dispensation would be merged with GST,” Verma said.

She assured the industry that under the GST regime, goods and services would be taxed uniformly.

The industry had voiced concerns over the lack of definitional clarity between goods and services, tangible and intangible goods.

Verma said all industries would be eligible to take credit under GST to set off against other tax liabilities.

“We are working on the transition roadmap, so that the change-over hiccups will be minimal and if there are any concerns remaining, the GST Council, which will be set up after the constitutional amendment, will look into it and take corrective actions,” she said.

Besides the ongoing process, the top finance ministry official mentioned that a fourth draft proposal on returns will be put in public domain to seek the views of all stakeholders.

The ministry plans to place a model legislation in public domain by mid-November. It also plans to hold regional workshops to elicit the views of the industry associations at the apex and state levels.

Verma said there would not be any concessions or incentives schemes under the GST regime.

“The states which want to continue with the fiscal concessions for specified sectors could do so, setting apart resources from their own kitty,” she said.

She added that no final decision has been taken on GST rate.

“The slabs under the GST would be minimal – one low and the other high and in between a standard slab – to keep the cascading effect to the minimal and easy to comply.”

“It is not in the sinful list, I can assure you that,” Verma added

(IANS)