Iowa Payday Loans
There is good news for all Iowa residents; if you are strapped for cash, a payday loan can help you. A payday loan can be just what you need to pay for emergency car repairs or other unexpected expenses that otherwise would have to wait until your next payday. Which thereby could cause you significant inconvenience. Before you apply, you’ll need to know how much it costs and the laws your lender will have to follow.
Can I get a payday loan in Iowa?
Yes according to the law, Iowa payday loans are legal. As such Iowa payday loan companies have rules they must abide by. It means that companies must obtain a license for every location they operate and there are rules regarding interest rates, max loan amounts and so son. In the case of Iowa payday loan companies, loans have a maximum of $500 with a loan term of a maximum of 31 days. Refinancing is illegal if you use the money from one loan to pay off another.
Benefits of a payday loan in Iowa
There are endless benefits for why you may need a payday loan. But here are some reasons for you to consider:
- Quick and convenient application process. Thanks to our easy registration form, you can apply in as fast as two minutes.
- Fast approval. Most online lenders will be sure that they deposit the funds to your bank account the same day or the next day.
- Apply on-the-go. You’re free to apply online directly from your home, workplace, restaurant, or even a traffic jam. The registration submitted by you on this website will be shared with one or more participating lenders.
Loan terms to consider
Here’s what fees you can expect when obtaining payday loans in Iowa:
- Maximum loan amount. The maximum amount of a payday loan in Iowa is $500.
- Maximum loan term. The terms of a payday loan in Iowa vary from 7 days to 31 days.
- Finance charges. $15 for loans up to $100; $10 per every additional $100.
- Maximum APR. When obtaining a 14-day $100 loan, the maximum APR you can expect is 433%.
- Rollovers. None are permitted. As well as this, you cannot repat, refinance or consolidate.
How can I apply?
If you want to apply for a payday loan, you’ll need to be at least 18, a US citizen or permanent resident and have a regular source of income.
You’ll also have to provide your Social Security number and some other personal details, like your where you’re employed and how often you get paid. If you’re applying online, a lender may request information about your checking account in order to deposit your loan and debit your payment when it’s due.