How To Get Your Payday Loan In Iowa Today!

Payday Loan In Iowa

Payday loans are designed to help get over those unexpected expenses. Fender benders, medical bills or even a water bill that got out of hand can leave anyone feeling unprepared. When funds just aren’t there in between paychecks, a payday loan could be an option. In Iowa loanees can get up to $500, more than enough for that flat tire that’s stopping you from getting to work!

 

Getting a payday loan in Iowa is easy and safe. Borrowers can go into a store or apply from the comfort of their own homes, getting paid from their couches! Don’t let life’s unexpected problems break the bank, get a payday loan in Iowa today!

 

Loans Available in Iowa

Payday Loans

Payday loans are the smallest loan of the three, covering quick and unexpected expenses. In Iowa, almost everyone can get a payday loan with a maximum of $500 and a maximum term of 31 days. Purchasers can pay off their loan early and they can also take a smaller loan if that better suits their specific situation. If you are unable to pay your loan on time, Iowa lenders are allowed to charge a one time NSF fee of $15. Payday loans are a great option for unexpected expenses like a flat tire or an extra high bill.

 

Law status Legal
MIN Loan Amount N/A
MAX Loan Amount $500
MIN Loan Term N/A
MAX Loan Term 31 days
MAX APR 337%
Additional fees N/A
NSF fee $15
Collateral or guarantor Not required
Number of simultaneous loans No more than 2
Cooling off period N/A
Rollover Not allowed
Extension, repayment plan Not allowed
Default penalties N/A
Credit score requirements  Not required

 

Installment loans

In contrast to payday loans, installment loans are meant to be paid back over a longer period of time, in several installments. Borrowers can also get a much higher loan amount with an installment loan. Getting an installment loan can be great for building back credit as well, as lenders can see a repeated history of on time payments. 

 

Law status Legal
MIN Loan Amount N/A
MAX Loan Amount $5,000
MIN Loan Term 60 days
MAX Loan Term 180 days
MIN APR 298%
Collateral or guarantor N/A
Credit score requirements 580

 

Personal Loans

Personal loans are the largest loans of the three coming with the longest available loan terms as well. Creditors look at lines of credit like personal loans in order to determine credit scores. While it isn’t required, many personal loan lenders do take collateral or a guarantor into account when calculating a rate. With a guarantor or even basic collateral most banks feel much more comfortable loaning out money and will give a much better rate. Paying a personal loan regularly is a great way to build credit too as regular on time payments are exactly what future investors want to see. 

 

Law status Legal
MIN Loan Amount $2,000
MAX Loan Amount $35,000
MIN Loan Term 31 days
MAX Loan Term 180 days
MIN APR 5.99%
Collateral or guarantor Not required
Credit score requirements 580

 

5 Things To Know About Iowa Payday Loans

  1. Legality

Payday loans in Iowa are legal. So long as the borrower is at least 18 years of age, a resident of Iowa with proper identification and an owner of an active checking account, they can apply for up to $500. With same day payday loans, the lender may even be able to deposit the funds directly into your account the same day as the application!

  1. Alternatives of a payday loan

While payday loans are a great tool to cover for unexpected expenses, there are alternatives. Firstly, many charities and charitable institutions offer bill assistance in times of need. All you need to do is find a charity and bring them a copy of a bill and they may cover some or even all of it.  In times of need, many people turn to friends or family to make ends meet. This may not be an option as some people don’t have people they can turn to for money. Cash advances off of a credit card have been known to be an option as well, albeit an expensive one. If you don’t want to ask for a hand out or use a credit card, payday loans are the tried and true method of covering bills in between checks.

  1. How it works

Most people can get their own payday loan in Iowa in just a few short steps. Start with documents and identifications. To get approved applicants need their identification, social security number and checking account information. They will also need proof of income, the lender needs to know that the funds are going to be coming back to them eventually. Once the right documents and identifications have been collected, requesters can either go in person to a payday lender or apply online! Just about anyone can get their application filled out and submitted all from the comfort of their couch. Once the lender has received and approved the application the funds will be on their way into your account. Simple and secure!

  1. Requirements

As stated above, there are requirements to getting a payday loan in Iowa. A potential borrower must be at least 18 years of age with an active bank account. Any requester must also be a resident of Iowa with proof of income and an identification. Some lenders ask for contact information as well, sometimes a phone number and email address. Lastly, applicants need their social security number and with that they’ll have met the requirements!

  1. An example of a loan fee

In Iowa, lenders cannot charge more than $15 on the first $100 and $10 on the next $100. In this instance if a borrower were to take a loan for $200, they would have a loan fee of $25. To get this loan loanees could write a check from their checking account in the amount of $225 for the lender to deposit once the payday requester is ready to repay.

4 Major Benefits of Securing an Iowa Payday Loan

 

  1. Maintain independence

When looking for a short term financial boost, it can be difficult to raise funds quickly without turning to a friend or family. In times of need many turn to those closest to them, if that is an option. Personal and installment loans also may require collateral or even a guarantor. Payday loans are secure and more importantly private, allowing you to handle bills and any other unexpected expense on your own terms.

  1. Collect funds without affecting credit

In many instances where someone wants to borrow money fast, their credit will be a huge factor. With no credit check payday loans just about any individual can get approved for a payout without any credit history at all! Simply find a lender that sells payday loans without a credit check and you can apply for up to $500!

  1. Get paid quickly

With same day payday loans, some lenders are even able to deposit funds directly into your checking account the same day you apply! Filling out an application usually doesn’t take more than a few minutes and if an applicant applies in the morning same day payday banks can deposit their funds in the afternoon. Finally, anyone can complete the entire process from the comfort of their own home. Forget long lines, future loanees can request funds and review the deposit from the solace of a wonderful sunroom!

  1. Be fully aware of both fees and fee scheduling

There are many laws and regulations surrounding payday loans and they vary greatly by state. As you can see above, calculating a loan by state is not complicated so long as the right formula is being used. Luckily because of this there are no hidden fees surrounding payday loans and anyone looking to get a fast financial boost can see exactly how much they may owe and when they will need to pay it back.

 

FAQ

How many payday loans can you have in Iowa?

Borrowers can have up to two separate payday loans at one time in the State of Iowa. You can’t borrow more than $500 or rollover payday loans either. Many recommend not getting a second payday loan to cover your first as that can usually just lead to more debt in the long run.

What will stop you from getting a payday loan?

Payday loans are very accessible in Iowa, there aren’t many things standing in the way. If a potential borrower has 2 payday loans or if they’re already at the limit of $500, they may not obtain another. Any prospective loanee must be at least 18 years of age with an active bank account and a resident of Iowa to be able to apply. Things like bad credit or low income won’t necessarily stop anyone from securing a loan either, depending on the lender.

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