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Payday Loans in Iowa


Being hit hard with an unexpected emergency makes you think more seriously about your budget management. The financial study showed that almost half of Americans would have difficulties obtaining an extra $400 to handle unexpected expenses. So how to deal with similar situations? 
Some people strongly believe that there is no other way to cope with unexpected costs than using emergency savings. What if you don't have an emergency fund but still need to get extra money fast. Of course, borrowing might seem like the obvious solution, but how quickly you can get your funding. 
With LoanPlaces, you may get up to $2500 cash loans quickly and securely directly from licensed lenders. Check your state regulation first and consider the range of funds you may probably expect. For example, the maximum amount of a payday loan in Iowa cannot exceed $500. 


The Payday Lending Process (IA)

If you look for a quick alternative to customer loans, a short-term emergency loan is what you need to consider. Payday advances are small-dollar loans aimed to help you when your budget can't stretch to the next payday. Today you may pick them up online from direct lenders by your online application. However, payday loans may be quite a slippery slope leading you into an endless debt cycle. Unlike other types of conventional loans, cash loans need to be settled in full upon your next paycheck. You are not allowed to pay off your debt in partial payments. Thus, it would help if you considered your ability to reimburse your entire debt (principal amount plus interest) before applying for one. 


Advantages of Taking out Payday Loans online in Iowa (IA)

Get Cash Fast: Easy application request, straightforward & quick processing, and quite a little information make payday lending one of the quickest options. You can usually get approved throughout some minutes and get your cash as soon as the next business day. 
Few Requirements: Unlike traditional loans, you don't have to satisfy harsh requirements to get qualified for a payday loan. Basically, most cash lenders require that a borrower: 
  • Must be at least 18 years old,
  • Must be a resident of the US,
  • Must provide valid identification,
  • Must hold an active bank account,
  • Must provide valid proof of stable income.
Unsecured Loans with No Collateral: Payday advances are especially short-term loans against the borrowers' next paycheck that require nothing to put up in return. This not only prevents you from the lender's claims against your assets (in case you cannot pay off your debt) but also speeds up the actual lending process. 
Payday Loans for People with Bad Credit: As a matter of fact, a payday loan is a handy option for borrowers with almost every type of credit. Thus, you may still expect to get a loan even though you have bad or no credit since most lenders do not solely rely upon your score. 

Advice to New Borrowers

A bad credit market is full of potential scammers and illegitimate lenders that may take advantage of your financial distress. We strongly encourage our customers to look through credit terms and determine whether they can work best for them. Don't be tempted by language like “guaranteed approval loans” or “bad credit, no problem”. These tricks are quite common among the unreliable lenders that usually charge large hidden fees to trap you in a debt cycle. 

Attention

As a result of changes CFPB has made, from July 2020 the lenders don't have to check if the borrower is able to repay the loan. Thus, we encourage you to be careful and make sure you can afford the loan before applying.


Regulations of Payday Loans in Iowa
Status     Legal
Annual Percentage Rate (APR)     337%
Minimum Loan Amount     Not specified
Maximum Loan Amount     $500
Minimum Loan Term     Not specified
Maximum Loan Term     31 days
Number of Rollovers Allowed     0
Finance Charges     $15 on the first $100 + >$10 on subsequent $100
Cooling-off Period    

Useful Sources

Real interest rate map /PDF/ of payday loans in the United States calculated on a typical loan.

Payday loans regulation /PDF/ by state 2020.

The Consumer Financial Protection Bureau (CFPB) makes the financial marketplace work more effectively and educates consumers to help them take more control over their financial lives. Click here to learn more.


[ Updated on 30-Jun-2021, 03:15 ]

We've been in the industry for more than six years.