Iowa Cash Advance Consumer information

Payday Loan usage info:
5% (five percents)
Short term loan permit:
Autorized
Legislation:
533D.1 et seq.
Maximum loan amount:
Lender shall not have check or checks from customer on amount more than 500$
Cash loan period:
Maximal loan duration is thirty-one days.
Fees:
Maximal charge for the first hundrer is fifteen dollars, and ten dollars for every next hundred lent.

Iowa believes in providing their residents with access to short term loans in the form of cash advance borrowings. To protect consumers however, rules and regulations have been set up by the state. Here, we provide you with a comprehensive overview of payday loan mandates in the state and how to best avail of this service. If you’re currently considering a payday loan, the first step is to find out how to make the most of each dollar borrowed.

Payday Loan Process in Iowa

Payday loan application in Iowa is simple and requires only basic documentation for eligibility. As a consumer, you must meet the following requirements:

Most payday loan lenders in Iowa also accommodate bad credit borrowers or those who are already retired. To apply, simply fill in the form provided and submit the necessary documents. Most applications can be done through the internet, depending on the lending company. Most lending institutions also help set up a payment system and may offer automatic payment to avoid high rates resulting from overdue loans.

Iowa Payday Loan Laws and Regulations

The state of Iowa has several laws in effect to regulate payday loan transactions. Following are some of the information you will need as a borrower:

Iowa residents availing of payday loans should be aware that the state does not allow rollovers. Borrowers do not have the option of consolidating or refinancing the debt. Laws regarding repayment plans and cooling-off period between loans is also unspecified.

Iowa Consumer Protection

The state of Iowa currently operates a sector specifically for loan and financial problems. For any complaints or questions regarding payday loan, you can visit the Iowa Division of Banking.

Complaints can also be sent through the regulator’s email or website. To further protect yourself against payday loan irregularities, consumers are encouraged to be aware of the regulations concerning short term borrowings. Asking lender legibility is also recommended to ensure that they are allowed to operate in the state.

Iowa Payday Loan Alternatives

If you’re skeptical about getting the short-term loan, it’s possible to seek out other alternatives. For larger borrowings, your credit card or a bank loan are also good choices. To avoid sky-high interest rates, appealing directly to your employer for a cash advance or selling unused items are also possibilities. Pawnshops or event finding a part time job to make ends meet can work as well.

Follow your City in Iowa