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Online Loans in Iowa
We've seen a decline in the number of unsecured loans that banks provide in the past few years. While it may be challenging to get a personal loan from a bank, you could still get financing by taking a payday loan.
The way payday loans are governed varies from state to state, and the laws in Iowa are quite different from the laws set in other states.
Compare Iowa payday loans with our loan comparison tool above, or read more about online payday loan laws in Iowa below.
The Advantages of Online Iowa Loans
Regulations On Loans in Iowa State
All consumers need to be fully educated on the risks that come with quick cash advances before taking out an Iowa payday loan.
The lender has an obligation to explain to you the total cost, the interest rate, and the possibility of the interest accumulating over time.
However, Iowa has specific loan regulations that determine the maximum loan amount and the finance charges for each loan.
Consumers taking fast payday loans in Iowa must repay them in full on the next pay date. Otherwise, these Iowa loans might be subjected to fines and penalties, incurring further interest charges.
In Iowa, a lender cannot threaten you with criminal prosecution if you default on the loan payment. However, a lender has the right to charge you in a civil court which means that judgment could be pursued against you, perhaps forcing you into bankruptcy.
Iowa Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 337% |
| Max. Loan Amount | $500 |
| Min. Loan Term | Not specified |
| Max. Loan Term | 31 days |
| Number of Rollovers | 0 |
| Finance Charges | $15 on the first $100 |
| Statute of Limitations | 10 years |
Payday lending is legal in Iowa.
The maximum amount of payday loans in Iowa is $500.
The longest loan length allowed is 31 days. For a loan up to $100, the finance charges shouldn't be more than $15, and they shouldn't be more than $10 for each additional $100.
The maximum APR is 337% and rollovers are prohibited.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Payday Loan Requirements
Payday loans in Iowa are regulated by state law Iowa Code Ann. § 533D.1 et seq. or Delayed Deposit Services Licensing Act.
There are clear rules regarding the following: a borrower must have a comprehensive contract that is written in both English and Spanish and has all the necessary information regarding transactions related to payday loans, fees, and payback periods, among others.
The contract should be written in simple language and provide a toll-free number and the contact information for a lender in case there are any issues or inquiries.
A payday loan business is only deemed legal if all of the aforementioned conditions are met. A borrower must also give a lender all necessary contact information.
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Compare Iowa Loans at Financer.com
Financer.com helps you compare the best personal loans in Iowa and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Iowa and take the guesswork out of doing all the legwork yourself.
Loans in Iowa - FAQs
Are payday loans in Iowa legal?
Yes, Iowa payday loans are legal.
How much can I borrow with an Iowa loan?
Maximum loan amounts for personal loans depend on the lender and your creditworthiness. However, payday loans are allowed up to $500 with a maximum repayment period of 31 days.
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