Unexpected financial emergencies can upset you, but they don’t have to ruin your plans. Thanks to speedy payday loans, you may even be able to solve your money issues as soon as the same day. Payday loans are useful solutions for consumers with poor credit or those who don’t want to wait to use a traditional bank loan, but before you get a short-term payday loan, you should read this article for a better understanding of what an Iowa payday loan is and whether they are right for your unique needs.
Table of Contents:
- What Are Payday Loans?
- Am I Eligible for a Payday Loan in Iowa?
- How to Apply for Payday Loans in Iowa
- Why Should I Apply for a Speedy Payday Loan in Iowa?
- What You Need To Know About Payday Loans in Iowa
- Iowa Payday Loan Regulations
- The Types of Lenders Available
- Iowa State Lending Information
- 10 Things To Consider Before Applying For Payday Loans
- Can I Get A Payday Loan In Iowa If I Have Poor Credit?
- Payday Loans Iowa Near Me
- Why Use Us for Payday Loans in Iowa?
- Is A Payday Loan In Iowa Right For Me?
- Reasons Why You Might Have Been Rejected
- Alternatives to Iowa Payday Loans
- Frequently Asked Questions (FAQ)
What Are Payday Loans?
Payday loans are a perfect option to supplement your income. They are also known as short-term cash advances. Payday loans in Iowa are offered to consumers in need of fast cash and are to be paid off within 1-4 weeks with interest and fees.
This product has many other advantages over bank loans. Payday loans are issued online and in in-store lender locations. You can apply for fast cash advances online without the need to go anywhere and wait in long lines.
It won’t take you long to fill out a short online application on our website. It’s designed to ensure that you don’t miss any important information. This service is popular due to its speedy approval. After your application has been submitted, you must wait for a response – this typically takes a few minutes. After that, you will need to e-sign the loan agreement. Within one business day, the funds will be transferred to your bank account.
More and more Iowa residents apply for payday loans without credit checks. These are an excellent alternative regardless of your credit score. Direct lenders from our network make a judgment on the borrower’s capacity to pay off the loan based on other factors. You must always repay your cash advance loans on time.
Am I Eligible for a Payday Loan in Iowa?
When applying for a payday loan in Iowa online with one of our trusted lenders, you’ll have to meet a few borrower eligibility criteria, including the following:
✔You must be an Iowa resident;
✔You must be over the age of 18;
✔You must have a stable income;
✔You must have a valid bank account, email address and phone number;
✔You must be able to keep up with the loan repayments.
Lenders from our network consider different credit histories, meaning you may still be eligible if you have poor credit or no credit.
How to Apply for Payday Loans in Iowa
Our referral service has made the application process as easy and fast as possible. Click on the “Get Started” button below on this page to be taken to our loan application form. Here, you’ll have to provide a few basic details about yourself and about your borrowing needs, including the following data:
- How much you’d like to borrow;
- How long you’d like to borrow money for;
- Your employment status;
- Your income (any type of income is suitable);
- Your monthly expenditure.
Our online form can be completed in 2-5 minutes, after which you’ll get a quick decision on screen. If approved, you should expect to have the money in your bank account in an hour, making our platform the perfect tool to help find the best 24/7 loans for you.
Why Should I Apply for a Speedy Payday Loan in Iowa?
If you decide to take out a speedy online loan in Iowa, then you should understand that this is very easy and convenient. You do not need to stand in lines and collect documents. You can take a loan even if you have an informal income. For this, you just need to have a valid phone number and e-mail address. You must also have internet access. The key advantages of payday loans are given below::
- you can apply for a loan from the comfort of your home;
- you can get money as soon as the same day;
- you do not need to provide collateral and guarantors;
- you can apply even on weekends and holidays;
- loan repayment terms are convenient;
- favorable interest rates;
- relaxed borrower eligibility requirements;
- convenient payment methods;
- no need to provide proof of income.
Unlike banks, microfinance institutions from our network do not require to provide a lot of documents. Basically, you only need to provide a government-issued ID. In addition, unlike credit institutions, microfinance institutions do not require income proof certificates and do not check your credit. Another undoubted advantage is the speed of financing. As a rule, applications are processed in just a few minutes. This is a very fast and convenient way to get fast cash in Iowa. In banks, this can take 2-3 days or even longer.
Besides, you don’t have to go anywhere. At the same time, you should not forget that you need to repay the loan within the specified period, otherwise you will be charged penalties. If you default on your loan, the lender has the right to sue the debtor, as well as apply to a collection agency. But, despite all the benefits, borrowers must be very careful and weigh all the pros and cons carefully.
What You Need To Know About Payday Loans in Iowa
- First of all, you must remember that a loan is not free money that you can spend as you like. Any loan is primarily an obligation that sooner or later will have to be fulfilled.
- Each lender has its own loan conditions, and they may also differ from borrower to borrower.
- Don’t be afraid of borrowing money. Any loans are a tool that must be used correctly. It makes sense to take any loan when you know exactly how you will repay it.
- Before applying for a loan, make sure that you have no other ways to get the money you need.
- A credit burden that does not exceed 20% of the family budget is considered acceptable. If loan repayments make up more than 50% of your budget, your situation is deplorable and should not be left to chance.
- Payday loan amounts are smaller than in banks, and term lengths are shorter – as online short-term loans are generally not secured by collateral.
- To apply for a loan in IA, you must be an Iowa resident who is at least 18 years of age. You must have a personal bank account and a working mobile phone.
- Read the contract carefully, pay attention to all the details: the total loan amount and duration, the due date, the penalties for late payment; early repayment option, etc;
- Loan extension is a very convenient tool that helps to increase the loan term if you have taken a loan but cannot repay it on time.
- Early repayment is a good option if you have the money to close the loan. The shorter the loan period, the lower the overpayment, respectively, the more profitable the loan is for you.
- Do not forget to take a certificate from the lender stating that the loan is closed. It also happens that employees of some organizations forget to notify the credit bureaus that the loan is closed. This can damage your credit history.
- Credit history is information about all loans that you have ever taken. This is one of the main documents that affect your credit score and the lender’s decision.
- Check your credit history at least once a year to make sure that your documents were not used by scammers and that credit organizations reported paid loans on time.
- Before you take out a loan, make sure you have at least some savings. With a little safety net, you can close the debt without breaking the contract, even if you don’t get the expected return.
- Don’t take out one loan to cover the previous one. You will dig deeper into your own debt hole if you close one debt with another. You’d better think about what you can save on in order to pay off the obligation.
- If you have taken a lot of loans and do not know where to start, try to pay off the smallest debts first, and then move on to larger ones.
- Consider refinancing loans. Yes, refinancing is another loan, however, the rate will be lower and the loan term will be longer, which will remove the credit burden.
- Consider passive income. Investing is not as difficult as it seems, and for this, a large amount is not needed.
- Before making any decision related to your money, read as much information as possible to be aware of the possibilities and consequences.
Iowa Payday Loan Regulations
There are some rules regarding payday loans in Iowa. Here are the basic facts:
- Maximum amount: $500
- Loan term length: up to 31 days
- Rollovers permitted: none
- Collection fee: $15 INF fee
- Maximum number of loans allowed at one time: 2
- Fees and finance charges: for loans of $1-$100 – $15; $10 each additional $100 after
- Finance charge on a 14-day loan of $100: $16.67
- APR on a 14-day loan of $100: 433%
The Types of Lenders Available
You can get payday loans in Iowa either online or in person. There are a lot of brick-and-mortar lenders in the state, and some of them also operate online. You can go in person during the company’s business hours or call them and start the process that way. Or you can fill out a short application form online if the lender has one.
We cooperate mostly with lenders that issue loans online in Iowa. We offer a variety of helpful features:
- Most loans are issued within one business day;
- Funds are deposited right into your bank account;
- Participating lenders often work with applicants who have poor credit;
- You only have to fill out a simple online form.
We do not issue any loans, but we use the information you submit to match you with the right lender for your needs (assuming you are eligible for a loan). The direct lenders from our network operate by Online Lenders Association best practices. The online application process is convenient because you don’t have to go anywhere and wait in line or wait for a business to open. We process applications on secure servers around the clock, seven days a week.
Iowa State Lending Information
- Iowa Division of Banking, 200 East Grand Avenue, Suite 300 Des Moines IA 50309
- Phone: (515) 281-4014
- Website: https://www.idob.state.ia.us/
10 Things To Consider Before Applying For Payday Loans
A payday loan is an opportunity to solve a problem quickly, with no paperwork involved. But there are risks and pitfalls. It is better to know about them in advance to avoid unpleasant surprises.
- Check the lender’s license. There are many microfinance organizations, and not all of them operate legally. When choosing an organization, you should check its license on their website.
- Decide what you need money for. You may need money to buy a specific thing, pay for car repairs, pay for medication, cover utility bills, etc. In any case, you need to know the exact amount of how much you need. For example, if you need cash for an urgent repair or purchase, you need to find out the cost in advance. Do not borrow more than you really need.
- Assess your financial capabilities. You will need to return the money + interest, and this must be understood clearly. Make sure you will be able to repay the loan on time Some people take one loan to pay off another, a second, a third… It turns out a vicious circle. Evaluating your financial capabilities is easy. The debt burden should not exceed 35% of monthly earnings.
- Make sure your goals are right. Sometimes it’s a bad idea to go along with your desires. Why do you need a speedy loan? It makes sense to borrow funds for medical treatment, tuition expenses, car repair… And it’s a completely different matter if you need fast cash to buy a diamond ring, a pretty dress or a brand new smartphone. Is it worth getting into debt to get what you want? In most cases, there is no urgency for such acquisitions.
- Read the contract carefully. The contract may contain pitfalls: additional payments, special conditions, etc. To avoid unpleasant surprises, you should carefully study all the information. The contract must include the following: the information about the organization, the total loan amount, the APR, terms of payment, possible penalties and fines. Some lenders may impose additional agreements, insurance, legal fees, SMS informing. If you have any questions, you need to clarify this before signing the contract.
- Do not use real estate as security. Such conditions are also offered only by dishonest creditors. This is prohibited by law. Therefore, if you see such a condition in the contract, you may be sure – you come across a black creditor.
- Protect your personal data. In most cases, to get approved, you only need some kind of identity verification. To transfer the funds to your bank account, the lender will need to know its number. No other data (date of validity, CVC code, any passwords) cannot be transferred to anyone. Also, never take a picture of your debit card and send it to the lender. Be careful when making a transaction online. Do not click on suspicious links, avoid an insecure connection, pay attention to the warnings of the antivirus program.
- Find out the total overpayment amount, fines and penalties. If you miss your payment, you will be charged penalties, additional interest, as a result, the total loan amount increases.
- Get ready to pay. Iowa payday loans can both improve your credit history and damage it. If you are not ready to make payments on time, you’d better not borrow funds. If you face unforeseen difficulty repaying your loan, you should honestly tell the lender about this and ask for a loan extension. Also, you may be allowed to make partial payments.
- Take a certificate of no debt. And finally, when you close the loan, you should take a certificate of absence of debt. This will protect you from increasing fines and interest if some kind of mistake has suddenly occurred. For example, 2 dollars remained unpaid due to a failure on the site.
Can I Get A Payday Loan In Iowa If I Have Poor Credit?
Ever a decent borrower may face circumstances that will not leave him or her the opportunity to repay the debt in a timely manner. That is what ruins your credit history. As a result, you will not be able to get a new loan in the future. Have bad credit? We will help you find a way out of this situation. Our company will do its best to provide you access to bad credit loans with no checks and paperwork. With us, anyone can borrow money in Iowa on favorable terms. Moreover, we do not ask you about the loan purpose. You can spend the loan at your own discretion.
How to Improve Your Credit Score
- Pay credit card balances strategically;
- Ask for higher credit limits;
- Become an authorized user;
- Pay bills on time;
- Dispute credit report errors;
- Deal with collections accounts;
- Use a secured credit card;
- Get credit for rent and utility payments.
Payday Loans Iowa Near Me
Whether you’re in Des Moines, Cedar Rapids, Davenport, Sioux City or in another city, you can find an affordable payday loan with us.
Some of the cities in Iowa that we service:
- Cedar Falls
- Cedar Rapids
- Charles City
- Clear Lake
- Council Bluffs
- De Witt
- Des Moines
- Fort Dodge
- Fort Madison
- Iowa City
- Iowa Falls
- Le Mars
- Mason City
- Mount Pleasant
- North Liberty
- Orange City
- Pleasant Hill
- Red Oak
- Sioux Center
- Sioux City
- Storm Lake
- Webster City
- West Des Moines
Why Use Us for Payday Loans in Iowa?
Speedy payday loans have gained recognition all across the USA due to fast and effective financial assistance available to all groups of the population. In Iowa, lending via the Internet is rapidly developing and reaches 70%.
Our online referral service works by connecting potential borrowers with the best lenders from our network of reputable lenders. Our clients have already appreciated the advantages of this product. Numerous repeated applications testify to the indisputable benefits of our online service:
- Efficiency – loans are issued via the Internet;
- Convenience – you can apply online from the comfort of your home or office;
- Speed – you can receive the funds as soon as the same day;
- Availability – you can get accepted for a loan regardless of your age, employment, income, credit history;
- Profitability – we cooperate with the lenders that issue the most affordable loans;
- Reliability – the terms are completely transparent for both parties: the lender and the borrower;
- Support – our customer support service is 24/7 here for you.
With us, you can solve your emergency issues quickly and safely.
Is A Payday Loan In Iowa Right For Me?
You can take out a speedy online loan only when the situation is really hopeless:
✔if the money is needed urgently (medicine, car repair), there is no one to borrow from;
✔there is no time to wait until the loan is approved;
✔you need a small amount (up to $1,000) for 1-4 weeks;
✔the bank did not approve your request;
✔you have no official income.
If you understand the essence of payday lending services and read the contract carefully, everything will be fine. But keep in mind that cash advance loans come with higher interest rates. Accordingly, borrowing money for a period longer than 31 days is not profitable. The sooner you repay the loan, the better.
Reasons Why You Might Have Been Rejected
Although the borrower eligibility requirements on payday loans in IA are more relaxed than with other loans, the lenders might still decline you for a loan if they feel you will not repay the loan on time. If your application is rejected, it may be because:
❌You are not employed or your income is too low – If your income isn’t enough to cover basic living expenses and make your loan payments, the company may reject your application for fear that they won’t recoup the loan.
❌You already have a payday loan or recently took one – Each state has different limitations, but Iowa limits borrowers to a single payday loan outstanding.
❌You have too many current debts – Since lenders don’t perform hard credit checks, they will likely pay attention to your current debts to assess your ability to repay. If you have too many current debts, the lender may not be willing to take that risk.
Alternatives to Iowa Payday Loans
Car title loans offer you quick cash in exchange for your vehicle’s title as collateral. Such loans tend to range from $100 to $5,500 — an amount typically equal to 25% to 50% of the vehicle’s value. The loan term is usually short — usually just 15 or 30 days. if you have bad credit, you’ll still have an opportunity to be eligible.
It’s called an installment loan because you repay the loan principal and interest in scheduled, equal monthly installments. The borrower pays off the loan over a mutually agreed-upon amount of time (up to several years). Installment loans often have a fixed interest rate, making them very predictable.
Personal loans are often used to pay off and consolidate debt. They can be used for credit card consolidation, paying off a home improvement project, a special family event and more. Personal loans are installment loans because they are repaid in monthly installments covering the principal and interest.
Frequently Asked Questions (FAQ)
Q: What’s The Maximum I Can Borrow With A Payday Loan In Iowa?
A: When you request a payday loan in Iowa, you can typically select any amount between $100 and $500. But some lenders issue higher loan amounts.
Q: How Quickly Will A Payday Loan In Iowa Be Paid Out?
A: Once approved, the funds will be sent to your bank account the very same day in one lump sum. The funds could arrive in your account in less than an hour!
Q: Do I Have To Repay My Iowa Payday Loan In Full On My Next Payday?
A: You can select the desired loan duration but it typically ranges between 7 and 30 days. You don’t have to pay it off in full on your next payday. If you miss your payment, interest may be added, and this could lower your credit score.
Q: Will You Charge Me a Fee?
A: No, if you make a loan request via our referral service, we will not charge you any fees. We work on a commission base with lenders from our network – this means we might get commission if your application is approved.