Payday Loans And Installment Loans in Iowa
There is good news for the residents of Iowa. Iowa is a state which believes to provide quick access to the needed money to their residents in the form of short term borrowings. Applying with payday loans or installment loans in Iowa is simple and can be obtained with least documentations. However, the state has set up some rules and regulations to protect the consumer rights. If you are presently in financial crunches and consider taking payday loans in Iowa, you can make the most of our smart search. With so many lenders to choose from, we help you to possibly end up your search with the lender that rightly matches with your requirements and budget.
Iowa is the state with several laws and regulations in effect to control payday loan or installment loan transactions. Here are the important details about payday loans Iowa that you should know as a borrower before proceeding to take a loan:
Loan Amount And Tenure:
1. The maximum loan amount that the residents of Iowa are allowed to receive is up to $500.
2. The maximum term of loan is usually 31 days.
Interest rates, APR and Fees:
1. Sliding scale of interest for initial $100 is $15 and then additional $10 for every $100 borrowed after that.
2. APR for per $100 for 14 days is 433 percent.
3. Finance charges for per $100 are $16.67 for 14 days.
4.Collection fees is $15 NSF
In accordance with Iowa lending laws, you are allowed to have two maximum outstanding loans at a time.
NOTE: It is important to be aware that Iowa State does not allow rollovers.
We always recommend you to be alert about the regulations regarding short term borrowings in Iowa to shield yourself against any irregularities of payday loan. For any further complaints or queries regarding payday loan in Iowa, you need to contact Iowa Division of Banking.