Payday Loans in Iowa (IA),
Get the Best Rates with AdvanceSOS
Do you crave a quick cash injection to get you through a temporary financial crisis? You’re not alone. Many Americans face unexpected bills and need funds to stretch their paychecks over the next few weeks. That’s when AdvanceSOS comes into play.
Our network of direct lenders has been working tirelessly to restore the reputation of payday loans. We believe that everyone strapped for cash should have access to loans to deal with unforeseen expenses. Indeed, even those with bad credit should get approved for a small loan.
We provide small loans in almost any location in Iowa, regardless of the reason. Once you meet the underlying eligibility criteria, we’ll ensure you receive the deposit within hours. Your only obligation is to repay the funds, plus interest, with your next paycheck.
AdvanceSOS approves personal loans with affordable and transparent terms and rates. We strive to customize all our products to resolve the urgent needs of various customers. Yet, before committing, explore the APR and interest rates of short-term loans to ensure you can settle the amount due on time.
Advantages Of Taking Out A Payday Loan In Iowa
What clients most like about advance payday loans is the simplified application procedure. Plus, the approval criteria are lenient provided you have enough income and orderly lending practices. The entire process takes place online, with a quick decision shortly after you apply. Most clients are happy to receive the cash transaction on the same business day.
There is no restriction on how to use the approved funds. While some customers use the money to pay for utilities and home repairs, others borrow to organize a birthday or travel. Besides offering flexibility, payday lenders work 24/7 and approve loans beyond regular banking hours. Finally, the law ensures there are caps on finance charges and offers borrowers protection from predatory lenders.
Reasons To Get A Payday Loan In Iowa
A cash advance isn’t a long-term solution if you struggle with prolonged debt. Instead, payday loans offer a short-term answer to not having enough to bridge the gap for the month.
Hence, various people take loans for multiple reasons. Some wish to cover outstanding bills, such as medical treatment, car payments, or daycare costs. Others want to buy a special gift for their child’s wedding or take a short trip. Whatever the reason you can’t stretch your dollars until the next paycheck, AdvanceSOS can assist.
Most borrowers use payday loans online every once in a while, when money gets tight. Our financial products are the safety net that will help you get back on your feet and recover financially.
What Will You Need?
Residents living in any area code that serves Iowa should meet several criteria to qualify. When applying for payday loans, they need to submit proof of:
- Legal age (at least 18 years old).
- Permanent residence or citizenship in the US.
- Regular job or recurring income.
- Valid email address and a phone number.
- Active savings/checking account in good standing.
These requirements are obligatory, but in some cases, we may require further details. Hence, we may call you before signing the agreement. Last, remember that a soft or even a hard credit check may come into consideration, too.
How Much Can You Borrow?
Any eligible resident in the state of Iowa can submit a loan application for up to $500 online. Note that the average borrower takes about $350 to sort out an urgent need. Consider submitting a loan request for any of the following amounts:
- 100 dollar loan
- 200 dollar loan
- 300 dollar loan
- 500 dollar loan
The more eligibility criteria you meet, the higher amount we can approve. Plus, your ability to service your debt will have an impact on the lending decision.
When Will You Receive Your Funds?
Customers in need of fast cash can access approved funds within a brief timeframe. For online loans, approvals before 5 p.m. PT on weekdays ensure the client gets the money within to 24 hours. Often, if you apply earlier, quick cash can reach your account the same business day.
We aim to offer instant cash loans, so our transactions are always fast and reliable. In case of non-working days and holidays, you will probably have the deposit available the next business day. The deposit will also depend on when you got approved and signed the agreement.
APR And Fee
The average APR of payday loans in Iowa stands at 337%, subject to variations. In short, the APR you get depends on the amount you take and your due date. Some clients have reported that the interest went over 400% for smaller loan sizes.
No lender can charge more than $15 for a loan up to $100 in finance fees. Lenders also have the right to impose an extra $10 on each subsequent increment of $100. For instance, if you borrow $300 for two weeks, you’ll pay $35 back.
Regulations Surrounding Payday Loans In Iowa
The state of Iowa has strict rules in force to protect each resident against predatory rates. Our direct lenders comply with the applicable regulations and charge statutory fees only.
The maximum loan amount for single payday loans repaid in one lump sum in Iowa caps at $500. There is no specified minimum loan amount. The due date arrives with your next paycheck or within 31 days at the latest. Moreover, it is illegal to have more than two outstanding loans at a time.
There’s no cooling-off period defined between consecutive loans. The law also forbids rollovers and extensions.
Finally, we at AdvanceSOS understand that financial emergencies happen. We are also aware that some lenders will try to rip you off for a short-term payday loan. Don’t settle before you get familiar with all your options.
Amanda is a senior financial copywriter at AdvanceSOS. She has more than six years of journalism experience, mostly in finance. She graduated with a Master’s degree in finance from the University of Oklahoma.