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Payday Loans Online in Iowa (IA)
Running out of money before your next payday can be daunting, especially when you still have a lot of bills to settle. Getting a bank loan may be out of the question, as they take days to process and require a good credit standing to access a same day payday loan in Iowa.
Fortunately, you can quickly get easy funding ahead of your next paycheck by applying for a payday loan in Iowa. This type of loan is a helpful solution for borrowers with poor credit scores who need quick cash to settle financial problems, such as bills, medical emergencies, mortgage payments, and car repairs. Apply for an online payday loan in Iowa through AdvanceSOS today and get the funds within 24 hours!
What Is a Payday Loan?
A payday loan is a short-term, small principal cash loan. It allows you to get a small amount of money before your next paycheck arrives. The loan and the associated interest will be repaid on a specified date as agreed with the lender (typically when you receive your next paycheck).
This type of loan is designed specifically for people in need of quick and easy cash to settle expenses before their payday. The loan is unsecured, meaning there is no collateral. Plus, you do not have to worry about your credit score because payday loans in Iowa accept any credit.
How Do Payday Loans Work?
As a short-term cash advance, repayment terms for payday loans are usually between 14 to 31 days, or when the borrower receives their paycheck. Because this type of loan does not depend on your credit score, most lenders just need you to provide proof that you earn a stable income before they can give you a loan.
In Iowa, the maximum amount you can get is $500. Unlike installment loans, the money is meant to be repaid at once and in full on the agreed due date. It is often easier to get approved for a payday loan in Iowa compared to other types of cash loans because of its terms. However, it often attracts a high-interest rate. The specific terms of the loan tend to vary from one loan provider to the other.
Basic Requirements for Getting an Online Payday Loan in Iowa
Online payday loans in Iowa are regulated by state laws. Therefore, there are some basic guidelines lenders are expected to follow. Iowa state laws specify the maximum loan limit, interest rate, and maximum repayment terms for payday loans within the state. In addition, borrowers must meet and provide the following requirements to qualify for Iowa payday loans:
- Age: You must be at least 18 years of age.
- Bank Details: You must have an active bank account to receive the funds. Most lenders in Iowa City will deposit the money you borrow directly to your checking account. They may also require you to authorize them to deduct the debt automatically from your account on the due date.
- Proof of Income: You must earn a stable income. Loan providers will request documents proving that you are capable of repaying the loan. Note that it is not mandatory to have a job any stable source of income will suffice.
- Contact Details: You must provide a valid phone number and email. This way, you will be able to receive updates and notifications regarding your application.
- Proof of Address: You must be resident in the state to get a payday loan in Iowa.
How to Apply for a Payday Loan in Iowa Online?
You can apply for a payday loan in Iowa within minutes through the AdvanceSOS website. We are an online loan brokerage, connecting customers to licensed and reputable lenders in Iowa. Here’s a simple breakdown of the process when applying online for a payday loan through AdvanceSOS.
Step 1: Fill Out the Online Application
The first step to getting a payday loan in Iowa is to fill out an online application form on the AdvanceSOS website. You will be required to provide some basic details and upload some documents to start your loan application.
Step 2: Lender Matching
We have many licensed and reliable payday lenders in our network. The information you provided will be added to our lender pool and used to match you with a lender near you that best fits your financial needs.
Step 3: Loan Approval
The payday loan provider you’re matched with will process your loan request and send you a loan offer. You are to review the requirements and terms of the loan and determine if it is right for you. If you agree with the loan term, you can proceed to sign an agreement with the lender.
Step 4: Receive Your Money
Once the agreement has been finalized, you will get the money wired to your account within a few hours. In most cases, you will be able to get same day deposit payday loans or receive funds in one business day at the maximum.
Why Should I Choose AdvanceSOS for Payday Loans?
If you need a cash advance in Iowa, the quickest way to connect with a suitable lender is to apply online through AdvanceSOS. Some of the benefits of getting a payday loan in Iowa with AdvanceSOS include:
The application form can be completed within a few minutes, and you will get a loan directly to your bank account within 24 hours of your application.
The Best Rates from Quick Direct Lenders
We work with a wide range of direct lenders offering best payday loans online with same day deposit. The lenders in our network offer the best rates and convenient repayment terms.
Completely Free Service
AdvanceSOS services are 100% free. So, you do not need to pay any fees or additional charges for applying through our website.
Updated: Sep 1, 2022
Are Payday Loans Legal in Iowa?
Yes, payday loans are legal in Iowa and Illinois. The activities of payday lending companies are regulated by the Delayed Deposit Services Licensing Act. To protect consumers, all lenders operating in Iowa must be licensed and comply with the state regulations regarding this type of loan.
In the United States, payday lenders are legally allowed to operate in certain states. There are restrictions on how much they can lend and how often they can lend to each borrower. In some states, borrowers are only allowed to take out one payday loan at a time.
Arizona is one of a few states that have placed restrictions on payday loans. In 2010, Arizona voters approved Proposition 200, which amended the state constitution to prohibit “usury” – the practice of lending money at excessively high-interest rates. As a result, payday lenders cannot charge more than 36% annual interest on loans in Arizona.
How Many Payday Loans Can You Have in Iowa?
The law allows you to take a maximum of two cash advances at a time in Iowa. However, we do not recommend taking multiple loans simultaneously. Considering the high-interest rate on this type of loan, you risk ending up in a debt trap if you are unable to repay the loan.
How Much Can I Borrow as a Payday Loan in Iowa?
According to state regulations, the maximum amount you can borrow with a payday loan in Iowa is $500. The loan must be repaid within 31 days. Note that you’re not allowed an extension or rollover, so avoid incurring fees and penalties by paying on time.
Can I Get a Payday Loan in Iowa With Bad Credit?
Yes, it is possible to get payday loans in Iowa with a bad credit score. Many people choose this loan option because they have a poor credit history, which makes it difficult to get the amount they need from a traditional bank. Payday loan providers in Iowa will loan you money regardless of your credit score with no credit check.
What Is the Interest Rate on Iowa Payday Loans Online?
The maximum finance charge on payday loans for Iowa residents is $15 for loans up to $100 and no more than $10 on every additional $100. This brings the annual percentage rate (APR) to 337%.
How Do Repayments Work for Payday Loans in Iowa?
Usually, you can authorize an automatic repayment in which the direct lender can deduct the loan amount and interest from your bank account on the due date of the loan. You may also issue a post-dated check to the lending company or payback in cash.
You can find the loan repayment details and other terms in the loan agreement.
Are Payday Loans Expensive?
Payday loans tend to be quite expensive; however, the high-interest rate is expected considering the fact that the loan is unsecured and it does not take your credit history into consideration.
Where Can We Help You Get a Payday Loan in Iowa?
AdvanceSOS offers quickly help you find the best payday loans offers in cities like Des Moines, Cedar Rapids, Sioux City, Council Bluffs, Davenport and Ottumwa.
Get a Payday Loan in Iowa!
Amanda is a senior financial copywriter at AdvanceSOS. Amanda has been writing about finance since 2015. She graduated with a Master’s in finance from the University of Oklahoma. As a result, she has a wealth of experience and knowledge to share with her readers.