How to Get Payday Loans in Waterloo, Iowa
Financial emergencies happen when we least expect them. Fortunately, you can always rely on Payday Loans to tide you over. Also known as cash advances, payday loans are uninsured loans that lenders give for a short period. People also refer to payday loans as Cash Advances. Payday loans depend on the borrower having a previous payroll and employment record.
Benefits of Taking Out a Payday Loan in Waterloo, IA
- Fast Money Deposits: Upon the approval of your request for a cash advance, you will receive a transfer of the funds within 24 hours. This makes it the best option for your urgent financial needs.
- Speedy Online Process: You only have to provide your basic information like name, address, contact information, etc. The application takes about 2 minutes to complete and can be done online at your convenience.
- Bad Credit, No Problem: Applicants with bad or low credit scores can get payday loans, which comes in handy when there’s an urgent need for money.
How To Get A Payday Loan In Waterloo, IA
Getting payday loans is legal in Waterloo and other cities within the state of Iowa. The maximum number of days a payday loan can last is 31 days.
When applying for a payday loan, you deposit a personal check for the amount you want to borrow plus the lender’s fees. A payday loan agreement grants the lender access to withdraw money from your bank account when the payment is due.
You may authorize the lender to withdraw from your account electronically or cash your check physically at a bank.
Requirements For Getting A Payday Loan In Waterloo, IA
The requirements for getting a payday loan vary as each lender has a list of rules on their application forms. However, there are standard requirements for eligibility that lenders should not waive, including:
- The borrower must be at least 18 years old.
- They must have a valid means of identification and proof of income.
- They must possess an active checking account.
APR and Fees
Though different from the usual interest rates, an annual percentage rate (APR) is a fee charged for borrowing money. The maximum amount of money that you can borrow through a payday loan in Iowa is $500. To prevent unreasonable interest rates, lenders have APR caps imposed by law. Iowa’s APR cap is 337%. The state allows a 15% finance charge on loans up to $100 and only 10% on subsequent $100 loans.
For example, if you borrow $300 with a charge of $45, your APR is $345. Rollovers or extensions are not allowed, and lenders expect that a borrower should make a full repayment in time.
How Can We Help?
We are here to ensure that the process of getting a payday loan is as easy as possible for you. Our network is fully available online, granting you immediate access to lenders before the end of the business day.
Our system boasts a data-collection technique that assesses your needs and credit capacity. This helps in connecting you to a loan company to cater to your specific needs.
Amanda is a senior writer at AdvanceSOS. She has more than six years of journalism experience, mostly in the finance sector. She graduated with a Bachelor’s Degree from Drew University.