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Iowa Payday Loans
Do you need some extra cash to get through until payday? Do you have some last minute unplanned expenses that can't wait until you get paid? If so, why not try a short term loan from LoansPayday.info? In two minutes you can complete our simple application and have the cash in your account by the end of the day. You won't have to worry about not being able top make your payments on time. You won't have to worry about how you are going to put food on the table to feed your family. Stop stressing out about not having the money and let LoansPayday.info help you out today.
Iowa Payday Loan Laws
As of 1996 there were only eight payday loan lending locations within the state of Iowa. Over the next two years that number had grown to sixty-four Iowa payday loan lending locations. It is now estimated that the number has grown to hundreds of locations throughout the state. Due to this rapid increase, the state of Iowa has imposed regulations on the Iowa payday loan industry.
While there are some states where payday loan lending has been outlawed, Iowa payday loans remain legal. Payday loan lending laws in Iowa are designed to protect the customer and limit the amount that can be borrowed. Iowa residents have no minimum amount that can be borrowed but the maximum is set at $500. Additionally, the term of the loan can be for a maximum of thirty-one days and for every $100 loaned the lender can charge up to $16.67 in interest. This translates to a 435% Annual Percentage Rate.
If you are a resident of Iowa who needs cash quickly but is still days or even weeks away from your next payday you have the opportunity to get the cash you need quickly by applying for a payday loan. This payday loan can be used to take care of any expense whether it relates to your automobile, health, utility bills, credit cards, or any other type of expense. You don't have to tell us what you are using it for to get approved and instead of having to borrow thousands of dollars from the bank you can borrow just a few hundred dollars to get through until payday. As a resident of Iowa or any other state you can have the cash you need fast with a payday loan from LoansPayday.info.
When applying for a LoansPayday.info payday loan you will find the process to be quick and painless. We don't require you to complete a lengthy application. Our application takes less than two minutes to complete using our secure online server. You never have to worry about you information being given to third party vendors because we value your privacy. What's even better is that after you complete your application you won't have to wait days to get your money. We can have it in your account the same day we process your request. When you get paid you simply pay us back. Sounds simple enough, right? Why not try us out today?
If you live in the state of Iowa there are several laws you should know about before applying for a payday loan from LoansPayday.info or any other payday loan lending company. These laws are designed to protect consumers and ensure that the payday loan lending industry remains within the legal limits. In most states, the fees charged for payday loans are very high but Iowa payday loans are low in comparison. Lenders working in Iowa are not permitted to charge more than $5 for each $75-$100 borrowed. If the customer borrows between $50 and $74 the maximum fee they can be charged is $3.50.
Customers approved for an Iowa payday loan must be provided with a written contract that includes information pertaining to the repayment and terms of the payday loan. They must be notified that in the event they cannot make repayment that they can be charged a maximum of $15. All written information must be provided in both English and Spanish, where applicable, and customers should be given a toll-free number to contact about complaints or questions.
Additionally, the following information must be included on the written contract in layman's terms so that they are easily understandable. If this information is not included in its entirety and is not provided in both Spanish and English, the contract is not legally binding.
- Contact information for the borrower including the current address and phone number.
- All applicable fees associated with the payday loan including origination fees and interest rate charges.
- Due date that repayment must be made by.
- The borrower's legal obligations to repay the payday loan and any additional information about the repayment terms.
- Information pertaining to any late fees that may be charged in the event that repayment is not made by the date due.
- The information must include the following statement in a font at least fourteen-point: "You cannot be prosecuted in criminal court to collect this loan." It's important to note that while you cannot be criminally prosecuted you can be sued in civil court for the amount of the payday loan.
Companies operating with physical locations within the state of Iowa must post in both Spanish and English terms that show fees, interests, penalties, and any additional charges associated with an Iowa payday loan. These graphs should also include an example that is easily understandable to the general public. Anyone applying for a payday loan in Iowa should also be made aware that the maximum loan length is 14 days and that they cannot borrow more than $500 at any one time. Finally, a borrower can make partial payments toward their payoff without being charged additional interest with the minimum amount being set at $5.
Iowa Unemployment Statistics
At no time in the last ten years has the Iowa rate of unemployment fallen below 1.9% or risen above 5.6%. In 2006 there were approximately 82,925 or 5% unemployed residents of Iowa.