Payday Advance Iowa
Iowa payday advance loans are an excellent choice for meeting those nagging cash emergencies that tend to arise when least expected, leaving you short of funds. Regardless of whether you experience a breakdown of a vehicle or home appliance, have an unpleasant medical situation, need to pay an overdue bill, or simply need some extra cash to get away from the stress of life for a few days, payday cash advances will provide the funds without creating a lot of stress or problems.
Such advances provide you with the cash required quickly and without much hassle. Therefore, you can apply for and receive the cash you need to overcome stressful situations and get back into the rhythm of your normal lifestyle. This is exactly the intended nature of Iowa payday cash advances.
Why Iowa Payday Loans Might Help You
Requested money from Iowa payday advances is usually obtained within 24 hours and by following a short and uncomplicated application process. This means you get the cash you need that can be used to meet pressing emergencies within hours.
Iowa payday advances are short-term loans that are designed to be repaid within a month or sooner. You receive the cash needed to settle the situation and then have the loan paid off, generally upon your next pay period. This allows for very little disturbance in your life's routine.
How to Acquire Iowa Payday Advances
Payday advance Iowa lenders can legally operate within the state of Iowa. Therefore, payday loans can be obtained by either visiting a participating location or by searching for an Iowa payday loan provider over the Internet. Online cash advance companies that offer loans to Iowa residents must follow the legal guidelines established by the state. You should shop around for the best offers since finance rates, fees, and other payday loan specifications can vary between companies.
Once you determine the lender you wish to utilize as well as the loan amount desired, you will complete an application form that provides the lender with some basic information. You will need to provide some form of income verification such as paystubs, or bank statements that show direct deposits from Social Security, disability, or your employer.
You will also be required to provide either savings account or checking account information so that funds can be deposited. Some companies may also withdraw required repayment funds directly from this account on the due date. Other companies will require a personal check that is post-dated and can be cashed when due.
Once you have met all the requirements, the application is submitted for approval. Approval of Iowa payday loans normally takes from a few hours to 24 hours or the next business day. The approved loan funds are then deposited into your account for immediate use.
Specific Guidelines of Iowa Payday Loans
Both brick and mortar stores and Internet companies offering Iowa payday advances can provide up to $500 to Iowa residents. The loan must be repaid within 31 days. You can obtain a maximum of two payday loans at a time, but keep in mind that no rollovers are permitted which means no loan extensions, consolidations, or refinancing can be made.
The maximum amount of interest and associated fees is set at $15 on amounts up to $100 with an additional $10 per $100 increments thereafter. This equates to an APR on a 14-day payday loan of 433 percent per $100.
The state of Iowa permits the lender to charge only one $15 fee for non-sufficient funds (NSF) with no other penalties being allowed. Iowa law on payday advances does not specify whether or not criminal action can be taken against borrowers.
Find Out More
More information can be obtained and questions answered by contacting this Iowa office:
Iowa Division of Banking
200 East Grand Avenue, Suite 300
Des Moines, IA 50309