Iowa Payday Loans

IowaFlagIowa believes in providing their residents with access to short term loans in the form of cash advance borrowings. To protect consumers however, rules and regulations have been set up by the state. Here, we provide you with a comprehensive overview of payday loan mandates in the state and how to best avail of this service. If you’re currently considering a payday loan, the first step is to find out how to make the most of each dollar borrowed.

 Payday Loan Process in Iowa

Payday loan application in Iowa is simple and requires only basic documentation for eligibility. As a consumer, you must meet the following requirements:

  • 18 years old and above
  • Proof of citizenship
  • Possess a checking or savings account
  • Proof of employment
  • Must meet minimum salary requirements

Most payday loan lenders in Iowa also accommodate bad credit borrowers or those who are already retired. To apply, simply fill in the form provided and submit the necessary documents. Most applications can be done through the internet, depending on the lending company. Most lending institutions also help set up a payment system and may offer automatic payment to avoid high rates resulting from overdue loans.

Iowa Payday Loan Laws and Regulations

The state of Iowa has several laws in effect to regulate payday loan transactions. Following are some of the information you will need as a borrower:

  • Maximum allowable loan: $500
  • Loan term: Maximum of 31 days
  • Finance charge for $100 loan in 14 days: $16.67
  • APR for $100 loan in 14 days: 433%
  • Maximum finance rate and fees: $15 for initial amount, $10 for following amounts
  • Collection fees: $15 NSF
  • Maximum outstanding loans at a time: Two

Iowa residents availing of payday loans should be aware that the state does not allow rollovers. Borrowers do not have the option of consolidating or refinancing the debt. Laws regarding repayment plans and cooling-off period between loans is also unspecified.

Iowa Consumer Protection

The state of Iowa currently operates a sector specifically for loan and financial problems. For any complaints or questions regarding payday loan, you can visit the Iowa Division of Banking.

  • Address: 200 East Grand Avenue, Suite 300 Des Moines IA 50309
  • Phone (515) 281-4014
  • Fax: (515) 281-4862
  • Look For: Rodney Reed, Chief of the Finance Bureau
  • Web: IDOB

Complaints can also be sent through the regulator’s email or website. To further protect yourself against payday loan irregularities, consumers are encouraged to be aware of the regulations concerning short term borrowings. Asking lender legibility is also recommended to ensure that they are allowed to operate in the state.

Iowa Payday Loan Alternatives

If you’re skeptical about getting the short-term loan, it’s possible to seek out other alternatives. For larger borrowings, your credit card or a bank loan are also good choices. To avoid sky-high interest rates, appealing directly to your employer for a cash advance or selling unused items are also possibilities. Pawnshops or event finding a part time job to make ends meet can work as well.

Map of Iowa


Payday Loans cities in Iowa:
Ackley Algona Alta
Alton Altoona Alvord
Ames Anamosa Ankeny
Atkins Atlantic Bettendorf
Blencoe Bloomfield Boone
Boyden Burlington Carroll
Cedar Falls Cedar Rapids Center Point
Centerville Cherokee Clarinda
Clear Lake Clinton Clive
Columbus Junction Coralville Corning
Council Bluffs Creston Davenport
Decorah Denison Des Moines
Dubuque Dyersville Elkader
Estherville Fairfield Farley
Forest City Fort Dodge Fort Madison
Galva Garner Granville
Grimes Grinnell Holstein
Hospers Hull Humboldt
Huxley Indianola Iowa City
Iowa Falls Johnston Keokuk
Knoxville Lamoni Le Mars
Leon Lowden Manchester
Manilla Maquoketa Marion
Marshalltown Mason City Mc Gregor
Monticello Muscatine New Virginia
Newton Norwalk Oelwein
Onawa Orange City Osceola
Oskaloosa Ottumwa Pella
Perry Plainfield Pocahontas
Red Oak Remsen Sabula
Sac City Schleswig Sheldon
Shenandoah Sioux Center Sioux City
Spencer Spillville Spirit Lake
Storm Lake Tipton Tripoli
Urbandale Ute Wall Lake
Waterloo Waukee Waverly
West Burlington West Des Moines Windsor Heights

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