Learn how Iowa regulates short-term loans before you visit a lender.
When you’re ready to borrow, you should know how payday loans work in Des Moines. Iowa regulations play a big role, so carefully consider your options before signing on with a lender.
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
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Installment loans with competitive rates from a top-rated direct lender.
- Minimum loan amount: $500
- Maximum loan amount: $5,000
- Turnaround time: 1 business day
- Loan term: 9 to 36 months
- Must have direct deposit and meet minimum income requirements
Can I get a payday loan in Des Moines, Iowa?
Yes, payday loans in Des Moines are legal. All payday lenders in this city have to abide Iowa Code Chapter 533D, called the Delayed Deposit Services Licensing Act. This act applies to payday lenders located in the state as well as online lenders that serve borrowers in Des Moines — but only lenders that operate out of Iowa can provide loans to residents.
Iowa limits the amount a borrow can borrow to $500 and the maximum term length to 31 days. A lender may only charge a financing fee of $15 for the first $100 borrowed and $10 for every additional $100.
This helps prevent high interest rates from piling up, but it can make it more difficult to repay your loan, especially if you borrow a large amount or have a term of only a handful of days. Other short-term loans, like installment loans, often have longer terms — but the specific regulations might vary from those set for payday loans.
Consider these lenders for a short-term loan in Des Moines
What do I need to apply?
Applying for a short-term loan is relatively simple, but you’ll need to meet a few basic criteria to be eligible:
- You must be employed or have a steady source of income
- You must be a US citizen or permanent resident
- You must be at least 18 years old
Beyond eligibility, you’ll also have to provide some personal information to complete an application.
- Your name, home address, email address and phone number
- Your date of birth, Social Security number and a state-issued ID
- Your employer’s name, address and phone number
- Your income, pay frequency and bank account details
Where to find short-term loan locations in Des Moines
Short-term loan locations near me in Des Moines, IA
If you need money in a hurry, an easy to get it is by visiting a short term lender’s store. In Des Moines, some of your options include:
- Globe Acceptance. 1001 Grand Ave, West Des Moines, IA 50265
- Globe Loan Company. 3410 Merle Hay Rd, Des Moines, IA 50310
- Hometown Cash Advance. 1335 E University Ave, Des Moines, IA 50316
- Mister Money USA. 3820 E 14th St, Des Moines, IA 50313
- Payday Express Iowa. 3947 E 14th St, Des Moines, IA 50313
Be cautious of short loan terms
Although a term of only 31 days can prevent interest from piling up, like with installment loans and personal loans, it also means you won’t have much time to repay your lender. A $500 loan could end up costing $555 and may be due as soon as your next payday. If you aren’t sure you’ll be able to make your payment on time, consider your payday loan alternatives before borrowing.
What are my other short-term loan options?
Payday loans aren’t your only option when it comes to short-term borrowing in Des Moines, but it is the most heavily regulated. Installment loans don’t have as much borrower protection, so consider your options and make sure your lender is legit before signing a loan contract.
- Installment loans. Installment loans work similarly to payday loans, but you’ll have more time to pay back what you borrow. This can be helpful, especially considering Iowa’s strict loan terms, but often means you pay more in interest.
- Auto title loans. Auto title loans have been banned in the state of Iowa due to the high interest rates and extreme risk caused to many borrowers — if you can’t afford a payment, your car could be repossessed. Because of this, you won’t be able to borrow a title loan in Des Moines.
Qualifying for a payday loan in Des Moines isn’t difficult, but you’ll still want to make sure your lender abides by Iowa regulations. The limited loan amount and term can help prevent fees from stacking up, but you’ll have less time to pay back you loan — and financing fees are still quite high.
Still, you should compare your payday loan options to be sure you’re finding a lender that’s offering a good deal.