Before taking out a short term loan in Des Moines, get all the necessary the information so you can get the funds you need.
If you’re short on cash and looking to borrow just a small amount of funds, you may be considering a payday loan, also referred to as a cash advance or short term loan. Have a read through this guide to learn the ins and outs of short term lending before you apply for your loan.
Are payday loans legal in Des Moines?
Yes, payday loans in Des Moines are legal. All payday lenders in this city have to abide Iowa Code Chapter 533D, cited as the Delayed Deposit Services Licensing Act. This act also applies to payday lenders that provide online loans in Des Moines, Iowa. In addition, only lenders that operate out of Iowa can provide loans to residents of Des Moines.
Consider these brokers for a short term loan in Des Moines
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
Why a Des Moines short term loan might work for you
- Multiple options. Several short term lenders operate out of Des Moines, so finding one near your home or workplace can be easy. You also have the option of applying for an online loan, or using the services of a loan matching service.
- Quick disbursement of funds. If you apply in-store, you can receive the approved funds as soon as you accept the loan contract. If you submit an online application, the money is usually in your account by the next business day.
- Poor credit is alright. If your credit score is low lenders consider other factors, such as your income or employment, in order to approve you for a loan.
Is there any protection when taking out a short term loan in Des Moines?
- Limits. You cannot rollover, renew, refinance or consolidate your short term loan and you cannot pay off an existing short term loan by using proceeds from another short term loan obtained from the same lender.
- Low maximum amount. The most you can borrow through a Des Moines payday loan is $500, limiting the chance of you taking on too much debt with a single debt.
- Loan terms and multiple loans. You cannot have more than two outstanding payday loans at any one time and the maximum loan term is 31 days.
Nina's got a car repair to pay forNina needed some money urgently to pick up her repaired car from the mechanic. She didn’t want to wait until her payday due to the trouble she had commuting to and from work without a car. She also couldn’t use her credit card because the limit it had left didn’t cover the mechanic bill. Applying for a new credit card or a personal loan wasn’t an option, so she decided to apply for a short term loan.
Nina’s found an online lender to lend her the $400 she needed. She had to repay the loan amount within 31 days. The contract stated that the lender would charge $15 for the first $100 advanced, and $10 per $100 thereafter. As a result, the total fees stood at $45.
Nina allowed the online to set up a withdrawal for the $445 on the due date. After 31 days, Nina successfully paid her loan back with a single payment and avoided any additional fees.
Here’s how you can submit your application
You can apply for a Des Moines short term loan by visiting a storefront or by submitting an online application. Eligibility criteria differ between lenders, but generally you’ll have to meet the following:
- You are over 18 years old
- You are an American citizen or a permanent resident of the US
- You have a steady source of income
- To apply online, you should have an operational checking account
In order to complete the application successfully, you’ll have to provide some basic information:
- Your name, home address, email address and phone number
- Your date of birth, social security number and details from an acceptable form of identification document
- Your employer’s name, address and phone number
- Details about your income
- If applying online, your bank account details
Short term lenders near you in Des Moines, Iowa
Short term loan offices near you in Des Moines
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