Editor's choice: OppLoans Installment Loans
- APR starting at 4.66%
- Funding as soon as the next business day
- Accepts fair credit
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A payday loan may be a good option if you’re strapped for cash or facing a financial crisis. Before you apply, you’ll need to know how much it costs and the laws your lender will have to follow. Our page has all the details.
Yes, payday loans are legal in Iowa. Iowa Code Ann. 533D.1 et seq. The Delayed Deposit Services Licensing Act governs the all payday lenders in Iowa. Lenders must be licensed and physically located in Iowa in order to finance loans.
Check the provider’s website before applying to be sure it services Iowa.
If you want to apply for a payday loan, you’ll need to be at least 18, a US citizen or permanent resident and have a regular source of income.
You’ll also have to provide your Social Security number and some other personal details, like your where you’re employed and how often you get paid. If you’re applying online, a lender may request information about your checking account in order to deposit your loan and debit your payment when it’s due.
It depends on the lender. Most payday lenders operate online these days, while some also have store locations in select states. In Iowa, most payday lenders operate solely online.
One benefit of a loan that’s processed completely online is the convenience. You won’t have to go into a physical store to pick up your cash. The approved funds will be loaded into your bank account.
Because payday loans are often high-cost forms of credit, it could be better to look for other options before committing to a payday loan. Some ideas include applying for the Family Investment Program (FIP) or getting cash advance from a credit card you already have.
You could also consider the following:
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