Salient Features of Payday Lans in Iowa

Posted on Sunday, July 12th, 2009 at 3:00 pm in Cash Loan Info by State

Payday loans are short term and small loans which are subject to individual state regulations in USA. Unlike states like Maryland, North Carolina, Columbia, Vermont, Pennsylvania and Massachusetts payday lending is not prohibited by law in Iowa. However, certain state regulations and caps have been imposed on the payday loan industry of Iowa to curb predatory loan practices by loan agencies as well as to prevent irresponsible loans being procured by the public of Iowa. The lending rules of pay day loans of California are quite similar to the restrictions placed in some other US states which have legalized payday industry but aimed to curtail the power of the predatory payday lenders.

There are no dearth of payday loan outlets and agencies in the state of Iowa. All the major cities of Iowa like Cedar Rapids, Davenport, Waterloo, Sioux and Iowa City boost of many payday lending agencies. However, before you opt to take a payday loan from one of these cash advance centers in Iowa to tide over your temporary financial crisis you should keep certain key factors in mind. You should also glean detailed information about Iowa state regulation about payday loans so that you don’t get embroiled in any illegal practices.

You can avail a single payday loan up to $500 in Iowa at a time. There is no minimum tenure for which you need to borrow a payday loan but the maximum period for which you can opt to take the payday loan in Iowa is 31days. No lending agency in Iowa can impose more than $16.67 interest on every $100 borrowed as a payday cash advance. The average Annual Percentage Rate (APR) for short term payday loans in Iowa is 428%. This APR rate is a bit steeper than even other US states like Wisconsin or New Hampshire where the APR for payday loans oscillates somewhere near 390-400%.

However, before opting to take a loan from an Iowa payday lending agency you should ensure that you take the loan from a reputed and reliable lender in order to avail the best possible loan term. Often hidden fees add to the effective cost of a single payday loan and you should be well aware of such hidden costs. Thoroughly read the terms and condition of the payday loan you opt before you settle on a single payday deal. This would ensure that you would be able to zero on the best payday lender in Iowa to avail your cash advance loan from. The internet is perhaps the best possible option to avail a payday loan since you can always make a comparative analysis of the various payday loan rates of the different online payday lending agencies in Iowa just with a click of a mouse.

Payday Lenders in Philadelphia, PA include:

Market Street
Suite 462
Philadelphia, PA 19103

Related posts:

  1. Features of Payday Loans in Wisconsin
  2. Payday Loan Features in South Carolina
  3. Payday Loans in Missouri
  4. Payday Loans in Florida
  5. North Carolina Payday Advances

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