Online Fast Cash Loans Iowa
Quick loans are a good option for people who need to borrow a small amount of money that can be paid back with their next paycheck and therefore this is the reason why these short-term loans are also called payday advance. As the names suggest, you can borrow money on you paycheck in anticipation of your payday. Although, a payday loan is meant to provide borrowers with money that can be used in the case of a emergency, anyone is free to make their own decision on what the money will be used for, even if it is not for an issue that cannot be considered exactly an emergency.
Finding a Payday Loan Company
Fast cash loans Iowa are the best solution for Iowa residents. There is no need to fax any document, no income proof or credit check will be performed, and the application can be made online and sometimes over the phone. Therefore, payday advance loans are quickly approved and the money borrowed is deposited directly into your bank account.
Limitations on Quick Loans
When it comes to limitations on payday loans, you must know that the state of Iowa has a law on small loans that regulates several points of the fast cash loans Iowa services. Such regulations target cash advance loans specifically, enforcing a strict law for lenders.
Authorization for payday loans in the state of Iowa are subject to a written contract in both English and Spanish that includes all the fees, terms, and interest rates for the loans. This contract has to be submitted to the federal office by authorized payday lenders. Payday contracts must include the address of superintendence to the consumer, a toll-free number, and the borrower must also receive the toll-free number and information on how to fill out a complaint, if necessary.
What Borrowers Need to Know
If you want to apply for fast cash loans Iowa, the law only allows you to borrow a maximum amount of $500 and the borrower must not have more than two standing quick loans at a time. Although, the state of Iowa allows lenders to offer variable terms, a term must not exceed 31 days. In Iowa, no rollovers or extensions are allowed and there is a finance fee limit of 15% per every $100 borrowed, which must not exceed $10% for the remaining balance.
Applying for a Payday Advance Loan
You can apply for a payday loan with the confidence that lending institutions in Iowa cannot pursue criminal charges against you for delay of failure to repay your debt and this fact has to be explicitly written in the contract that you have to sign. However, you can start the application process immediately and get the contract signed at a later time. There is no need to wait for paperwork and no documents are necessary to apply. If you have a steady job and the money that you want to borrow falls within the maximum amount allowed by the state of Iowa, then you can rely on the fact that your application will be approved.