Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Iowa.
Iowa Payday Loan Laws
Legislation State Information
Payday Loan Legal Status: Legal
Citation:
Iowa Code Ann. § 533D.1 et seq.
Payday Loan Terms:
Maximum Loan Amount: $500
Payday Loan Term: Max: 31 days
Maximum Finance Rate and Fees: $15 – $0-$100 per payday loan – $10 per $100 payday loan amount thereafter
Finance Charge for 14-day $100 payday loan: $16.67
APR for 14-day $100 payday loan: 433%
Payday Loan Debt Limits:
Maximum Number of Outstanding Payday Loans at One Time: Two
Rollovers Permitted: None – cannot repay, refinance or consolidate
Cooling-off Period:
Repayment Plan:
Payday Loan Collection Limits:
Collection Fees: One $15 NSF fee
Criminal Action: Not Specified
Regulator: Iowa Division of Banking
Address: 200 East Grand Avenue
Suite 300 Des Moines IA 50309
Phone: (515) 281-4014
Fax: (515) 281-4862
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