Balancing EverythingBalancing EverythingDid you know that the payday loans Iowa residents can get are limited to $500 at a time? Or that rollovers aren’t allowed, unlike in many other states? For more info on Iowa payday loan laws, read on. Once you understand the regulations, you would also need guidance on the best lenders in the Hawkeye State. Don’t worry — we have you covered there, too.
One of the industry pioneers, Advance America has been in business since 1997. With over 1,400 physical stores across the continent and millions of clients served, Advance America offers some of the top payday loans on the market. They run a full-disclosure, no-nonsense kind of business where the customer always comes first.
Available in: AL, CA, CO, DE, FL, ID, IL, IN, IA, KS, KY, LA, MI, MS, MO, NE, NV, OH, OK, RI, SC, TN, TX, UT, VA, WA, WI, WY
Loan amount: Up to $1,000 (some states have a lower cap)
Loan term: 2-4 weeks
APR: Depends on the loan term (231-495%)
Min. credit score: N/A
Approval time: Almost instant
Funds available in: Same or next business day
Online application: Yes
A true trailblazer, Check into Cash is among the best payday loans providers out there. The company was established in 1993, and they operate over 800 stores across 20 states. It is a well-established brand with numerous storefronts, which is quite reassuring to many customers. On the downside, they do run credit checks on new customers.
Available in: AL, AK, CA, DE, FL, HI, ID, IN, KS, MS, MO, NV, OK, OR, TN, TX, UT, WA, WI, and WY
Loan amount: $50-$1,000 (some states might have a lower cap)
Loan term: 14-30 days
APR: Depends on the loan term (261-782%)
Min. credit score: 300
Approval time: Almost instant
Funds available in: Same or next business day
Online application: Yes
Check ’n go opened its doors to customers in 1994. Their first storefront was in Kentucky, and they’ve since expanded their business to over 20 states. This company offers quick payday loans, with interest rates that fall well within the industry average. With 26 years of experience and 1,000 stores across the US, you can’t go wrong with Check ‘n Go.
Available in: AL, CA, DE, FL, HI, ID, IL, IN, IA, KS, KY, ME, MI, MS, MO, NE, NV, ND, OH, OK, RI, SC, TN, TX, UT, WI, WY
Loan amount: $50-$1,500 (some states might have a lower cap)
Loan term: 10-35 days
APR: Depends on the loan term (214.68-661.80%)
Min. credit score: N/A
Approval time: Almost instant
Funds available in: Same or next business day
Online application: Yes
Headquartered in Nebraska, EZ Money is a major Midwestern financial services firm licensed to provide payday loans and installment payday loans in Iowa, Kansas, Michigan, Missouri, and North Dakota. The firm’s positives include its extensive experience, top ratings, friendly customer support, and wide range of in-store services.
Loan amount range: $10 to $445
Loan term: Up to 31 days
APR: 322.23% to 460.08% for a 14-day loan
Min. credit score: N/A
Fees: Not indicated
Approval time: Almost instant
Funds available in: Same or next business day
Number of Iowa stores: 5
Online application: No
24/7 open: No
Payday loans are legal in Iowa, and the industry is regulated by the Delayed Deposit Services Licensing Act. The following points summarize the critical aspects of the applicable Iowa payday loan laws.
The eligibility criteria below refer to the general conditions that should get you a payday loan in Iowa in most cases. Note that those may be stricter or more relaxed, depending upon the lender.
You will need to provide a valid government-issued ID, Social Security Number, proof of income, contact details, and bank account information. Some lenders may also have a minimum income requirement.
Payday loans are primarily meant for people who find it challenging to obtain less expensive funding. Therefore, if you satisfy the criteria mentioned above, you should be able to get an in-store or online payday loan despite bad credit.
Unlike many other states, Iowa’s laws do not explicitly prohibit criminal action in the event of repayment failure. While lenders can’t threaten customers with criminal action, they can file a civil suit to recover outstanding payments. They can also hire a collection agency and inform the credit bureaus, which will make it more difficult for you to obtain future funds.
Advance America does not have a rating with the Better Business Bureau, and its BBB customer review score is just 1.6 out of 5. Several reviews comment on its less-than-satisfactory customer service. That said, potential borrowers shouldn’t be too concerned as the firm also has one of the highest Trustpilot scores for lenders at 4.8 from nearly 54,000 reviews, reflecting its overall excellence. It is also among the top payday lenders in the USA and has held a payday loans Iowa license since 1998.
Pros
Cons
Lending Offer Overview
All the relevant information about Advance America’s payday lending process is available on the firm’s well-designed website. The site allows playing around with different amounts and terms to see what the loan would end up costing.
The firm offers both in-store and online cash advances for Iowa residents. The application process is paperless and open to customers with poor or no credit. Several stores also offer multiple repayment methods, adding to the overall convenience.
With the firm’s vast physical presence in Iowa, it’s easy for borrowers to get funds into their accounts the same day they apply. You can also be eligible for same-day funding for online payday loans in Iowa if you meet specific criteria.
The firm’s interest rates are expensive but on par with what most payday lenders charge in Iowa. The indicated APR of about 430% for a 14-day loan is only marginally lower than the typical APR for the state. These rates can be lower if you borrow for longer terms, but note that the firm clarifies that the indicated rates are exemplary and may change slightly depending on the borrower.
Other Features
Advance America does not offer too many services in Iowa beyond payday loans. However, customers can also use the Netspend Visa prepaid card and MoneyGram money transfer services in most of the stores.
Check Into Cash is among the few top lenders with a BBB accreditation; it also boasts an A+ BBB rating and an excellent Trustpilot score of 4.5. It also offers payday loans in Iowa online and in-store.
Pros
Cons
Lending Offer Overview
Check Into Cash may not have as many stores in Iowa as Advance America, but its presence is still substantial enough to make it possible for many consumers to get in-store loans. The firm also advertises a 24/7 online application facility; however, these applications are processed during working hours only.
The firm follows a conditional approval system, allowing applicants to know within minutes if they qualify for a payday loan. A company rep gets in touch with approved customers later to verify the documents.
Customers can also apply for payday loans online in Iowa and pick up the funds at their nearest store. The quick approval process ensures that most borrowers get their funds within the same day for in-store and one business day for online loans.
The indicated APRs are high, going up to nearly 460% for a $50, 14-day loan. While this is not exactly unusual for Iowa, more concerning might be the stricter eligibility criteria. The minimum age to qualify for a loan is 21, not 18; plus, having an active checking account is mandatory.
Other Features
Check Into Cash also offers a bunch of extra in-store services. These include check cashing, Western Union money transfer, bill payments, prepaid debit cards, and money orders. You can also sell gift cards from most major retailers in return for immediate cash.
Check N Go’s payday loans for Iowa residents are backed by solid credentials, including a top BBB rating and an excellent Trustpilot score of 4.3 from over 3,000 customer reviews. One feature that regularly stands out in these reviews is the friendly customer service that makes the borrowing process hassle-free.
Pros
Cons
Lending Offer Overview
While Check N Go doesn’t offer Iowa payday loans online, customers can visit one of the firm’s 11 stores spread conveniently across the state to apply for and receive funds. The firm’s overall process is pretty standard, with same-day funding possible for in-store applications if you apply before the time limit on a business day. The site mentions that credit is a factor in the underwriting process, but this should not deter you from applying as customers with poor or no credit also get approved.
At the time of writing, the firm had no information on the applicable rates and fees for Iowa payday loans. We, however, think this might be a temporary technical issue since the firm is generally clear about expected APRs for other locations.
It is worth mentioning that the firm’s rates are usually on the higher side in other states; however, given Iowa’s legal limits on rates and fees, we expect the charges applicable in the state to be around what you would pay with other lenders.
Other Features
Check N Go’s offerings are limited mainly to the payday loans Iowa residents can get with this company. That said, you can purchase Netspend prepaid Mastercards and avail of check cashing facilities at the firm’s stores.
With experience spanning over three decades, EZ Money is one of the more experienced payday lenders working in Iowa. The firm has an A+ BBB rating and an excellent Trustpilot score of 4.7. However, being a regional outfit, it has much fewer customer reviews than the other firms featured here.
Pros
Cons
Lending Offer Overview
EZ Money does not offer online payday loans for Iowa consumers, so residents will have to visit one of its five stores in the state. Like most top lenders, EZ Money’s approval process is quick, ensuring that funds reach you the same day or within a business day in most cases. For an even speedier process, customers can apply for instant funding. If you qualify, you can get the funds in your account within 30 minutes.
Note that you must have an active checking account to receive funds from EZ Money. The firm also indicates requiring detailed income information, including pay frequency and net and gross pay. Nonetheless, it remains an excellent option for payday loans with no credit check for Iowa residents.
The indicated APRs (e.g., 460% for $10, for 14 days) are marginally higher than most other lenders. Other fees are not indicated, but you should expect a penalty if your repayment check doesn’t go through as with most Iowa lenders.
A notable plus is that the firm’s in-store team works with customers to help them identify the most appropriate loan amount for them. This guidance minimizes the chance of drawing more than what you need or can repay.
Other Features
A significant advantage with EZ Money’s stores is that they offer many other services apart from payday loans in Iowa. These include loans and lines of credit, check cashing, money transfer, gift card exchange, bill payments, and prepaid cards. You can also do Bitcoin transactions and buy prepaid US cellular lines at some stores.
Yes, payday loans are legal in Iowa.
Yes, Iowa state laws permit two (and not anymore) outstanding payday loans at a time. However, the total amount outstanding across the two loans must not exceed $500.
Several top US lenders do not offer payday loans to Iowa consumers. Still, residents have sufficient options to obtain in-store and online cash advances in times of need. We have listed only the best state-licensed firms to minimize the typical risks associated with such financial services. Now, you need some of your own research to zero in on the best option for you, and you are good to go.
Always remember to borrow responsibly and never take out more cash than you can reasonably pay back.
– Your BalancingEverything Team
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