Online Payday Loans in Iowa
We've all found ourselves there on occasion, when some unforeseen expense occurs be it vet fees, utility shutoff notices, or maybe an expense that we missed. In times such as this, you should apply for a cash advance loan in Iowa.
The process of applying for a payday advance loan is fast and simple. However, you do need to meet specific requirements to ensure you're eligible.
What Exactly is a Payday Advance Loan And Why Is It Necessary?
A payday loan is when someone borrows a small amount of cash on a short-term basis that they're required to repay with their next paycheck. This kind of loan doesn't require collateral, which is why it's thought of as an unsecured personal loan.
Having access to a cash advance loan will help provide for unforeseen expenses that occur such as car repairs, medical costs, eviction notices, unpaid utility bills, and a lot more.
What Are The Guidelines For Payday Advance Loans in the State of Iowa?
To be approved for a payday advance loan in Iowa there are a handful of criteria the borrower must satisfy to qualify, like:
- Be 18+ years of age
- Possess the ability to submit an SSN
- Provide proof of residence within Iowa
- Have proof of a steady income of $1,000 per month or more
- Share an email address and phone number
- You cannot be bankrupt or in debt
The inability to satisfy the criteria above will lead to an automatic denial of your loan request. Always check that you possess the necessary documents available when applying.
Cash Advance Loan Rules and Laws in the State of Iowa
With payday loans come certain rules and regulations depending on the city. We've listed a few of these, relevant to the state of Iowa:
- The maximum loan amount is $500 for a single payment back and $1,000 for multiple installments
- APR is 304%
- The state of Iowa does not agree to rollovers meaning the loans need to be repaid within the due time frame
There are specific time frames for single payment loans and multiple installment loans.
- The borrower has seven days to pay back a single-payment loan
- For multiple installment loans, the borrower has 60 days to pay it back
- The borrower will have no more than 31 days to repay a single-payment loan
- 90 days will be given to the borrower for payback on a multiple installment loan
Do Payday Loan Lenders Check Credit History?
Lenders will perform a credit pull, but it's not the typical credit inquiry you may be familiar with. They will run what's known as a soft credit pull which reviews your basic information along with your entire credit history.
The soft credit pull won't affect your credit, whereas a hard credit check will. Although, this requires your permission and is commonly only used for rental applications, credit cards, auto loans, and other financial matters.
Can I Receive a Cash Advance Loan with Dismal Credit in Iowa?
If you're concerned because you have dismal credit; don't be! You can still be eligible for a payday loan with dismal credit or no credit, in Iowa. As long as you have proof that you can repay the loan, lenders generally aren't worried about your credit rating.
Irregardless of if you apply online or at a cash advance lender storefront local to you, always have your proof of income available in addition to other documents showing that you're able to repay the loan. With additional evidence, you increase the likelihood of approval.
When Will The Funds Show Up In My Bank Account?
Generally, the majority of borrowers should expect that their funds will appear in their bank account the next business day. However, this relies upon a couple of things such as:
- The time and day you apply
- Who your bank is
As long as you apply prior to 10:30 AM when you are going for a same-day payday loan in Iowa, it will increase the likelihood that you get your deposit on the same day you apply. Obviously, only if you're approved.
Remember that banks, as well as a lot of other financial institutions, close over the weekends, and on holidays. So, if you apply the day leading up to a holiday, or before the weekend, there's a possibility your deposit will be postponed.
Who Do You Do Your Banking With?
Another thing you'll want to be cognizant of is who you do your banking with. Financial institutions have their own protocols concerning releasing funds. A handful may be fine releasing them the same day whereas others will have a 3 to 5 day holding period.
You have the option to notify your banker that you are applying for a cash advance loan so that they may be able to make an exception on when to approve the funds to your account. If they aren't able to make an exception, you can ask them what their policy is so that you're informed.
Payday Application Process In the State of Iowa
The payday loan application process in Iowa is simple. It doesn't rely upon if you have no credit or even lackluster credit, you can still get approval. You don't need to venture out if you want to apply through us online. Or, you can locate your nearest lender's storefront.
Either way, whatever you pick, all you need is your basic information like your email address, phone number, social security number, etc.
If you want to go to your nearest lender at their storefront, make sure you have your government ID or passport to prove your identity. They might also want proof of address to show you live in Iowa, as well as verification of income.
Think About Working With Us
We are an online service that offers payday loan applications online in Iowa. We are partnering with hundreds of lenders who provide services online. Plan to receive your payday loan by the next business day.
On the other hand, you can always find the nearest payday loan storefront and apply in person. This might increase the chances that you receive your funds on the same business day as long as you apply prior to 10:30 AM.
To find a cash advance loan storefront local to you, locate your city on the list below:
If you need cash as soon as possible, consider applying in person instead of online. If approved, you will get your money almost immediately. Please find the list of cities in California to find the nearest payday loan storefront.