Installment Loans in Moscow, Iowa

Understanding Installment Loans in Moscow, Iowa

If you’re in need of quick funds for an emergency or unforeseen expense, you may come across the option of installment loans. In Moscow, Iowa, these loans are legal and are a popular source of funding for those who need the money now but may not be able to pay it back in a single lump sum. Let’s take a closer look at the world of installment loans and how they work in Iowa.

What Are Installment Loans?

An installment loan is a loan that is paid back over time, with the payment period split into a series of regular, fixed installments. These payments can be made weekly, bi-weekly, or monthly, depending on the loan agreement. The loan agreement includes the principal amount borrowed, interest, and other fees. Installment loans can be secured by property or unsecured, and the amount borrowed is typically between $1,000 and $10,000.

How Do Installment Loans Work in Iowa?

Installment loans in Iowa are heavily regulated by the state’s laws. The Iowa Division of Banking oversees the industry, and all lenders must be licensed and follow strict guidelines. For example, lenders cannot charge more than 36% APR, and all loans must have a repayment term of at least six months.

Advantages of Installment Loans

One of the key advantages of installment loans is their flexibility. Unlike payday loans, installment loans are paid back over time, which may make them easier to manage and less likely to lead to a cycle of debt. Additionally, installment loans can be used for a variety of purposes, from car repairs to medical expenses to home improvements. Furthermore, installment loans can be secured or unsecured, which can be helpful for those who do not have collateral to put up.

Disadvantages of Installment Loans

While there are definitely advantages to installment loans, there are also some potential disadvantages. First and foremost, the interest rates on installment loans can be high, especially if you have poor credit. Additionally, if you miss a payment or are late on a payment, it can negatively impact your credit score. Finally, because installment loans are paid back over a longer period of time, the total amount repaid may end up being higher than the amount borrowed.

Interesting Facts and Statistics About Installment Loans in Moscow, Iowa

• In 2019, Iowans took out over 670,000 payday and installment loans, with an average loan size of $353.
• The number of installment loans issued in Iowa has been increasing each year since 2015.
• Of all installment loans issued in Iowa, the majority were for amounts between $500 and $1,000.

Apply Now

At TheGuaranteedLoans, we offer a connector service to help connect you with potential lenders for installment loans in Moscow, Iowa. We make the process simple and easy, so you can get the funding you need quickly and easily. Remember, we are not a direct lender, and we work only with licensed lenders who adhere to Iowa’s strict regulations.

If you’re interested in finding out more, please visit our website and fill out the online application form. We’ll take care of the rest!