What are Installment Loans and How Do They Work?
Installment loans are a type of loan where the borrower receives a sum of money and agrees to pay it back, plus interest, over a set period of time in regular installments. This means that the borrower will have a fixed payment each month, making it easier to budget and plan around.
How Popular are Installment Loans in Moville, Iowa?
In Iowa, installment loans are legal and popular among borrowers. A study conducted by the Iowa Policy Project showed that in 2019, the average installment loan in Iowa was $1,879 and the average annual percentage rate (APR) was 268%, which is much higher than traditional bank loans. Despite the high APR, many Iowans turn to installment loans for quick cash in emergency situations.
How to Apply for Installment Loans in Moville, Iowa
If you’re in need of quick cash in Moville, Iowa, applying for an installment loan is relatively easy. Simply fill out an online application on TheGuaranteedLoans website. We’re a connector service – not a direct lender – so we work with potential lenders to facilitate your connection with them.
Before applying for an installment loan, here are some things to keep in mind:
- Make sure you understand the terms and conditions of the loan before agreeing to it. This includes the interest rate, repayment schedule, and any fees associated with the loan.
- Check to see if you qualify for any state or federal loan assistance programs or credit counseling services. These can be useful resources if you’re struggling to make payments on your loan.
- Only borrow what you need and can afford to pay back. Taking out more than you need may lead to higher fees and interest rates.
Interesting Facts about Installment Loans in Moville, Iowa
- Iowa has a higher average APR on installment loans than neighboring states Illinois and Minnesota.
- The average installment loan in Iowa in 2019 was $1,879.
- In Iowa, lenders are required to disclose the APR and fees associated with the loan before the borrower signs.
The Bottom Line
While installment loans can provide a quick source of cash for emergencies, it’s important to use them responsibly and only borrow what you need and can afford to pay back. Make sure to read and understand the terms and conditions of the loan before agreeing to it. If you’re considering an installment loan in Moville, Iowa, TheGuaranteedLoans can connect you with potential lenders to help you get the funds you need.
Apply Now
If you’re in need of quick cash in Moville, Iowa, TheGuaranteedLoans can help. Fill out our online application now to get connected with potential lenders. Remember, we’re a connector service – not a direct lender – so we work with lenders to facilitate your connection with them.