Understanding Installment Loans in Shelby, Iowa
When it comes to securing funds for emergency expenses, installment loans can be a lifesaver. In Shelby, Iowa, installment loans are a legal and popular option for those looking to borrow money. In this article, we’ll guide you through everything you need to know about installment loans in Shelby, Iowa.
What are Installment Loans?
Installment loans are a type of loan that allows borrowers to repay the loan over time, in fixed monthly installments. Unlike payday loans, which require borrowers to repay the full amount plus fees by their next paycheck, installment loans are repaid over a longer period of time, usually up to 12 months.
Installment loans are a popular option for those looking to borrow larger sums of money, as they are often available in amounts up to $5,000 or more. They are also a good choice for those with less-than-perfect credit, as many lenders do not require a perfect credit score to qualify.
How do Installment Loans work in Shelby, Iowa?
In Iowa, installment loans are regulated by the Iowa Division of Banking. To qualify for an installment loan in Shelby, Iowa, borrowers must be at least 18 years old and have a steady income. Lenders will also require borrowers to provide proof of residency and a bank account, to facilitate loan repayments.
Once approved, borrowers will receive the loan amount in a lump sum, often deposited directly into their bank account. Monthly repayments are then made over the agreed-upon term, with interest and fees added to the total amount due.
What are the benefits of Installment Loans in Shelby, Iowa?
- Flexible repayment terms: With installment loans, borrowers have the flexibility to repay their loan in fixed monthly amounts, over a longer period of time. This can make it easier to budget and manage finances.
- Borrow larger sums: Compared to payday loans, installment loans often allow borrowers to borrow larger sums of money, making them a good option for emergency expenses like car repairs or medical bills.
- Accessible to all: Many lenders do not require a perfect credit score to qualify for an installment loan in Shelby, Iowa. This means they are accessible to a wide range of borrowers.
Interesting Facts and Statistics About Installment Loans in Shelby, Iowa
- According to the Iowa Division of Banking, as of 2021, there are 664 licensed lenders in Iowa, offering a range of loan products including installment loans.
- The average interest rate for an installment loan in Iowa is around 219%, according to a 2020 report by the Consumer Financial Protection Bureau.
- As of 2019, it was reported that approximately 15% of Iowans had used a payday or installment loan in the past year.
Apply Now for an Installment Loan in Shelby, Iowa
At TheGuaranteedLoans, we specialize in connecting borrowers with potential lenders, providing an easy and convenient way to find the right installment loan for your specific needs. Our online application process is quick and easy, and we work with a wide range of lenders to ensure the best possible match for you.
Remember, TheGuaranteedLoans is a connector service, not a direct lender. We pride ourselves on our commitment to responsible lending, and work only with reputable lenders who abide by state and federal regulations. Apply now and connect with lenders who may be able to help you get the funds you need, quickly and easily.