Are you in need of quick money to cover unexpected expenses? If you live in Auburn, Iowa, payday loans may be a viable option for you. In this article, we will explore everything you need to know about payday loans in Auburn, Iowa.
What are Payday Loans?
Payday loans are short-term loans that are typically taken out to cover unexpected expenses. These loans are usually due on the borrower’s next payday, which is where the name “payday loans” comes from. Borrowers can typically apply for payday loans online or in-person at a payday loan center. The application process is generally quick and easy, with borrowers receiving their money within a couple of days.
Are Payday Loans Legal in Iowa?
Yes, payday loans are legal in Iowa. However, there are regulations in place to protect borrowers from predatory lending practices. For example, there is a cap on the amount of interest that lenders can charge on payday loans. Additionally, lenders are required to disclose all fees and charges associated with the loan before the borrower signs a contract.
How Much Can I Borrow with a Payday Loan in Auburn, Iowa?
The amount you can borrow with a payday loan in Auburn, Iowa, will depend on a few factors, such as your income and credit score. Typically, loans are available ranging from $100 to $500. However, some lenders may offer higher amounts to qualified borrowers.
What are the Requirements for Obtaining a Payday Loan in Auburn, Iowa?
To qualify for a payday loan in Auburn, Iowa, you must meet certain requirements. These typically include:
- Being at least 18 years old
- Having a valid government-issued ID
- Providing proof of income
- Having an active checking account
Some lenders may have additional requirements, so be sure to check with the lender before applying.
What are the Fees and Interest Rates Associated with Payday Loans in Auburn, Iowa?
As mentioned earlier, there is a cap on the amount of interest that lenders can charge on payday loans in Iowa. Currently, the maximum interest rate is 15% on the first $100 borrowed, and 10% on any additional balance up to $500. Additionally, lenders are allowed to charge a $15 fee for every $100 borrowed.
Interesting Facts and Statistics About Payday Loans in Auburn, Iowa
- According to the Iowa Division of Banking, there were 444 licensed payday lenders in Iowa in 2019.
- The average payday loan amount in Iowa was $310 in 2019.
- The Iowa Division of Banking reported that payday loan borrowers in Iowa had an average income of $32,852 in 2019.
Apply Now
If you are in need of a payday loan in Auburn, Iowa, TheGuaranteedLoans can help connect you with potential lenders. We are not a direct lender, but we offer a quick and easy online application process. Simply fill out an application on our website, and we will work to connect you with a lender that meets your needs.
To get started, visit our website now.