Payday Loans in Kelley, Iowa: What You Need to Know
Payday loans are a type of short-term loan that is typically due on the borrower’s next payday. These loans are known for their high interest rates and are often used by people who need cash quickly but don’t have access to traditional loans or credit cards.
In Iowa, payday loans are legal and regulated by the state. If you’re considering taking out a payday loan in Kelley, Iowa, here’s what you need to know:
How Payday Loans Work in Iowa
In Iowa, payday lenders are allowed to charge a maximum interest rate of $15 for every $100 borrowed. Borrowers are typically allowed to take out loans of up to $500 for a period of 31 days.
To get a payday loan in Kelley, Iowa, you’ll need to provide the lender with proof of income and a valid ID. You’ll also need to provide your bank account information so that the lender can deposit the funds directly into your account.
The Pros and Cons of Payday Loans
Like any financial product, payday loans have their pros and cons. Here are a few things to consider before taking out a payday loan in Kelley, Iowa:
- Pros:
- Easy to qualify for
- Quick access to cash
- No credit check required
- Cons:
- High interest rates
- Short repayment period
- Risk of getting trapped in a cycle of debt
Facts and Statistics About Payday Loans in Kelley, Iowa
According to a survey conducted by the Iowa Division of Banking, the average payday loan in Iowa has an annual interest rate of 268%. The survey also found that the average borrower takes out 12 loans per year, spending an average of 24 days in debt to payday lenders.
Another study found that Iowa payday loan borrowers are more likely to file for bankruptcy than those who don’t use payday loans.
Apply Now
At TheGuaranteedLoans, we understand that sometimes you need cash quickly. That’s why we offer a free and easy-to-use application process that can connect you with potential lenders in Kelley, Iowa.
It’s important to remember that we are not a direct lender. Instead, we connect borrowers with lenders who may be able to offer them the financing they need. Our application process is secure, and we work with a network of trusted lenders to ensure that our customers get the best possible rates.
So if you’re in need of cash and are considering a payday loan in Kelley, Iowa, why not fill out our online application today? It only takes a few minutes, and you could be on your way to getting the financing you need.