Payday Loans in Lanesboro, Iowa

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No payday loan companies in Lanesboro, IA. Consider companies in other cities:

Company nameAddressZip codePhone number
Bank Iowa - Shenandoah Drive-up 1300 W Nishna Rd, Shenandoah, IA 51601 +1 (712) 246 - 3473
Cnac 125 S Roosevelt Ave, Burlington, IA 52601 +1 (319) 754 - 4469
Security Insurance 117 Pierce St 108, Sioux City, IA 51101 +1 (712) 252 - 1121
Fidelity Abstract & Title Co 1228 Edgington Ave, Eldora, IA 50627 +1 (641) 858 - 5496
Worth County Abstract Co Inc 849 Central Ave, Northwood, IA 50459 +1 (641) 324 - 1761
Veridian Credit Union 315 Oak Ridge Cir, Waverly, IA 50677 +1 (800) 235 - 3228
Ruhnke Brothers Full Service 319 E State St 2739, Algona, IA 50511 +1 (515) 295 - 3654
AutoSmart 1005 E View Ave, Okoboji, IA 51355 +1 (712) 336 - 3333
First National Bank 180 S Hayes Ave, Primghar, IA 51245 +1 (712) 957 - 2615
Yoerger Automotive & Exhaust 416 1st St 2002, DeWitt, IA 52742 +1 (563) 320 - 7101

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Lanesboro, IA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Without a Credit Check in Ankeny, IA, Payday Loan Without a Credit Check in Bettendorf, IA, Guaranteed Loans in Cedar Falls, IA, Payday Loans in Cedar Rapids, IA, Short-term Loans in Council Bluffs, IA, Payday Loan Companies in Davenport, IA, Payday Loans in Des Moines, IA and Guaranteed Loans in Dubuque, IA. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Lanesboro, IA.

Beautiful sights of Lanesboro, IA

Payday Loans Available in Lanesboro, IA By The Following ZIP Codes:

51451

Are Payday Loans Legal In Lanesboro, Iowa?

Loan Rates and Fees, Laws and Regulations in Iowa.

Iowa Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)337
Maximum Loan Amount$500
Minimum Loan TermNot Specified
Maximum Loan Term31 days
Number of Rollovers Allowed0
Finance Charges$15 on the first $100 + >$10 on subsequent $100

Lanesboro, IA payday loan calculator

Understanding Payday Loans in Lanesboro, Iowa

If you’re struggling to make ends meet, you might consider taking out a payday loan to cover bills. Payday loans are short-term loans that borrowers can take out against a future paycheck. While they can be a helpful way to get extra cash quickly, they also come with high interest rates and fees that can trap borrowers in a cycle of debt.

If you’re in Lanesboro, Iowa, you might be wondering about the rules and regulations surrounding payday loans. Here’s what you need to know.

Payday Loans in Iowa: The Basics

First off, it’s important to know that payday loans are legal in Iowa. The state has specific regulations in place to protect borrowers from predatory lending practices, though lenders can still charge high interest rates and fees.

According to Iowa law, payday loans must not exceed $500, and lenders can charge a maximum interest rate of 15% on loans up to $100, and 10% on loans between $100 and $500. Additionally, lenders can charge a $15 fee for each $100 borrowed.

It’s crucial to keep these rates and fees in mind when considering a payday loan, as they can quickly add up if you’re unable to repay the loan on time.

The Ins and Outs of Taking Out a Payday Loan

So how exactly does taking out a payday loan work? Typically, borrowers fill out an application either online or at a storefront location. They’ll need to provide personal information and proof of income, as well as a post-dated check or authorization for an electronic debit for the loan amount and fees.

If approved, the borrower receives the loan amount, minus any fees, and agrees to repay the loan on their next payday. If they’re unable to repay the loan in full, they can roll it over for an additional fee.

It’s important to note that payday loans are meant to be a short-term fix for financial emergencies. They’re not a good solution for long-term debt, and borrowers should avoid taking out multiple payday loans at once.

The Risks of Payday Loans

While payday loans can be a helpful way to get quick cash, they come with significant risks. Because of their high interest rates and fees, borrowers who are unable to repay the loan in full can quickly find themselves in a cycle of debt.

This cycle is often referred to as the “payday loan trap.” Borrowers who can’t repay their loan on time will often roll it over for an additional fee, which adds to the overall cost of the loan. This can create a never-ending cycle of debt that’s difficult to escape.

Additionally, payday lenders have been known to engage in predatory practices such as charging excessive fees, making harassing phone calls, and using deceptive advertising to attract borrowers.

Interesting Facts and Statistics about Payday Loans in Lanesboro, Iowa

Did you know that the average payday loan in Iowa is $311, and the average borrower takes out eight loans per year? According to the Iowa Division of Banking, the total number of payday loans issued in the state has decreased in recent years, from 1.6 million in 2014 to 1.3 million in 2018.

Additionally, Iowa legislators have proposed a bill that would cap interest rates on payday loans at 36%, a move that would significantly reduce the cost of borrowing for consumers.

Apply Now

Looking to apply for a payday loan in Lanesboro, Iowa? TheGuaranteedLoans can help connect you with potential lenders. However, it’s important to remember that TheGuaranteedLoans is a connector service, not a direct lender. We’re here to help you find a lender that fits your needs, but we cannot guarantee loan approval or terms.

To get started, simply fill out our online application. We’ll ask for personal and financial information, as well as your desired loan amount and repayment terms. Once you submit your application, we’ll connect you with potential lenders who may be able to offer you a loan.

Conclusion

Payday loans can be a helpful way to get quick cash, but they come with significant risks. If you’re considering taking out a payday loan in Lanesboro, Iowa, it’s important to know the rules and regulations surrounding these loans, as well as the potential pitfalls. Remember to borrow responsibly and only take out a payday loan as a last resort.

F.A.Q.

Are there any alternatives to payday loans in Lanesboro, Iowa?

Yes, there are alternatives to payday loans in Lanesboro, Iowa, such as borrowing from friends or family, taking out a personal loan, or working with a credit counseling agency to develop a budget and payment plan.

Is it possible to get a payday loan with no employment in Lanesboro, Iowa?

It may be possible to get a payday loan with no employment in Lanesboro, Iowa if you have another source of income, such as government benefits or alimony payments. However, most lenders will require proof of income to qualify for a loan.