Payday Loans in Lucas, Iowa

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

Company nameAddressZip codePhone number
Great Western Bank 304 Commerce Dr, Prairie City, IA 50228 +1 (515) 994 - 2619
Hometown Cash Advance 120 N 1st St, Oskaloosa, IA 52577 +1 (641) 673 - 5088
Community 1st Credit Union 303 S 2nd Ave, Washington, IA 52353 +1 (319) 653 - 6323
Preferred Auto Sales 2198 Varnishtree Ave, Lockridge, IA 52635 +1 (319) 696 - 3366
First Security Bank & Trust Co 506 Main St, Swaledale, IA 50477 +1 (641) 995 - 2312
EZ Money Check Cashing 904 Army Post Rd, Des Moines, IA 50315 +1 (515) 953 - 5100
Wayland State Bank 205 W Main St, Wayland, IA 52654 +1 (319) 256 - 5000
Farmers Savings Bank 205 Main St, Colesburg, IA 52035 +1 (563) 856 - 2525
Farmers State Bank 106 E Cedar St, Marcus, IA 51035 +1 (712) 376 - 4154
Frontier Bank 323 Main St, Little Rock, IA 51243 +1 (712) 479 - 2286

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Lucas, IA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Dubuque, IA, Short-term Loans in Iowa City, IA, Emergency Loan in Marion, IA, Bad Credit Loans in Sioux City, IA, Short-term Loans in Urbandale, IA, Short-term Loans in Waterloo, IA, Payday Loans in West Des Moines, IA and 24-Hour Loan in Ames, 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 Lucas, IA.

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

50151

Are Payday Loans Legal In Lucas, 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

Lucas, IA payday loan calculator

Payday Loans in Lucas, Iowa: Everything You Need to Know

Payday loans are a type of short-term loan designed to help individuals bridge financial gaps between paychecks, typically requiring repayment within two weeks or by the borrower’s next payday. They’re particularly beneficial for individuals who need cash quickly or can’t access traditional credit, as payday loans often come with lenient eligibility requirements and no credit checks.

Eligibility for Payday Loans in Lucas, Iowa

In Iowa, payday loans are legal and regulated by Iowa Code Ann. §§ 533D.1 et seq. All lenders must be licensed, and loans are restricted to $500 with a maximum term of 31 days. To be eligible for a payday loan in Lucas, Iowa, individuals must:

  • Be at least 18 years old
  • Provide proof of income and employment
  • Have a valid checking account
  • Provide a valid phone number and email address

While credit checks aren’t mandatory in Iowa, some lenders may run a soft credit check or check a borrower’s financial history to determine eligibility. Additionally, borrowers with poor credit scores may be offered higher interest rates or fees, so it’s essential to shop around and compare quotes before agreeing to a loan.

The Pros and Cons of Payday Loans

Like any financial product, payday loans come with both advantages and disadvantages. Some key advantages of payday loans in Lucas, Iowa, include:

  • Quick access to cash: Many payday loan lenders can deposit the funds into a borrower’s account within 24 hours of approval, making them ideal for emergencies.
  • No credit checks: In Iowa, payday loan lenders aren’t required to perform credit checks, allowing individuals with poor credit scores to access loans.

However, payday loans also present several drawbacks, including:

  • High interest rates: Payday loans often come with high-interest rates, making them an expensive form of borrowing.
  • Short repayment terms: Borrowers must typically repay payday loans within two weeks or their next payday, leaving little room for financial flexibility.
  • Potential for debt traps: Due to the high interest rates and short repayment terms, borrowers may find themselves in a cycle of debt if they can’t repay the loan on time.

Interesting Facts and Statistics about Payday Loans in Lucas, Iowa

While payday loans are legal in Iowa, they aren’t without controversy. Here are a few interesting facts and statistics about payday loans in Lucas, Iowa:

  • In 2016, Iowa legislators passed the Iowa Consumer Protection Act, which caps interest rates on payday loans at 36% APR and limits the number of loans a borrower can take out to two per term. The law also mandates a minimum 30-day repayment period and requires lenders to offer installment plans.
  • In 2020, Iowa payday loan lenders issued 172,166 loans, with a total loan volume of over $60 million.
  • The average interest rate for a payday loan in Iowa is 273%, with an average APR of 291%.
  • The average payday loan borrower in Iowa takes out 10 loans per year, with an average loan amount of $341.

Apply Now for a Payday Loan in Lucas, Iowa

If you need fast cash, consider applying for a payday loan in Lucas, Iowa, through TheGuaranteedLoans. As a connector service, we’ll match you with potential lenders based on your eligibility and requirements, making it easy to find a loan that works for you. Just fill out our simple online application form, and we’ll do the rest!

Please note that TheGuaranteedLoans is not a lender and does not make lending decisions or loan offers. We’re a connecting service that facilitates connections between borrowers and lenders, and we don’t have any control over the terms, rates, fees, or repayment schedules of your loan. Before accepting a loan offer, make sure to read and understand the loan agreement and ask questions if anything is unclear.

At TheGuaranteedLoans, we’re committed to providing our readers with accurate and unbiased information about payday loans in Lucas, Iowa. If you have any questions or need further information, please feel free to contact us today!

F.A.Q.

What are the consequences of taking out multiple payday loans in Lucas, Iowa?

Taking out multiple payday loans in Lucas, Iowa can be financially risky and lead to a cycle of debt. If you are unable to repay your loans on time, the fees and interest can quickly add up, making it difficult to break the cycle.

Can I be sued for not paying back a payday loan in Lucas, Iowa?

Yes, you can be sued for not paying back a payday loan in Lucas, Iowa. If you default on your loan, the lender may file a lawsuit against you to recover the outstanding debt.