Payday Loans in Marathon, Iowa
Payday loans are a popular choice for Iowa residents who need quick cash. While they can be helpful in a pinch, they can also be risky if you’re not careful. If you’re considering taking out a payday loan in Marathon, Iowa, it’s important to understand what they are, what the laws are surrounding them, and what you need to watch out for.
What are Payday Loans?
Payday loans are short-term loans that are typically due on your next payday. They are meant to help you get through a financial emergency, such as a medical bill or car repair, and are usually for smaller amounts of money. In Iowa, payday loans are legal with certain restrictions.
How Payday Loans Work in Iowa
In Iowa, the maximum amount you can borrow through a payday loan is $500. The repayment period must be no less than 31 days and no more than 42 days. The fees for the loan cannot exceed 15% of the amount borrowed, with an APR of no more than 390%.
You can only have one payday loan open at a time in Iowa, and you can’t renew or refinance a loan. If you default on a payday loan, the lender can charge a $15 NSF fee and pursue civil action against you.
What to Watch Out For
Payday loans can come with high fees and interest rates, making them an expensive way to borrow money. It’s important to read the fine print and understand the APR, fees, and repayment terms before taking out a payday loan.
Be wary of lenders who try to offer you more money than you need or pressure you into taking out a loan. Some lenders may also charge hidden fees or make it difficult to pay off the loan early.
Interesting Facts about Payday Loans in Marathon, Iowa
- In 2018, Iowa payday lenders issued over 508,000 loans, totaling over $197 million in borrowed funds.
- The average payday loan borrower in Iowa takes out 10 loans per year, with an average loan amount of $341.
- Payday lenders in Iowa increased their revenue from $244 million in 2015 to $333 million in 2018, a 36% increase in just three years.
Apply Now
Are you in need of a payday loan in Marathon, Iowa? TheGuaranteedLoans can help connect you with potential lenders who may be able to lend you the money you need. Fill out our online application today and get started.
Please note that TheGuaranteedLoans is a connector service, not a direct lender. We work with a network of lenders to help you find the best options for your financial needs.