Payday Loans in Otley, Iowa

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

Company nameAddressZip codePhone number
Steve Heeren: Lincoln Savings Bank 402 N Main St, Allison, IA 50602 +1 (319) 267 - 2742
Lincoln Savings Bank 141 Eldora Rd, Hudson, IA 50643 +1 (319) 988 - 3630
Collins Community Credit Union 1655 Jordan St, North Liberty, IA 52317 +1 (800) 475 - 1150
Sindlinger Mark W 100 1st St N, Newton, IA 50208 +1 (641) 792 - 5550
Garner Chamber of Commerce 485 State St, Garner, IA 50438 +1 (641) 923 - 3993
Supreme Lending 2302 SW 3rd St, Ankeny, IA 50023 +1 (515) 965 - 0445
DuTrac Community Credit Union 18072 IA-64, Maquoketa, IA 52060 +1 (563) 652 - 4400
Dupaco Community Credit Union at Hy-Vee 400 S Locust St, Dubuque, IA 52003 +1 (800) 373 - 7600
Mister Money USA 3820 E 14th St, Des Moines, IA 50313 +1 (515) 261 - 0306
Check Into Cash 2744 University Ave University Ave, Waterloo, IA 50701 +1 (319) 236 - 3760

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Otley, IA, you can try to find different companies in big cities near by. Check out the following pages here: Same Day Loans in Urbandale, IA, 24-Hour Loan in Waterloo, IA, Payday Loans in West Des Moines, IA, Emergency Loan in Ames, IA, Payday Loan Companies in Ankeny, IA, Payday Loans in Bettendorf, IA, Payday Loans in Cedar Falls, IA and Same Day Loans in Cedar Rapids, 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 Otley, IA.

Are Payday Loans Legal In Otley, 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

Otley, IA payday loan calculator

Introduction

Payday loans are a fast and convenient way to get cash when needed for an emergency or unexpected expense. In Otley, Iowa, payday loans are legal and can be a helpful option for residents who need money quickly. However, it’s important to understand the risks and potential drawbacks before deciding to take out a payday loan. In this article, we will explore the ins and outs of payday loans in Otley, Iowa, including their legality, benefits, and pitfalls.

What are payday loans?

A payday loan is a short-term loan that typically ranges from $100 to $500, though some lenders may offer higher amounts. The loan is meant to be repaid in full on the borrower’s next payday, usually within two weeks to a month. The borrower is required to provide proof of income and a post-dated check or authorization for electronic debit for the full amount of the loan plus fees.

Are payday loans legal in Otley, Iowa?

Yes, payday loans are legal in Iowa. There are specific regulations in place that govern payday loans, including a maximum loan amount of $500 and a maximum fee of $15 for every $100 borrowed. Payday lenders must also be licensed and registered with the state of Iowa.

Benefits of payday loans

  • Fast and easy application process – borrowers can typically get approved and receive their funds within a day or two
  • No credit check required – payday lenders do not typically check borrowers’ credit scores or histories, so those with poor credit may still be eligible for a loan
  • No collateral required – payday loans are unsecured, meaning borrowers don’t need to put up any assets as collateral for the loan

Pitfalls of payday loans

  • High fees – payday loans come with high fees and interest rates, which can make them difficult to repay in full by the next payday
  • Potential for debt cycle – if a borrower is unable to repay their payday loan on time, they may be forced to take out another loan to cover the fees and interest, which can start a cycle of debt
  • Disreputable lenders – some payday lenders may engage in predatory practices, such as charging excessive fees or using aggressive tactics to collect payments

Interesting Facts and Statistics About Payday Loans in Otley, Iowa

  • In 2019, there were over 95,000 payday loans taken out in Iowa
  • The average payday loan amount in Iowa was $341
  • Iowa has some of the lowest payday loan fees in the country
  • Payday loans are heavily regulated in Iowa to protect borrowers from predatory practices

Apply Now

If you need cash quickly and are considering a payday loan, TheGuaranteedLoans can help connect you with potential lenders. Fill out our online application to get started today. Please note that TheGuaranteedLoans is not a direct lender, but a connector service that will assist you in finding a licensed lender who can meet your needs.

Conclusion

Payday loans can be a useful tool for those who need cash fast in Otley, Iowa. However, borrowers should be aware of the potential risks and drawbacks associated with payday loans, including high fees and the potential for debt cycles. If you’re considering a payday loan, be sure to work with a reputable lender and carefully review the terms and conditions of the loan before signing on the dotted line.

F.A.Q.

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

Yes, there are alternatives to payday loans in Otley, Iowa, such as small personal loans from banks or credit unions, or assistance from social service agencies.

Is there any regulation of payday loans in Otley, Iowa?

Yes, payday lending is regulated by the Iowa Division of Banking, which sets maximum interest rates and fees, and requires lenders to disclose all terms and conditions of the loan to the borrower.