Payday Loans in Westphalia, Iowa

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

Company nameAddressZip codePhone number
Great Western Bank 610 4th St, Sully, IA 50251 +1 (641) 594 - 4400
Farmers Trust & Savings Bank 510 Elm St, Williamsburg, IA 52361 +1 (319) 668 - 2525
Craig Tharp - Thrivent 4300 S Lakeport St Ste 104, Sioux City, IA 51106 +1 (712) 293 - 3000
Thrivent Financial 519 Michigan St, Storm Lake, IA 50588 +1 (712) 732 - 4395
Midstates Bank 300 Front St, Neola, IA 51559 +1 (712) 485 - 2245
Farm Credit Services of America 3675 450th Ave, Emmetsburg, IA 50536 +1 (712) 852 - 2645
Principal Financial Group 1006 E 14th St S, Newton, IA 50208 +1 (641) 243 - 3379
Farmers Trust & Savings Bank 1901 Chatburn Ave, Harlan, IA 51537 +1 (712) 235 - 2000
First State Bank 1150 W 1st St, Sumner, IA 50674 +1 (563) 578 - 3312
Great Western Bank 1030 Broad St, Grinnell, IA 50112 +1 (641) 236 - 7544

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Westphalia, IA, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Ankeny, IA, Bad Credit Loans in Bettendorf, IA, Payday Loan Companies in Cedar Falls, IA, Guaranteed Loans in Cedar Rapids, IA, Payday Loans in Council Bluffs, IA, Online Loans in Davenport, IA, 24-Hour Loan in Des Moines, IA and Payday Loan for 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 Westphalia, IA.

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

51578

Are Payday Loans Legal In Westphalia, 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

Westphalia, IA payday loan calculator

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

As of 2021, payday loans are legal in Iowa, including the small city of Westphalia. While these types of loans can be helpful in certain situations, they can also come with risks and high interest rates. In this article, we’ll outline everything you need to know about payday loans in Westphalia, including how they work, the laws surrounding them, and alternatives you should consider.

What are Payday Loans?

Payday loans are a type of short-term loan meant to provide fast access to cash. They are typically used by people in need of immediate funds for unexpected expenses, such as medical bills or car repairs. Payday loans are generally for small amounts, with borrowers typically taking out loans of $500 or less, and they are typically due in full when the borrower’s next paycheck arrives.

How Do Payday Loans Work?

To apply for a payday loan, borrowers typically need to provide proof of income and a bank account. They then write a postdated check for the borrowed amount plus fees. The lender will cash the check on the borrower’s next payday, or the borrower can pay the loan off early for a fee.

The Pros and Cons of Payday Loans

Payday loans can be helpful for unexpected expenses, but they also come with risks. Here are some of the benefits and drawbacks of payday loans you should consider:

Pros:

  • Fast access to funds
  • No credit check required
  • Relatively easy application process

Cons:

  • High interest rates and fees
  • Short repayment terms
  • Potentially damaging to credit score if not repaid on time
  • Risks associated with submitting personal and financial information to lenders

The Laws Surrounding Payday Loans in Iowa

While payday loans are legal in Iowa, there are limits on how much interest lenders can charge. The maximum allowable interest rate on payday loans in Iowa is 15%, which equates to a maximum finance charge of $15 for every $100 borrowed. Borrowers are also limited to taking out a maximum of $500 at a time and are only allowed to have two loans open at any given time.

Alternatives to Payday Loans

While payday loans can be helpful in certain situations, they are not the only option available. Here are some alternatives you should consider:

Personal Loans

Personal loans are loans that are not backed by collateral, such as a car or a house. These types of loans typically have longer repayment periods and lower interest rates, making them a more affordable option for borrowing money.

Credit Cards

Credit cards can be used to make purchases or obtain cash advances, and they typically have lower interest rates than payday loans. However, it’s important to pay off the balance in full each month to avoid accumulating high interest fees.

Borrowing from Friends and Family

While borrowing from loved ones can be uncomfortable, it can be a viable option if you are in need of immediate funds. Be sure to set clear repayment terms and stick to them to avoid damaging relationships.

Interesting Facts and Statistics About Payday Loans in Westphalia, Iowa

  • The average payday loan in Iowa is $341
  • 83% of payday loans in Iowa are taken out by borrowers with more than 12 loans per year
  • Payday loan lenders in Iowa can charge an additional $15 fee for returned checks

Apply Now

If you are in need of a payday loan, you can apply now on TheGuaranteedLoans website. We are a connector service that will facilitate your connection with potential lenders. Remember to only borrow what you need, and make sure you understand the terms and fees associated with your loan before accepting the funds.

At TheGuaranteedLoans, we are committed to providing our customers with the information and resources they need to make informed financial decisions. For more information on payday loans, personal loans, and other financial topics, be sure to check out our website.

F.A.Q.

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

Taking out multiple payday loans in Westphalia, 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 Westphalia, Iowa?

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