Iowa Payday Loans

Have you ever gotten your paycheck and within a couple of days the money was already gone? So how do you make it until you get paid again? Well, maybe the payday loan people can help. They have created a business helping people in your type of situation.

So why not just go to a bank? For starters, banks do not like to loan small amounts of money. Also, their criteria is very strict. With a payday loan you simply write them a check for the amount you wish to borrow, plus applicable fees they charge, and on your next payday, or the next two, they cash the check and the money is paid back.

Simple concept, right? Well, there is a little more to it than that. First, you have to meet their criteria in order to be eligible. You have to have a valid checking account for a few months and you have to make a certain amount at your job. Once you fill out the papers, they will contact you shortly to let you know if you qualify.

You also have to abide by the rules set forth by Iowa. These state that the payday people can only loan you up to $500. No more- no exceptions. This is for your protection since you will have to pay it back in a short amount of time.

Also, the state of Iowa stipulates that you can only be charged 15% on the first $100 you borrow and only 10% subsequently for every $100 thereafter. You will have up to 31 days to repay, but the sooner you can give it back the better because it means less fees.

It's also a good idea before doing business with this or any office that you verify that follow the state's regulations. It is for your protection and worth the extra effort.