Best Loans In Iowa, Payday, Auto Title Laws 2019 - Elite Personal Finance
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Best Loans In Iowa, Payday, Auto Title Laws 2019

EPF Last Update: October 15, 2019
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According to Chapter 536 of Iowa’s Code of Commerce, regulated loans are capped at $25,000.  Allowable finance charges include:

  • 3% per month on balances ≤ $150
  • 2% per month on balances > $150 but ≤ $300
  • 1 ½% per month on balances > $300 but ≤ $700
  • 1% per month on the remaining balance exceeding $700

For Consumer Credit Loans, Chapter 537 of Iowa’s Consumer Credit Code caps loans at $1,000. Finance charges cannot exceed 21% per year and the maximum loan term is 25 months for loans of $300 or less and 37 months for loans greater than $300.

Other allowable charges include:

  • A delinquency charge (after the loan is 10 days past due) of 5% or a maximum of $30
  • A non-sufficient funds (NSF) fee of 5% or $20, whichever is greater

Best Bad Credit Loans In Iowa 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Iowa:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

For an in-depth look at how bad credit loans work, see our complete guide.

Best Personal Loans for Good Credit In Iowa

Lender:Min Credit Score:Loan Amount:APR:Licensed in Iowa:
Payoff640$5,000 – $35,0005.99% – 24.99%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

You can also check out our full list of recommended lenders. And don’t forget about SuperMoney. It’s one of the best loan comparison sites.

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Payday Loans in Iowa

Maximum Loan Amount: $500

Minimum Loan Term: Not specified

Maximum Loan Term: 31 days

Maximum Fee: $15 on the first $100 borrowed

Maximum APR: Average 336%

Rollovers: Prohibited

Loan Limit: You can only have two payday loans at a time

Payday loans are legal in Iowa.

Chapter 533D of Iowa’s Delayed Deposit Services Code places a $500 limit on payday loans. Licensed lenders can levy finance charges of $15 on the first $100 borrowed and $10 on each of the following $100 borrowed – up to the maximum of $500. A $15 non-sufficient funds (NSF) fee is also allowed.

Conversely, rollovers are prohibited and borrowers cannot have more than two payday loans at a time.

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Car Title Loans in Iowa

Car title loans are illegal in Iowa.

Credit Unions In Iowa

Name:APR:Amount:
Veridian Credit Union7.50% – 21.00%Up to $40,000
Dupaco Community Credit Union8.50%+$15,000+

Veridian Credit Union

At Veridian Credit Union, you have three financing options to choose from:

  • Premier Personal Loans allow you to borrow anywhere from $10,000 to $40,000. Loans are unsecured and designed for borrowers with credit scores of 720 or higher.
  • Personal Loans allow you to borrow up to $20,000 and loans are also unsecured. To qualify, you must provide your credit score, a proven record of job stability and demonstrate that you can manage the debt load.
  • Payday Alternative Loans (PAL) allow you to borrow up to $1,000 – with half given upfront and the other half withheld until the loan is repaid. To qualify, you must set up direct deposit with Veridian, provide proof of income and not have taken out a PAL in the last six months.

APRs are as follows:

  • 60-Month Premier Personal Loan: as low as 7.50%
  • 120-Month Premier Personal Loan: as low as 8.00%
  • 12-Month Personal Loan: as low as 7.50%
  • 24-Month Personal Loan: as low as 8.50%
  • 36-Month Personal Loan: as low as 9.50%
  • 48-Month Personal Loan: as low as 10.00%
  • 60-Month Personal Loan: as low as 10.50%
  • 6-Month Payday Alternative Loan (PAL): 19% to 21%

As well, you can receive a 0.25% reduction in your APR by enrolling in direct deposit and setting up automatic loan payments.

Veridian Credit Union operates 27 branches across Iowa, with locations in Ankeny, Waterloo, Independence, Des Moines as well as many others.

Dupaco Community Credit Union

Dupaco Community Credit Union offers one unsecured loan option and two secured loan options:

  • Signature Loans allow you to borrow up to $15,000 and average APRs are 8.50% for 24-month loans and 9.00% for 36-month loans. All loans are unsecured and you can obtain a 0.05% to 0.15% APR discount by opening a Dupaco savings and checking account (while maintaining certain balance minimums) and setting up automatic payments.
  • Share Secured Loans are designed for borrowers who don’t qualify for Signature Loans. A savings or term share certificate is used as collateral, which allows the loan proceeds to extend up to 100% of the collateral deposited. Terms also extend up to 36 months, but APRs vary by borrower.
  • Credit Coach Loans are designed for borrowers who need to repair or establish their credit. Loans are part of Dupaco’s Credit Coach Program – where borrowers work one-on-one with a lending expert to help build their credit score. The program is free of charge and you can borrow up to $1,500 with an APR as low as 8.95%. Terms extend up to 12 months and all withheld funds earn dividends in your Dupaco savings account.

Dupaco Community Credit Union operates 10 branches across Iowa, with locations in Manchester, Platteville, Marion, Dubuque as well as others.

Student Loans In Iowa

All Iowa Opportunity Scholarship (AIOS)

The All Iowa Opportunity Scholarship (AIOS) is a state-funded program that’s available to Iowa students who attend eligible colleges and universities. The award adjusts each year, but a $4,644 maximum was granted in 2019/2020. If you’re a first-time recipient, you can receive grants for up to 8 full-time semesters or 16 part-time semesters.

To qualify, you must:

  • Be an Iowa resident and attend an eligible college or university
  • Have graduated from an eligible Iowa high school or completed an equivalency program within the last 2 years
  • Enroll for at least 3 semester hours in a program that leads to an undergraduate degree, diploma or certificate
  • Complete your Federal Student Aid (FAFSA) application and Iowa Financial Aid (IFAA) application by March 1

Priority is also given to:

  • Students who age-out of Iowa’s foster care system
  • Children of deceased public safety workers
  • Students who took part in select federal TRIO programs
  • Students with alternative educational backgrounds
  • Students who took part in the Federal GEAR UP Grant program in Iowa

Federal Housing Administration (FHA) Loans In Iowa

There are 99 counties in Iowa where you can apply for an FHA loan. The low-and-high figures are identical across all 99 counties – where the lowest loan available is $314,827 and the highest loan available is $605,525.

Business Loans in Iowa

If your business needs capital, the online lenders below offer quality service and can help structure a loan that’s right for you:

Lender:Min Credit Score:Loan Amount:APR:Licensed in Iowa:
LendingTree500Varies5.99% – 35.99%Yes
Kabbage0Up to $250,00024% – 99%Not a direct lender

However, if you prefer a local touch, consider the Siouxland Economic Development Corporation (SEDC):

Siouxland Economic Development Corporation (SEDC)

The Siouxland Economic Development Corporation (SEDC) was incorporated in 1979 and is a certified SBA loan company and Microloan intermediary. Its Board of Directors consists of volunteer members representing business, labor, government, and civic interests across communities in Iowa.

The SEDC offers three types of loans:

  • Microloans allow you to borrow up to $50,000. However, amounts greater than $15,000 require a denial letter from your financial institution. The interest rate is fixed at 8% and no down payment is required. Loans take 30 to 45 days to process and items purchased – such as inventory, supplies or machinery – are used as collateral to secure the loan. A personal guaranty is also required.
  • Revolving Loans offer the lessor of $100,000 or 25% of the total project cost – given the project creates jobs in the state. If not, you can borrow the lessor of $40,000 or 25% of the total project cost if no jobs are created. Interest rates have a 3.50% floor and are usually 2% below a primary lender’s rate. As well, a 10% down payment is required and your term depends on the collateral provided.
  • SBA 504 Loans allow you to borrow up to $5 million or 40% of the projects cost. Terms usually range from 10 to 20 years and interest rates are approximately 1% to 1 ½% above the 5 and 10-year Treasury Note. Down payments also range from 10% to 20%.

To learn more, you can visit the SEDC at: 617 Pierce St, Ste 202, Sioux City, IA 51101. Or you can call them at: (712) 279-6430.

Conclusion

For Consumer Credit Loans, Iowa regulators require a cap of $1,000. Finance charges cannot exceed 21% annually and terms vary from 25 to 37 months. Payday loans – which are classified as delayed deposit loans – are legal in Iowa, though amounts are capped at $500. APRs average 336% and borrowers are limited to two payday loans at a time. Conversely, car title loans are illegal in Iowa. It took years, but state senators finally drove the product out of Iowa.

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