(last updated 11/13/2019)
Iowa Payday Loan Laws and Regulations in (IA)
Payday loans and cash advances are legal in Iowa. The Iowa Division of Banking Finance Bureau has been regulating Payday Loans and Cash Advances since 2006. As of 01/12/2015 there were 35 licensed lenders and 193 licensed locations in Iowa.
The maximum payday loan allowed in Iowa is $500. The maximum payday loan as a percentage of income is not specified. The number of loans that can be open at one time is 2. The maximum permissible fees allowed in Iowa is $15 on first $0-$100 on face of check and $10 per $100 thereafter. The finance charge for a 14 day $100 loan is $16.67 which is 433% APR. The cooling off or waiting period for obtaining another loan is 0 days. The number of rollovers that are permitted is none (cannot repay, refinance or consolidate). The minimum loan term is not specified. The maximum loan term is 31 days.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Iowa, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Iowa Division of Banking Finance Bureau.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Iowa. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for Example) a Native American Tribe or the country of Antigua.