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Iowa State Payday Loan Laws, Are You Getting Taken To The Cleaners?
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Iowa State Payday Loan Laws, Are You Getting Taken To The Cleaners?

The Iowa state payday loan laws allow payday loan companies to charge a per $100 interest charge. This can lead to huge charges if a borrower has to roll over a payday loan.

At 15% on the first $100.00 and 10% on the next $100.00 up to a limit of $500.00 these charges can add up quick. This can lead to paying almost double on a loan that has been rolled over 5 times, and most payday loans average a 4 to 5 time rollover before the loan is finally retired.

Iowa allows more than one payday loan at a time, as long as any one loan does not exceed the $500.00 limit, and this can be a huge temptation to get in over your head by having too many loans to manage. One of the biggest mistakes a person can make is to have to take out a second payday loan to keep up with the first one, but it happens all the time.

The only way to manage a payday loan is to pay it off in full the first time it comes due. this is how they are set up and although you will pay a huge interest rate, you will have it out of the way rather quickly. If you start to roll the loan over, you are opening the door for getting stuck in the payday loan trap for sure.

If you are buried in payday loan debt and need help, take a deep breath and read on.

If you have made that mistake and now find yourself stuck with a defaulted payday loan, or more than one, and you just can not find a way to keep up with them, it may be time to find yourself a payday loan debt consolidation company.

There are many out there so make sure you find a company that will work for you, not your fee. You need one on one attention to both you and your lender from this company, and you want to find one that will help stop the phone calls, legal action and interest rates.

Also make sure the company you use does not hold your money for more than 2 weeks before they start paying off your lender. Many will hold it up to 3 months, and this is not acceptable.

I hope this information on Iowa payday loan laws and what to do if you are stuck in a payday loan trap helps you find peace in your financial situation!

Please feel free to share this article and leave any comments and questions below!


Street Talk

Excellent article Shawn. Too many people in Iowa are getting taken to the cleaners because they don't know the laws that governs them.

Reply
  about 6 years ago

The best payday loan is no payday loan, but we are here to help if a person gets stuck in the mud!

Reply
  about 6 years ago

Exactly!

  
  about 6 years ago
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