Payday loan help for Iowa people
Iowa code states "A person shall not operate a delayed deposit services business in this state unless the person is licensed by the superintendent as provided in this chapter."
Top Queries
- How do I find out if a lender is licensed in Iowa or not?
- What are the facts lenders should be obliged to?
- What if the check returns?
- Where to send my queries and where to forward my complaints?
How do I find out if a lender is licensed in Iowa or not?
Check the database of licensed lenders available on the website of Iowa Division of Banking.
What are the facts lenders should be obliged to?
Maximum loan amount is $500.00; lenders may charge maximum $15 for first $100 and $10 per $100 above it, e.g. if a person takes $300.00 loan, maximum chargeable fees are:
- $15 for $100 = $15
- $10 for $200 = $20
- Total = $35 for $300 loan
Maximum loan term is of 31 days, and renewals are not allowed here.
Note: Payday loans follow Truth in Lending Act; lenders should send a notice to the consumers while offering the loan stating, not limited to, fees and APR.
What if the check returns?
Lender can charge a fee of maximum $15.00 only once per check/ACH debit, regardless how many times the check has been deposited or for how many days it has been held. Once a lender charges this fee, no other fees or penalty can be imposed on the consumers.
Where to send my queries and where to forward my complaints?
All the queries and complaints related to payday lending should be forwarded to the Iowa Division of Banking; see them online at www.idob.state.ia.us
