Iowa Laws

Hello and welcome to the comunity! I can post them for you, but if you have any other questions, feel free to ask. :)

You will find the Payday loan laws for Iowa here (just select your state),
http://www.debtconsolidationcare.com/paydayloan/explain-pdls-laws.html

Iowa???????? Payday Loans


Iowa has very strict laws concerning payday loan practices. For starters, a payday loan lender in Iowa cannot charge in excess of $5 per $100 that????????s borrowed. A loan of $75 or more carries a minimal charge of $5. A loan amount that exceeds $50 carries a minimal charge of $3.50.
If a borrower is unable to pay a loan back, they may be charged a default fee. Under Iowa law, the maximum amount that can be charged for defaulting a check is $15.

Once a borrower enters a payday loan agreement in Iowa, they must be informed about their consumer rights and responsibilities in simple English and Spanish. The agreement form must have a toll-free number to the superintendent????????s office. The consumer must know before they sign that the toll free number is intended to handle concerns and complaints by the consumer.

As stated above, a payday loan agreement in Iowa must be written in plain and understandable English and Spanish. It must contain following:
??????? Name, address, and telephone number of the borrower.
??????? An itemization of fees and charges to be paid by the borrower.
??????? The date payment is due by.
??????? A clear description of the borrowers payment obligations.
??????? The default fee that the lender will charge if payment is late.

Also, a payday lender must include in the loan documents in at least fourteen-point type: ???????You cannot be prosecuted in criminal court to collect this loan.???????

Notices at each payday loan store in Iowa must be posted clearly and conspicuously in English and Spanish. Among the notices should be a table that displays the schedule of all fees, charges, interest, and penalties to be charged on transactions. The schedule should include an example of the fees that would be charged on a $100 loan with a term limit of 14 days.

Under Iowa law, the maximum term limit for a payday loan is 14 days. The maximum amount that can be lent to customers at one time is $500. Also, a consumer shall be permitted to make partial payments on a loan without being charged additional interest. By Iowa law, a consumer is allowed to make minimal payments of $5.

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Any of this correct?

No, the info you posted above in not correct.



They can charge $15 per $100 on the first $100, then $10 per $100 after that.


The max term limit is 31 days, not 14.

The law says nothing about repayment plans.

How do I go about settling these loans on my own in Iowa? What steps do I need to take

I have read quite a few different things on this site about what steps to take - I'll admit I'm a little clueless on what order to do things in. I am going to ask my bank to put a stop on ACH (I have a storefront too so I don't think I can just close my account). I bank with Wells Fargo if that makes any difference.

NatnlMoney Store 500
Total Paid 83.33

Midwest 300
Total Paid 150

Greenlight 200
Total Paid 162.50

DiscountAdvances 300 (withdraws under credit portection loan_
Total Paid 105

Magnum_Z 300
Total Paid 270

SDS 300
Total Paid 270

Cash Advance Network 400
Total Paid 755

United 350
Total Paid 950

Geneva Roth 200
Total Paid 600

ameriloan 400
Total Paid 1180

Zip Cash 500
Total Paid 1600

ACC 300
Total Paid 352.50

My next paycheck is 07/25 so I have some time to work with my bank and stuff - at least I hope so

hopefully will someone will take a look at this. I'll check back in the morning.

Thanks!!!!