Max Loan Terms?

You can check the following link for internet lending laws of your state.

http://www.debtconsolidationcare.com/paydayloan/internet-lending-in-50states.html

Thanks SC and according to Iowa lending laws it is 14-31 days. So I guess I'm right in assuming that it's true?

A lot of other factors come into play- its not quite so black and white. There are lots of loopholes. Are they doing roll-overs or re-loaning? Are you dealing with a legal licensed lender? Do you actually have a pdl and not an installment loan?

I can just about guarantee that if the loan is not paid off they are NOT going to stop debiting your account. What company is it that you are asking about?

No company in particular I was just studying the Iowa loan laws for payday lenders. I know that all my pdl's where online and neither are legal in this state.

Bi-weekly I had 2 companies taking out roll-overs. This morning I went online to check our account and neither of those companies have taken anything out today only because I'm thinking that they know the IA laws and it clearly states 14-31 days max loan time? I've even called my bank asking if there was, by chance an ACH debit coming through on our account and it just hasn't hit, they told me no that nothing is coming through so far. I'm keeping my fingers crossed.

Roll-overs are illegal in Iowa as well. Actually, there is a max term of 31 days and loans can be made for less than 14 days. The average duration for a PDL in Iowa is just under 14 days, so the APR's are typically displayed as being based on a 14 day loan.