Find the Best Payday and Title Loans in Sioux City, IA

Payday lending is illegal and unavailable to consumers in some states. Payday loans usually have very high interest rates and carry risk. As with any loan, consumers should have a clear understanding of the fees, terms and conditions of any payday loan before borrowing.

How to choose a payday loan in Sioux City

When comparing payday and title loan companies in Sioux City, consider the application requirements, the ease of applying, the amount you’re able to borrow and the fees, charges and penalties. If you need money immediately, look for lenders that offer same-day cash. Shop around for the least expensive loan.

Only consider payday loan companies in Sioux City that are licensed by the Iowa Division of Banking. Payday lenders in Iowa, called delayed deposit services, must follow the law of the Delayed Deposit Services Licensing Act.

Here are some important points to know about payday loans in Iowa:

• Payday lenders can charge a maximum fee of $15 on the first $100 you borrow and $10 on subsequent $100 amounts.
• The maximum amount you can borrow if a payday lender charges maximum fees is $445. The maximum finance fee a lender can charge is $15 for the first $100 on the face amount of a check you write to the payday lender and up to $10 for each subsequent $100 amount.
• The maximum loan period is 31 days.
• At the time of your transaction, the payday lender must provide a written notice that discloses the total fees, the annual percentage rate (APR), the date your check will be deposited and the penalty amount for a bad check, which can’t exceed $15 and can only be charged once.
• You cannot roll over or refinance a payday loan in Iowa.

Payday loan fees in Sioux City

Iowa law limits the fees payday lenders can charge. Payday loan companies in Sioux City can charge up to $15 for the first $100 on the face amount of a check you write to the payday lender and up to $10 for each subsequent $100 amount. The maximum fee you can be charged on a payday loan in Iowa is $55.

The APR on a payday loan in Sioux City depends on the loan amount, the fees and the loan term. The shorter your loan term and the less you borrow, the higher your APR. On a 14-day payday loan, you can expect an APR between 322% and 460%.

A payday lender in Sioux City can also charge a one-time penalty of up to $15 if it’s unable to deposit or cash your check.

Title loans in Sioux City

Title loans, unlike payday loans, require you to put down your vehicle’s title as collateral. If you are unable to repay the loan, the lender can take possession of your car.

According to the Iowa Consumer Credit Code, title lenders in the state may not make a title loan with a finance charge greater than 21% per year. Lenders are required to disclose the APR and the dollar cost of a title loan.

Even though the fees associated with a title loan in Iowa are cheaper than with a payday loan, you should be careful before taking out a title loan; failure to repay a title loan can result in the loss of one of your most valuable possessions.

Sioux City payday and title loans FAQ

Do payday loans hurt your credit?

Not as long as you repay your payday loan on time. Most payday loan companies do not run a credit check or report information to the major credit bureaus. If you fail to pay back your loan and the debt is referred to a debt collector, the debt collector may report it, which could hurt your credit score.

Can you go to jail for not paying back a payday loan?

No, but if you are sued or have a judgment entered against you and fail to appear in court, a judge could issue a warrant for your arrest.

Can you get denied a payday loan?

Yes, you can be denied a payday loan if you can’t provide government-issued ID, a valid Social Security number, proof of income or proof of a bank account. It usually takes just a few minutes to get a lending decision from a payday lender.

How much can I borrow with a payday loan?

In Iowa the maximum amount you can borrow from a payday lender that charges maximum fees is $445. In this scenario, you write a $500 check to the lender, and the lender gives you $445 in cash, withholding the maximum fee of $55.

What do I need to get a title loan?

To qualify for a title loan, you need a vehicle with a title in your name, government-issued ID and usually proof of income. You don’t need good credit to qualify for a title loan.

How much can you get for a title loan?

It depends on the title loan company and the value of your vehicle. Title loans allow you to borrow significantly more than payday loans.