Regulator Details

Iowa Division of Banking

200 East Grand Avenue, Suite 300
Des Moines, IA 50309
Phone: (515) 281-4014
Fax: (515) 281-4862
Contact: Rodney Reed, Finance Bureau Chief

Iowa Payday Loan Laws

Iowa Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Iowa payday loan laws contact the Iowa Division of Banking.

Payday loans are legal in Iowa (see Iowa Payday Loans or Iowa Installment Loans to compare fees and requirements for individual lenders).

Feature Specification
Amount (max) $500
Rates or Fees (max) $15: $0-$100 on face of check; $10 per $100 thereafter
Term Limitations Max: 31 days
General Loan Terms

In Iowa, no rollovers are permitted (cannot repay, refinance or consolidate). Nothing is mentioned about cooling periods between loans. Iowa has no requirements for extended repayment plans.

For example, in Iowa the rates and fees on a 14 day, $100 loan are:

Terms Amount
Loan Amount $100
Fees $16.67
APR 433%
Sample Loan Terms

Iowa also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.

Feature Specification
Collection Fees One $15 NSF fee (exclusive remedy)
Regulations on Collections
Finally, a more detailed excerpt from Iowa's statutes on finance charges is listed below. In general the tables above summarize this.

A licensee shall not charge a fee in excess of $15 on the first $100 on the face amount of a check or more than $10 on subsequent $100 increments on the face amount of the check for services provided by the licensee, or pro rata for any portion of $100 face value.

Citation: Iowa Code Ann. 533D.1 et seq.