Fair to Bad Credit Loans in IA
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Last updated September 12th 2021
Commentary is for informational purposes only. See legal disclaimers here.Trouble Getting Approved in Iowa?
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Iowa Usury and Regulations
Summary of Iowa Usury Law(s) / Quote: "Legal: 5% Contract: 7% as of July, 2006; any rate agreed for business purposes or over $25,000 for personal or household purposes / Judgment: 2% over rate on 52 wk. T-Bill / Corporate: Any rate allowed"
(WeFindLenders.com endeavors to include the most up to date legal data for Iowa, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Iowa, and/or contact the Iowa State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)
Iowa Usury Law Information: Iowa Codes - Chapter 535
Legal Maximum Interest Rates: Quote: "Iowa law permits a maximum interest rate of 5%, unless another rate is agreed upon in writing. In that case, the interest can’t exceed the official usury rate as set by the Iowa Superintendent of Banking. This maximum for January 2015 was 4.25%, however when it started in 1978, the maximum rate was 10%, so it fluctuates greatly"
Usury Penalties:
Quote: "It’s unlawful to charge a higher rate
of interest than permitted by these Iowa laws. If a person does charge
above the allowed amount, the plaintiff can get a judgment to pay
back only the principal debt without interest or costs. In addition,
the violator forfeits 8% of the unpaid principal at time of judgment"
Judgment Interest Rates: Quote:
"The interest rate on judgments is 10% unless a different rate
was stated in the contract which the judgment was based on, that interest
rate can’t exceed the max that was permitted at the time"
Legal Exceptions: Quote: "The maximum
interest rate doesn’t apply to loans for real property, business
or agricultural loans, or loans of over $25,000"
Iowa Lenders By City
Des Moines IA / Cedar Rapids IA / Davenport IA / Sioux City IA / Waterloo IA / Council Bluffs IA / Ames IA / Dubuque IA
Complaints to:
Iowa
Division of Banking
/ Iowa
Complaint Process / Complaint
Form (PDF)
Iowa Division of Banking / Physical Address: 200 East Grand Avenue, Suite 300 / Des Moines, Iowa, 50309-1827 / Phone: 515.281.4014 / Fax: 515.281.4862
Iowa Lender Service Areas Map
Click
or tap map image above for interactive version.
Lenders contact
us for listing removal or amendment.
Premier Credit Union
1301 Grand Ave West Des Moines
IA 50265 - www.premiercu.org
515.282.1611
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Des Moines Metro Credit Union
100 University Ave, Des Moines
IA 50314 - www.dmmcu.org
515.283.4195
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Veridian Credit Union
3221 SE 14th St, Des Moines
IA 50320 - www.veridiancu.org
800.235.3228
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Sioux Valley Community Credit Union
1120 6th St, Sioux City
IA 51101 - 712.277.1440
www.siouxvalleyccu.com
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Siouxland Federal Credit Union
3000 Plaza Dr, South Sioux City
NE 68776 - 402.494.2073
www.siouxlandfederalcu.com
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Dupaco Community Credit Union
1946 Schukei Rd, Waterloo
IA 50702 - www.dupaco.com
319.234.0381
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Warren Credit Union
2022 Falls Ave, Waterloo
IA 50701 - 319.233.9240
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Public Employees Credit Union
624 Franklin St, Waterloo
IA 50703 - 319.291.4375
www.publicemployeescu.com
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Collins Community Credit Union
1150 42nd St NE, Cedar Rapids
IA 52402 - www.collinscu.org
800.475.1150
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Linn Area Credit Union
3015 Blairs Ferry Road NE
Cedar Rapids, IA 52402
www.linnareacu.org
319.892.7300
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University of Iowa Community CU
716 A Ave NE, Cedar Rapids
IA 52401 - www.uiccu.org
319.339.1000
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First Federal Credit Union
3810 Westdale Dr SW, Cedar Rapids
IA 52404 - www.firstfedcu.com
319.362.3171
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Bad Credit Loan Form for Iowa
Signature Loan Example In Iowa
Winnie would like a signature loan to help her pay for modifications to her home to accommodate an electric wheel chair.
She also needs the loan to help pay for the wheel
chair as well. When she first started looking at wheel chairs she
was amazed at how many options there were to choose from. It was actually
a bit over whelming.
She and her husband finally settled on one that should meet their
needs. They also want to travel and the wheel chair they selected
needed to be able to be loaded onto a small platform that connects
to the back of their van.
The modifications in their home involve installing a number of ramps at the entrance to their home and also into a sunken family room they have in their house.
It is all a bit awkward, but they really have no
choice at this point. They are trying to make their life as comfortable
as they can, given the circumstances.
They have some savings which they can use to pay for a part of all
of the expenses associated with the wheel chair, the ramps and also
the platform on their van.
They need another $6600 to help pay for all of this
expense which they will pay on a monthly basis with a three year term.
They are hoping for a low interest rate loan to help them keep the
payments as low as possible.
A $6600 loan with a 3 year term and 5.76% interest rate for Winnie
would cost her the following per month:
• Loan Amount (principal) = $6600
• Interest Rate = 5.76%
• Term Length =3 year
• Monthly Payment = $200.07
• Total Paid Back = $7202.44
• Total Interest = $602.44
Winnie and her husband are seniors living on a pension and old age
security income. They do not have a great deal of income, but they
make do with what they have.
They have some savings which they are going to draw on however they are reluctant to cash their savings in. Once it is gone, it is very difficult to save that money again.
They would prefer in this case to borrow the money and pay on a monthly basis.
They feel they can afford this added expense, although they will have to give up a few things in their lives.
The wheel chair is for Winnie and her husband will try to make most
of the changes that are needed around the home to accommodate it.
He is still quite healthy and is even thinking of
taking a small part time job to help pay for the extra expense of
the wheel chair. Once they have it and Winnie is used to getting around
in the electric wheel chair she will have a lot more freedom than
she does now and it will be much easier on both of them.
They should have no problems being approved for this loan. They have
a great credit score and although they do not have a very large income,
they have sufficient to support this loan since they have no other
debts to be concerned about. Their home and car are both paid for.
If you live in the State of Iowa and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.
Sincerely,
Chris Somerset
Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.
Debt Consolidation Loans in Iowa
Last 5 debt service loans approved in the State of Iowa. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.
$20000 $95000 $5500 $35000 $70000
5.84% 10.02% 5.09% 6.98% 14.71%
Debt Consolidation Providers In IA
Click
or tap map image above for interactive version. A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Consumer Credit of Des Moines - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Relian Debt Relief - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - North Iowa Community Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Iowa Heartland Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - CENT Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Ace Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Fort Dodge Family Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Peoples Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Citizens Community Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Iowa consumers have a lot of choices for
consolidating debt, but your credit score will come into play in a big
way. If you're looking for debt relief or debt settlement that's a completely
different story. Your credit score has nothing to do with debt relief
because you're simply negotiating with your creditors to pay back a small
portion of what you owe. And of course your credit score will be
negatively affected. That's just common sense when you're basically defaulting
on your debts. But you need to be aware of the time you'll be spending
in the credit "penalty box". It will take time to repair your
credit, but it's only a temporary problem and you need to stay positive
and go forward with a plan. Alex needs his car repaired so he can
get back and forth to the doctor and also get to work. There is no public transit where he lives
so if his car is not road worthy, he has to rely on friends to help him
out getting to his appointments and going to work at odd hours. He needs a debt consolidation loan to
help him with his car repairs and also his single credit card. He has one credit card with a thousand
dollar limit on it. He recently bought a little furniture for himself
and charged it to his credit card. He knows he probably should not have spent
the money, but it was such a good deal that he really could not resist
the temptation. Now the statement has arrived and he
must pay the total by the due date or pay a lot of interest. He can afford
to pay about $250 of the balance. He will be charged interest on the full
balance. Worse than that, one of the brake lines
is leaking and must be replaced. Not only is the car not safe to drive,
it is going to cost him almost $1400 to have everything repaired. It has to be repaired soon so he can
get to work and also his doctor’s appointments next week. He knew he had to replace the pads, but
the rotors, calipers and the brake line leaking were a surprise for him.
We cannot always predict these things. That’s why many financial experts
recommend that consumers should always have an emergency savings fund
set aside to help them deal with these surprises. They always seem to
occur at the worst possible moments. His only debt is the thousand dollars
on the single credit card that he has in his name. He is not married and
works part time at a local bar as a bartender. He makes more than enough money to carry
this loan and has a good record paying his rent and utility payments.
Alex should anticipate a loan approval barring any other surprises.
If you live in the State of Iowa and you're
trying to get approved for a debt consolidation loan, we hope our website
helps you find a good lender regardless of your credit rating. Andy Somerset Andy
Somerset is the son of Lance Somerset who founded the We
Find Lenders Pool. He writes for WeFindLenders.com whenever he's not
working hard on his degree in finance. Click
or tap map image above for interactive version. - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Mid Iowa Credit Counseling - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - 123 Credit & Debt Counseling - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Financial Counseling Center - - - - - - - - - - - - - - - -
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Lenders contact
us for listing removal or amendment.
Cedar Rapids IA 52404
319.362.0228
719 5th St SE
Cedar Rapids, IA 52401
319.804.8135
6129 SW 63rd St, Des Moines
IA 50321 - 515.287.6428
www.consumercredit-dm.com
Locust St, Des Moines
IA 50312
640 S Federal Ave, Mason City
IA 50401 - www.niccu.com
888.424.2281
1602 S Monroe Ave, Mason City
IA 50401 - iowaheartland.org
641.424.5391
25 W State St, Mason City
IA 50401 - www.centcu.org
641.424.2368
1028 14th St SE, Mason City
IA 50401 - 641.424.6330
407 2nd Ave S, Fort Dodge
IA 50501 - www.fdfcu.com
515.573.1160
13 S 3rd St, Fort Dodge
IA 50501 - 515.573.8991
peoples-credit-union.com
2012 1st Ave S, Fort Dodge
IA 50501 - www.citizenscu.com
515.955.5524
Waterloo - 50701 - 319.234.2355 IA
Debt Consolidation Application Form
About Consolidation Loans
In Iowa
Consolidation
Loan Example in Iowa
If he had known that his car was going to need a lot of repairs he probably
would not have spent the money on furniture. He needs to brake pads and
of course the calipers and rotors are also in bad shape.
He needs a total of $2100 to consolidate all of his debt into one low
interest loan with a one year term. He wants the one year term so that
he can repay the loan quickly.
A $2100 loan with a 1 year term and 6.76% interest rate for Alex would
cost him the following per month:
• Loan Amount (principal) = $2100
• Interest Rate = 6.76%
• Term Length =1 year
• Monthly Payment = $181.47
• Total Paid Back = $2177.69
• Total Interest = $77.69
We all get surprises in our lives and in Alex’s case it is the repairs
to his car.
Alex does not have a bad credit score and he does not have any debt. Although
his car is old, it is his car and he does not have a car loan.
Sincerely,
Credit
Counseling Services In IA
Counselors contact
us for listing amendment.
100 Euclid Ave #157 Des Moines
IA 50313 - cccsia.org
515.279.4118
Des Moines, IA 50316
515.288.0741
4403 1st Ave SE #402
Cedar Rapids, IA 52402
319.373.8297WFL Loan Product
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