Loan Options in Iowa

Iowa allows both payday loans and installment loans, but they operate under different rules. Iowa Code Chapter 533D governs payday loans and caps them at $500 with a maximum 31-day term. Installment loans fall under Chapters 536 and 536A, which let you borrow larger amounts and repay over time.

A payday loan in Iowa is a short-term, single-payment product. An installment loan spreads your payments across multiple due dates. Both can be expensive relative to what you borrow. For fee caps and APR ranges, see the Rates & Fees page. For product details, visit Payday Loans or Installment Loans.

• $500 cap on payday loans. No lender can issue you a payday loan over $500. That ceiling makes it easier to plan repayment within one pay cycle.
• Lenders must hold a state license. Any company offering payday or consumer installment loans in Iowa needs a license from the Iowa Division of Banking. You can check their status before you share personal details.
• Cooling-off period after two consecutive payday loans. Once you've taken two payday loans back-to-back, the lender has to wait before issuing another. This rule limits the cycle of rolling one loan into the next.
• Written terms before you sign. Every lender must give you clear, written disclosure of the finance charge and annual percentage rate. Compare those numbers against other offers before you commit.

Before you share personal information, verify the lender's license through the Iowa Division of Banking regulated-entities search. Review our scams and safety guide for red flags.