Looking for an Unsecured Personal Loan in Iowa?
Has the tractor broken down and you need to fix it fast? Has disease struck your crop and you’re not sure if you are going to earn enough money to pay the bills? These are problems all too real for those producing our nation’s food. If you need money for equipment repairs, to cover a temporary low in income, or for almost any other reason, then our Loan Discovery Program can help you find the financing you need to get your farm up and running again and keep your family secure during the rough times.
Loans Now helps people in need obtain the best unsecured personal loan for their situation. We do not use payday or title loans for this reason — these do not fix the issues you are faced with, they exasperate them. Instead, our network of lenders offers low-interest rates with terms that range from three years to seven years, giving you the time to recover from the issues that are setting you back. With more time to pay back the borrowed amount and rates that do not keep you entrapped in a cycle of debt, you can breathe a sigh of relief and focus on what really matters.
Unsecured Loans for People with Bad or No Credit
Loans for people with bad credit are not a problem. In fact, we encourage those individuals with bad credit to work with us, so we can help get you started on the road to financial stability. Our lenders can provide options for any credit situation, including those with credit scores as low as 450. Check your credit score to determine if we can help you (considering only 1% of people have scores lower than this, you should be able to take advantage of our service). Asking you to check your own credit score and insert it into the Loan Discovery Questionnaire is beneficial to you in several ways:
- Pulling your own credit score is usually free
- Allows us to find financing options without initially affecting your credit score
- Prevents us from having to charge a fee for the credit check
- Prepares you to take additional action to clean up your credit history
- Surprises you to see that your score is not as low as you thought it was (a big self-esteem booster!)
Young ranchers and farmers are likely to encounter setbacks. When they do, they may find that their lack of credit can prevent them from obtaining credit to get through the setback. It’s a double standard, but not one to stress over. We explain How it Works here to demonstrate how even people with no credit can obtain an unsecured personal loan from Loans Now. We can find solutions for you when others will not!
Iowa is often ranked #1 in the nation among all 50 states in the rankings for Best State. It’s hard to imagine that a state with so much farming and livestock can rank at the top, but it does. So, in a state with high ranking health care, education, and infrastructure (it actually ranks #1 in Internet access!), what is the major issue facing Iowans? Well, with so much of the landscape covered in crops, a particularly strong storm or tornado could wipe out entire yields and fields, wiping out people’s livelihood. With so much food destroyed or lost in the destruction, the ability to pay ongoing bills will be difficult. It will be even worse trying to find the money to rebuild. A personal loan can help the family and farm recover after a storm.
Iowa also faces another economic issue. There is little business investment being done in the state. Its undeveloped space is primarily used for farming; there are few large cities in the state. This means that there is plenty of opportunity for entrepreneurs interested in starting a small business in one of the scattered towns and communities. The people of Iowa have needs just like anywhere else, and they are probably having to import those needs into the state. Filling those needs could be one way Loans Now can help.
Iowa Laws and Regulations for Bad Credit Personal Loans
According to Iowa law, it is unlawful for a lender to charge an amount of interest higher than the usury rate. This rate is determined by the Superintendent of Banking each month based on a formula described in § 535.2 of the Iowa Code. This rate allows the state to adjust its interest rates for inflation but allow local lenders to compete with national banks. The Iowa Code sets the interest rate for any loan that is not otherwise stated in writing at a 5% annual rate. If someone borrows from a friend, family member, or someone else not usually involved in the money lending business, then this is the rate that person is legally required to pay back to the lender. Any loan over $25,000 is exempt from the maximum rate and is determined between the parties involved.
The law also establishes that any business found committing usury can have all interest removed for the duration of the loan period as well as have eight percent of the remaining balance forfeited. This means that any lender charging anything over the legal rate at the time the loan was executed will lose a lot of money for their attempt at gaining more than they were allowed to collect.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
Iowa Personal Loan for Bad Credit Lending Regulator
The Iowa Division of Banking is responsible for the monitoring of consumer lenders in the state. Licenses are issued from this department to lenders seeking to do business in Iowa. In this capacity, the department also has the duty to investigate usurious practices in the consumer financing industry.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K