Iowa Legal Aid provides help to low-income Iowans

Iowa Legal Aid provides help to low-income Iowans

Many Iowans, including elderly Iowans, are relying on «Payday» loans to help make ends meet. (Sometimes these loans are called «Cash Advance Loans», «Check Advance Loans»or «Delayed Deposit Checks») Lenders make these loans to people who need cash before payday (or social security deposit day) to pay rent, buy food or meet some other need. Unfortunately, many Iowans are not aware of the cost of a Payday loan. As one person put it, «It can be like working 5 days, but only getting paid for 4!»

In a Payday loan, the lender gives you cash. In exchange, you give the lender a personal check or permission to automatically withdraw money from your bank account. The lender gets to cash your check or withdraw funds from your bank at some future date, usually your next payday.

The problem with Payday loans is their high cost. The cash you receive from the lender is usually a lot less than the amount of the check or the withdrawal. For example, a lender may give you $200 in cash in exchange for your $225 check that the lender will cash in two weeks. In this case, the interest and charges would be $25 and the annual rate of interest would be a shocking 325%! This is an interest rate that few can afford, especially lower income Iowans who live from one paycheck or social security check to the next. Here is another example: if you got a $200 Payday loan every 2 weeks, you would pay $650 in interest and fees over a one year period. If you instead borrowed $200 from a bank at 12% for the same one year period, you would only pay $24 in interest!

Iowa law places limits on fees that may be charged on payday loans. In addition, both state and federal law require the lender’s charges, including the Annual Percentage Rate, to be clearly disclosed. Thus, in the example above, you would have to be informed in writing that the interest rate was a whopping 325% on an annual basis. These disclosure laws help Iowans better understand just how expensive «Payday» loans really are.

If you have emergency cash needs, you can save by working with a local credit union or community bank. Many banks and credit unions have small loan or overdraft protection services to help with short term money needs. You can also try talking with your creditor or landlord to try to work out a payment plan or other arrangement.

If you have questions concerning these or other legal issues involving Iowans over 60, please contact the Legal Hotline for Older Iowans.

If Iowa Legal Aid cannot help, look for an attorney on Find A Lawyer. A private attorney there can talk with you for a fee of $25 for 30 minutes of legal advice.

Same Day Cash Loans

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Same day cash loans are a popular type of online personal loan that can be accessed quickly and conveniently. They typically are up to $50,000, and often have a repayment period of several months or years. Lenders use technology and innovation to simplify the lending process, allowing borrowers to access their cash completely online.

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At MyOzMoney, we’re serious about your money. Thanks to our proprietary cash lending solution, we can provide you with same day funds. We partner with Proviso to speed up the verification of statements through cutting edge financial technology. That saves you time and money exactly what you need.

Your security and privacy are also extremely important to us. This is why we use SSL security encryption on our website to protect your information. We also digitally scan your bank statements so MyOzMoney and Proviso staff cannot see your confidential information.

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We’ve made applying for same day cash loans easy. We’ve simplified and automated the process so it can all be done electronically. The loan online application form only asks the most relevant questions: your personal information as well as your regular income and expenses. This helps us assess whether you’re a suitable candidate for a small cash loan and will be comfortable making the loan repayments.

We also check your bank statement electronically to verify your information. If you’re approved, you’ll receive a confirmation within minutes and the cash can be transferred right away. If you have a Commonwealth Bank account, you’ll receive the cash loan on the same day. With other financial institutions, it could take a little longer but never usually over a business day.

Good credit

If you are fully employed and receive a regular income, then you’re likely to be approved quickly for same day cash loans. If your situation differs from this scenario, it can take longer to receive same day approval of your loan. But this is because responsible lenders, such as MyOzMoney, are committed to checking that you can meet your obligations comfortably given your current financial situation.

The more information you can provide that you’re good with finances, the quicker MyOzMoney can approve same day loans, and the sooner you’ll be able to receive your money. Apply by clicking on the Quick Start to find out if you’re eligible now.

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