If you're running short on cash until next payday, taking out a cash advance in Des Moines can save you from late fees, overdrafts at the bank, or the embarrassment of a shutoff notice or eviction notice taped to your door. While a personal loan from a credit union or bank is usually a long and tedious process, a payday loan can tide you over until your next paycheck and allow you to handle an emergency with your budget and dignity intact.
If you do decide to apply for a payday loan, be sure to compute a financial plan that will allow you to recover from the reduction in your next paycheck. You will need to take along your checkbook, a current photo ID, your most recent paystub, and your last bank statement proving that your checking account is open and active. Thus armed, be sure that you find a cash advance in Des Moines that meets your needs and plan accordingly.
Once you are approved, you will be given cash. You'll need to write a check for the full amount of the loan, including the fees and interest. The lender will then deposit the check on the agreed-upon payoff date to retire the loan. If for any reason you think you may not be able to meet the repayment, be sure to contact your lender immediately to make a payment arrangement. If the check bounces, you will be assessed fees from both the lender and your bank.
The laws concerning payday loans are drafted by the state in which they are issues. The state of Iowa places limits on the maximum amount, the term, and the associated fees that can be charged. For example, when taking out a cash advance in Des Moines, you may only borrow $500. If you need more than that to meet your needs, you will need to apply for a traditional personal loan from a bank or credit union.
Iowa state law also stipulates the fee structure of the payday loan cannot exceed $15 for the first $100 borrowed and $10 for every hundred thereafter. These fees are capped in order to avoid usurious charges and protect the borrower. However, be aware that the lender is permitted to charge a $15 non-sufficient funds fee if your check is returned for nonpayment from your bank.
It's also important that you use a cash advance as a temporary measure to handle an emergency. If you find yourself borrowing too frequently or struggling to retire your payday loans, you should seek the services of a certified financial planner. They can help you formulate a budget and get on track. However, if you're using a cash advance in Des Moines jut for the occasional emergency, you can feel more confident when an unexpected expense comes your way.