Have unexpected expenses but payday is still a few days away? If you have an unanticipated expense and you need money now, EZ Money in Des Moines, IA has payday advances, cash services, and other loan options that can help.
With our quick-and-easy payday loans and other loan services, your financial needs can be taken care of with little wait time—your local Des Moines payday advance lender, EZ Money, is ready to offer the best financial advice for your situation.
If you’re considering taking out a loan in Des Moines, Iowa, you’ve come to the right place. In this comprehensive guide, we’ll explain all the key things to know about loans in Des Moines so you can make an informed decision.
Overview of Loans in Des Moines
Des Moines residents have various loan options to choose from The most common types of loans available in the city include
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Personal loans – Unsecured loans that can be used for almost any purpose. Offered by banks, credit unions, and online lenders.
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Mortgage loans – Long-term loans for buying a house. Offered by banks, credit unions, mortgage companies.
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Auto loans – Loans for purchasing a new or used car Offered by banks, credit unions, car dealerships
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Student loans – Loans to pay for college tuition and other education expenses. Offered by federal government and private lenders.
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Business loans – Financing for small businesses. Offered by banks, credit unions, alternative and online lenders.
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Payday loans – Short-term, high-interest loans to tide borrowers over until their next paycheck. Offered by payday lenders.
Des Moines residents have many options when it comes to finding a lender for a loan. Banks, credit unions, online lenders, payday lenders and more all offer loans in the city.
Interest Rates on Loans in Des Moines
Interest rates can vary significantly depending on the type of loan you take out in Des Moines:
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Personal loans – Interest rates start as low as 7% at some credit unions and banks but can range from 10-36% with online lenders. Your credit score is a key factor.
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Mortgages – Interest rates for home loans currently average around 7% for a 30-year fixed-rate loan. Excellent credit can qualify you for rates in the 3-4% range.
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Auto loans – Expect rates from 4-10% from banks and credit unions. Dealerships often offer 0% financing promotions but charge higher rates otherwise.
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Student loans – Federal student loan rates for undergrads are set at 4.99% as of 2022-23. Private student loans can range from 3-13% depending on your credit.
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Business loans – Small business loan rates through big banks start around 7-10%. Online lenders may offer rates as low as 4-6% for borrowers with good credit.
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Payday loans – Payday lenders in Des Moines typically charge interest rates of 300-500% APR.
As you can see, interest rates can really vary based on your credit, the lender, and loan type. Make sure to shop around for the best rate!
Average Loan Amounts in Des Moines
Des Moines residents take out loans in varying amounts depending on their needs and qualifications:
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The average personal loan amount is $15,314 in Iowa.
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The median home price is $235,000 in Des Moines, so mortgage loans would be around this amount for home buyers.
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Data shows the average new car loan amount is $36,352 in Iowa as of 2022. Used car loans would be lower depending on the vehicle value.
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Iowa undergraduates take out an average of $31,633 in student loans according to 2022 statistics.
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Small business loan amounts can range from $5,000 to over $500,000 through the SBA. Average amounts depend on factors like revenue and time in business.
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Payday loan amounts are much smaller, usually $500 or less per loan.
Requirements for Getting a Loan in Des Moines
To qualify for most loans in Des Moines, there are some basic requirements you’ll need to meet:
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A good credit score – Each lender has minimum score requirements, but scores of 670+ will qualify for the best rates on most loans.
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Stable income – Lenders want to see consistent income so you can reliably make the monthly payments. Pay stubs or tax returns may be required to verify income.
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Low debt-to-income ratio – Your total monthly debt payments compared to your gross monthly income should be less than 50% for approval on many loans.
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Collateral for secured loans – Home and auto loans require the purchased asset as collateral that can be repossessed if you default.
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Co-signers – Applicants with poor credit or income may need a co-signer with good credit/income to qualify and get better rates.
Meeting these requirements will go a long way in helping you get approved and find the best loan rates in Des Moines.
Top Places to Get Loans in Des Moines
There are many great options when it comes to lenders for loans in Des Moines:
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Banks – Wells Fargo, Bank of America, U.S. Bank and many more national and local banks offer branch locations throughout Des Moines.
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Credit unions – Veridian Credit Union, Collins Community Credit Union, and Dupaco Community Credit Union are highly rated local options.
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Online lenders – Upstart, Lightstream, and SoFi are popular online lenders with quick approvals and funding.
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Mortgage companies – Veterans United, Fairway Independent Mortgage, and Bank of the West are top rated for Des Moines home loans.
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Dealerships – Car dealers like Toyota Financial Services and GM Financial offer on-site auto financing.
I recommend researching multiple lenders to compare loan offers. Local banks and credit unions are often the best options for great rates and member benefits.
Tips for Finding the Best Loan in Des Moines
Follow these tips when shopping for a loan in Des Moines to make sure you get the best deal:
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Check your credit reports and scores so you know where you stand before applying.
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Compare offers from at least 3 lenders. Look at all the costs – not just interest rates.
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Ask about discounts for auto-pay, existing accounts, credit scores, etc.
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Choose shorter loan terms if possible to pay less interest over time.
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Read all the fine print so you understand fees, penalties, and other terms before signing.
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Avoid payday and car title loans that charge excessively high interest rates.
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Ask the lender questions if you don’t understand any part of their offer.
Taking your time to research options will pay off with significant savings over the life of your loan in Des Moines!
Common Questions about Loans in Des Moines
What is the average credit score in Des Moines?
The average credit score in Des Moines is 707, which is slightly higher than the national average. A score in the Very Good range.
What is the lowest credit score for a personal loan in Des Moines?
Many lenders require a minimum score around 600. But new lenders like Upstart approve loans with scores around 550, making loans accessible to more borrowers.
Should I take out a payday loan in Des Moines?
We strongly advise against payday loans which are risky due to astronomically high rates up to 500% APR or more. They should only be a very last resort if you have no other options.
What is the fastest way to get loan funds?
Online lenders like Lightstream and Upstart deliver funds as soon as the next business day after approval. Much faster than waiting weeks for approval with a traditional bank.
Where can I get a personal loan with bad credit in Des Moines?
Reputable lenders like OneMain Financial and Avant specialize in bad credit loans for borrowers with scores as low as 580. Rates will be higher but they make approval attainable.
The Bottom Line
As you can see, Des Moines, Iowa provides residents with numerous options for all types of loans. By understanding interest rates, loan requirements, and where to find the best lenders, you can feel confident taking out financing for your needs. Just be sure to compare multiple loan offers and read the fine print before committing. With the right knowledge, you can secure the ideal loan in Des Moines for your unique situation.
YOUR ONE-STOP-SHOP FOR FINANCIAL SERVICES:
When you’re not set up for direct deposit through your employer, it can sometimes be a challenge to get your check cashed. At EZ Money, we work around your busy schedule to make it convenient for you by staying open later than most banks. Plus, our check cashing service is fast, easy, and reliable.
TURN YOUR GIFT CARDS INTO CASH
Not excited about the gift card you received for your birthday? Exchange it for cash at EZ Money! Come into any EZ Money location to swap your unused or unwanted gift cards for quick cash. It’s a simple process—bring in your old gift cards, and we will evaluate them to give you a fair price!