- Payday loans in Algona follow Iowa law (Iowa delayed deposit services law (Iowa Code ch. 533D)).
- Borrowing $300 at the state maximum costs $35 on a $300 check.
- The nearest larger city is Mason, about 52 miles away.
Algona at a glance
| Algona | |
|---|---|
| Population (2024 Census estimate) | 5,341 |
| Change since 2020 | -2.4% (shrinking) |
| County | Kossuth County |
| Size rank among 609 Iowa places we cover | 79th |
| Nearest larger city | Mason (about 52 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Other towns within 25 miles | 20 (about 18,118 residents) |
| Typical payday APR statewide (CRL 2023) | 247% |
There is no separate Algona payday law: Iowa rules apply here, and any lender serving Algona residents, online or in person, needs a license from the Iowa Division of Banking.
Credit unions near Algona
NCUA data (June 2026) shows no credit union headquartered in Algona or Kossuth County. Many credit unions have branches in other towns or accept members online. Use the NCUA’s Credit Union Locator to find one near you.
Only federal credit unions can offer payday alternative loans (PALs), capped at 28% APR; state-chartered credit unions often have their own small-loan products. Membership rules apply, and only main offices are listed here; find branches near you with the NCUA Credit Union Locator. See how PALs work.
Payday loan rules that apply in Algona
In short, Iowa rules that cover Algona include: maximum: checks totaling $500 or less, including fees; maximum fee: $15 on the first $100, $10 on each additional $100; loan term: up to 31 days. See the full Iowa payday loan rules.
What a $300 loan costs in Algona
At Iowa’s maximum fee, borrowing $300 costs $35 on a $300 check. Statewide, the typical APR on a $400 payday loan was 247% (Center for Responsible Lending, June 2023). Check any offer with our payday loan calculator.
Other help in Kossuth County before you borrow
Before a payday loan, Algona residents can usually find something cheaper:
- Local assistance through 211 covering Kossuth County.
- A credit union payday alternative loan (max 28% APR). See PALs explained.
- Your bank’s small-dollar loan, if offered (compare banks).
- A cash advance app for $20–$500 (apps compared).
Towns near Algona
The nearest larger city is Mason, about 52 miles away. See all 609 Iowa cities.
Need cash before payday?Send one free request to our lender network. We are not a lender; offers and rates come from lenders.
Request a loanFrequently asked questions
Are payday loans legal in Algona?
Yes. Payday loans are legal in Algona under Iowa state law, and lenders must be licensed by the Iowa Division of Banking.
How much does a payday loan cost in Algona?
At Iowa’s maximum fee, borrowing $300 costs $35 on a $300 check. The typical statewide APR was 247% in 2023.
Where is the nearest credit union to Algona?
NCUA data shows no credit union headquartered in Algona or its county. Use the NCUA credit union locator to find branches and online credit unions.
Sources
- U.S. Census Bureau — City and town population totals, Vintage 2024
- U.S. Census Bureau — 2024 Gazetteer files (place locations)
- NCUA — Credit union call report data, June 2026 (FOICU)
- Iowa Division of Banking — Delayed deposit services history
- Iowa Administrative Code ch. 17 — Delayed deposit services
- Center for Responsible Lending — Red Alert Rates: APRs on $400 single-payment payday loans (June 2023)
- CDFI Fund — NCUA payday alternative loans summary