- Payday loans in Cambridge 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 Ames, about 10 miles away.
Cambridge at a glance
| Cambridge | |
|---|---|
| Population (2024 Census estimate) | 844 |
| Change since 2020 | +1.1% (growing) |
| County | Story County |
| Size rank among 609 Iowa places we cover | 322nd |
| Nearest larger city | Ames (about 10 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Credit unions headquartered in Story County | 2 |
| Other towns within 25 miles | 38 (about 576,369 residents) |
| Typical payday APR statewide (CRL 2023) | 247% |
There is no separate Cambridge payday law: Iowa rules apply here, and any lender serving Cambridge residents, online or in person, needs a license from the Iowa Division of Banking.
Credit unions near Cambridge
No credit union has its main office in Cambridge, but these are based elsewhere in Story County (NCUA, June 2026):
- River Valley Credit Union in Ames (state charter)
- Greater Iowa Credit Union in Ames (state charter)
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 Cambridge
In short, Iowa rules that cover Cambridge 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 Cambridge
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 Story County before you borrow
Before a payday loan, Cambridge residents can usually find something cheaper:
- Local assistance through 211 covering Story 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 Cambridge
The nearest larger city is Ames, about 10 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 Cambridge?
Yes. Payday loans are legal in Cambridge under Iowa state law, and lenders must be licensed by the Iowa Division of Banking.
How much does a payday loan cost in Cambridge?
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 Cambridge?
No credit union is headquartered in Cambridge, but River Valley Credit Union is based in Ames, also in Story County.
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