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Indiana Payday Loans Laws
Are you a resident of Indiana and are considering taking out a payday loan? This article will explain how payday lenders operate in this State.
Payday lenders are monitored by the Indiana Department of Financial Institutions. This is where you can file a complaint or report an irregularity about a cash advance lender.
Payday lending business is legal in the state although it is governed by certain rules. The first is that lenders cannot give out more than $550. The loan amount should not be more than 20% of the borrower’s income and a loan term cannot exceed 14 days.
The Advantages of Online Indiana Loans
Advantages of Taking Out An Indiana Payday Loan
- Quick application process; cash advances are best used to handle emergencies and to push you through rough times. The quick application process makes Indiana cash advances a good option when you need fast cash;
- No collateral needed; you do not have to worry about providing security against your loan and risk losing your asset in case you fail to pay;
- You choose on how to use the money; a lender will not demand to know how you intend on spending the loan. You can use it for travel, to pay medical bills or for higher education.
- No credit check; bad credit is OK since lenders will just check your current financial situation and ability to pay on time. You can get a payday loan with bad credit score.
Indiana Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 391% |
| Max. Loan Amount | $550 |
| Min. Loan Term | 14 days |
| Max. Loan Term | Not specified |
| Number of Rollovers | 0 |
| Statute of Limitations | 6 years (from the last payment) |
| Database Tracking | Yes |
How can I apply for an Indiana payday loan?
- Be at least 18 years of age;
- Be a US citizen;
- Have a regular source of income;
- Provide details about your employment and income;
- Details of your existing checking account.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
What Are The Costs of Loans in Indiana?
The maximum rate a lender can charge for the first $250 is limited to 15%. For loan amounts ranging between $251 and $400, the finance rate is 13%. Higher amounts between $400 and $500, a lender can charge a maximum rate of 10%.
A single nonsufficient funds fee (NSF) of $25 can be charged as collection fees if you fail to repay on the due date. Additional charges may be incurred if you intentionally use an obsolete check.
There are no rollover fees since Indiana installment loans laws prohibit the review or refinancing of a loan.
Why Compare Personal Loans at Financer.com
Compare Indiana Loans at Financer.com
Financer.com helps you compare the best personal loans in Indiana and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Indiana and take the guesswork out of doing all the legwork yourself.
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Loans in Indiana - FAQs
How much can I borrow with a payday loan in Indiana?
Are payday loans legal in Indiana?
Yes, payday loans are allowed in Indiana however there are laws that all payday lenders need to follow.
Are there direct payday lenders in Indiana?
Yes, there are direct lenders that offer personal and payday loans in the state of Indiana.
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