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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.