Home > Payday Loans Indiana

Payday Loans Indiana

Indiana State – Payday Loans Information

Payday loans Indiana are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal

Loan Terms:

Maximum Loan Amount: $550 (not to exceed 20% of borrower’s monthly gross income)

Loan Term: Min: 14 days

Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500

Finance Charge for 14-day $100 loan: $15

APR for 14-day $100 loan: 390%

Debt Limits:

Maximum Number of Outstanding Loans at One Time: One per lender; Two total

Rollovers Permitted: None (cannot renew, repay, refinance or consolidate)

Cooling-off Period: 7 days after 6 consecutive loans

Repayment Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments over at least 60 days at no additional cost

Collection Limits:

Collection Fees: One $25 NSF fee. May present check or attempt to debit account up to three times.

Criminal Action: Prohibited

Call for Cash: +1 (855) 462-5019

State Regulator

Get matched with direct lender Apply Now!