Payday Loans in Indiana (IN)

Looking for a payday loan in Indiana? Make sure you know the laws before applying!

Short term loans are available all over the world and the United States is no exception from this.
When the unexpected happens a payday loan can be a huge help. Keep in mind however that these loans usually have huge interest rates. This type of loan has been banner in some states but not in Indiana. So if you need a quick in between salary loan you can find it here.

Nationwide Payday Loans. Fast, easy and safe. Instant approval online.

Apply Now

paday loans Indiana

What are the payday loan laws and regulations in Indiana?

Payday loans are legal in Indiana and they are governed by the Indiana Code Ann. 24-4-4.5-7-101 ET Seq. law. This law predefines a couple of regulations in connection with the payday loan and other quick fix sort of cash loans. Let’s get to see some of these basic regulations.

  • The maximum amount of Payday loan should be USD 550 or max. 20% of the borrower’s monthly income. It’s the lesser amount that applies out of the two.
  • The maximum term of payday loan: no maximum term specified
  • The minimum term of payday loan: 14 days
  • APR: 390% – e.g. USD 100 for a 14 day period would be USD 390 to pay back

How much can you be charged by a payday lender in {Indiana}?

According to the Indiana laws the charge that applies for the borrowed sum depends on the exact sum borrowed. For example:

  • Borrowed sum is between USD 50 and USD 250 – the charge is 15%
  • Borrowed sum is between USD 251 and USD 400 – the charge is 13% of all amount that’s above USD 250. This means if USD 300 is borrowed you pay 15% for USD 250 and 13% for the remaining USD 50.
  • Borrowed sum is between USD 401 and USD 500 – the charge is 10% with the same system applying than outlined above. This system was designed to prevent lenders from charging sky high interest rates.

In addition the lender can charge a separate USD 25 as an NSF (Non-Sufficient Funds) fee

Your rights as a lender in IN

Lenders will need your personal information, Social Security number, a proof of having a proper job, a proof that you are above 18 years of age and that you are a legal US citizen.

All lenders need to hold a legal authorized license to be able to offer payday loans officially. Although online payday loan sites are regular we would advise everyone not to consider these as there is no sufficient information on those businesses being legal in any ways. All borrowers are highly advised to look for other options to be able to pay any short term loan back in time. Borrowers residing in Indiana are advised to deal with Indiana based companies whose license and credentials can be checked back. As interests are not regulated check out more companies and choose the one that can offer better conditions.