Before you borrow, be sure you know the complex laws of your state.
Payday lending can be a complicated process, especially if you aren’t sure exactly how much a lender can charge. When you’re ready to visit a payday lender in Indianapolis or go online, consider all the details so you know you’re getting the best deal.
Can I get a payday loan in Indianapolis, Indiana?
Yes, payday loans are legal in Indianapolis and throughout Indiana. You can borrow up to $550 or 20% of your gross monthly income, whichever is less. Loan terms must last at least 14 days, and the total financing fee a lender can charge depends on how much you borrow.
- $50 to $250. 15%
- $251 to $400. 13%
- $401 to $500. 10%
These charges stack. For instance, if you want to borrow a loan of $300, the first $250 will be charged a financing fee of 15%, and the remaining $50 will be charged at 13%. This brings your total to $51.50 in fees.
If you want to borrow $450, the first $250 will be charged at 15%, the next $150 will be charged at 13% and the remaining $50 will be charged at 10%. Your total fees then would be $69.50.
All lenders are required to outline the total cost of your loan, so check your contract carefully to see how much you’ll end up paying back on the due date. If you don’t have the money to repay your loan on its due date, you may be required to pay a non-sufficient funds (NSF) fee of $25 — after the lender debits your bank account up to three times.
Compare online lenders available in Indianapolis
What do I need to apply?
All lenders have different eligibility criteria, but you’ll usually have to be a US citizen or permanent resident, have a regular source of income and be at least 18 years old.
When you decide on a lender, either from the table above or by visiting a local store, you’ll need to be prepared to submit some personal information. This includes your name, Social Security number and current employment information. Lenders will also likely want to know your gross monthly income and if you have an operational checking account.
Where to find short-term loan locations in Indianapolis
Short-term loan locations near me in Indianapolis, IN
- Check into Cash. 3502 W 86th St, Indianapolis, IN 46268
- A-1 Cash Advance. 8504 E Washington St, Indianapolis, IN 46219
- Check Cash. 9940 Pendleton Pike Suite A, Indianapolis, IN 46236
Must read: Be cautious of short terms
Indiana law states that a payday loan must be at least 14 days long — but that’s not much time to repay a loan, especially if you need to borrow a large amount. And while there are safety nets if you can’t repay your loan, you could still wrack up multiple fees that make borrowing even more expensive.
If you’re not sure you’ll be able to pay back your loan that quickly, request a longer loan term or look into installment loans instead. And of course, you may also want to consider your short-term loan alternatives if you don’t find a loan that suits your needs.
Indianapolis has a variety of lenders to choose from when you’re looking for a payday loan. But with Indiana’s complex regulations, you’ll want to make sure your know the laws thoroughly before you borrow.
Once you’re ready to apply, you can browse our payday loans guide to find a lender that might suit you.