If you’re in need of a payday loan, be sure you know the laws beforey you apply
There are times in life where you might need a loan to get you through an emergency. In Indiana, you’ll be able to borrow up to $550, but first you’ll need to know the regulations lenders must follow so you can avoid falling into a debt cycle.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
Can I get a payday loan in Indiana?
Yes, payday loans are legal in Indiana and are goverened by Indiana Code Ann. 24-4-4.5-7-101 et seq.
- Maximum Loan Amount: $550 or 20% of your gross monthly income, whichever is less
- Minimum Loan Term: 14 days
- Maximum Loan Term: None
- APR: 14-day $100 loan is 390%
Indiana law does allow for financing charges for specific loan amounts. These charges stack deending on how much you borrow based on the percentage rates listed below.
- $50 to $250. 15%
- $251 to $400. 13%
- $401 to $500. 10%
These percentages apply separately to the amounts you borrow. If you take out $300, the first $250 will be charged a 15% interest rate and the remaining $50 will be charged a 13% rate, and so on. This is to prevent lenders from charging high fees for borrowing money.
Lenders may charge a $25 non-sufficient funds (NSF) fee. You can pay this via check or a lender may attempt to debit your checking account up to three times.
A selection of loans you can apply for
Check the websites of any providers you’re interested in to confirm they operate in Indiana.
What will I need to apply?
Eligibility criteria varies between lenders, but you will need to be at least 18 years old, a US citizen or permanent resident and have a regular source of income before applying.
Lenders may need your Social Security number and details about your employment/income in order to process your application. If you apply online, lenders usually need access to your checking account in order to deposit your loan and debit your payments.
Other alternatives to consider
A payday loan can be a good way to cover the gaps in your budget when an emergency crops up, but because these are high-cost loans, you’ll need to have a solid plan of repayment before you apply. If you have trouble paying for your energy or food costs, you should contact the Low Income Energy Assistance Program or the Community Harvest Food Bank. More information on these and other alternatives can be found here.