Getting a payday loan in Indiana can be easy – but you need to know of all the relevant rules and regulations to understand what you can and can’t get. Here’s what you need to know.
Indiana is the 38th-largest state in the US by area and its 16th most populous. In 2000, the state’s workforce exceeded the three million mark. It has several metropolitan areas with populations in excess of 100,000 as well as various smaller cities and towns. In 2012, its total gross state product was $298 billion.
The state’s economy depends heavily on manufacturing for industries including steel production, automobiles, medical devices, pharmaceuticals, chemicals, transportation equipment, electrical equipment, and rubber.
Indiana residents looking for payday loans have numerous options to choose from.
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 upon 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!
A selection of loans you can apply for
Are payday loans legal in Indiana?
Yes, payday loans in Indiana are completely legal. As with other states where payday loans are legal, state regulations (Indiana Code Ann. 24-4-4.5-7-101 et seq. ) control how payday lenders operate. Payday lenders in Indiana cannot lend more than $550, and the amount loaned cannot exceed 20% of the borrower’s income. State regulations also require a minimum loan term of 14 days for payday loans.
If you, as a borrower, wish to report an irregularity or file a complaint about a payday lender you can get in touch with the Indiana Department of Financial Institutions.
Why should you consider taking out an Indiana payday loan?
Residents of Indiana look for payday loans in Yellow Pages and online, and not without reason. As an Indiana resident, here’s why you might consider a payday loan, also referred to as a cash advance:
- They have a quick application process. A payday loan in Indiana can give you fast access to much-needed money. If you apply at a payday loan store in Indiana you can get your money as soon as the lender approves your application. If you apply online, you can expect to get the approved funds by the following business day.
- You can use the money for any purpose. You can use the funds from a payday loan for just about any reason. You can use funds from a payday loan to travel, to pay medical bills, to repair your car or for any other worthwhile purpose.
- You don’t need to put up any collateral. Payday loans are unsecured, so you don’t have to worry about providing any collateral to secure your loan.
- A poor credit score is okay. If you have a bad credit history you can still consider applying for a payday loan in Indiana. Providers of payday loans also take your existing financial situation and ability to repay into account.
What fees and charges do Indiana payday loans come with?
Indiana state payday laws set the fees and charges for payday loans. These are the basic rules:
- Finance rate and fees. The maximum finance rate for the first $250 is limited to a maximum of 15%. For amounts between $251 and $400 the finance rate is limited to 13%, and for amounts between $400 and $500 lenders can charge a maximum rate of 10%. The annual percentage rate (APR) of a 14-day $100 payday loan is limited to 390%.
- Collection fees: Your lender can charge a single non-sufficient funds (NSF) fee of $25. You may have to pay additional charges if you use a check or debit authorization fraudulently.
- Rollover fee. You cannot renew, refinance, or consolidate an Indiana payday loan, so there are no rollover fees.
How can I apply for an Indiana payday loan?
You can apply for a cash advance in Indiana at a storefront or online. In either case, you must meet some basic eligibility criteria:
- You are an American citizen or permanent resident of the US
- You are at least 18 years old
- You have a consistent source of income
Completing your Indiana payday loan application successfully requires you to provide the following information:
- Your name, home address, email address, and phone number
- Your social security number and a valid form of ID such as your passport or driver’s license
- Details about your employment, income, and expenses
- If applying online, details of your bank account
Important information about payday loans
While payday loans can be beneficial for many people, they aren’t always the best option for everyone. Follow the link for more information.
Have any more questions about Indiana payday loans?
How many payday loans can I take at the same time?
In Indiana, you cannot take more than one payday loan from any one provider at one time, and you cannot hold more than two payday loans concurrently.
Is there any cooling-off period requirement for payday loans in Indiana?
Yes, there is. A seven days cooling-off period applies after six consecutive loans.
Can I get on a payment plan if I get a cash advance in Indiana?
If you take three consecutive loans your lender should offer you an extended payment plan which includes a minimum of four installments without charging any extra fees. (This isn’t the same as a standard installment loan.)