Getting a payday loan in Indiana can be easy – but you need to know all of the relevant rules and regulations to understand what you can and can’t get.
Payday loans, also called short term loans, may be an option when you’re short on cash between paydays. Indiana residents looking for payday loans have numerous options to choose from, and this guide will help navigate the ins and outs of payday lending.
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!
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.
A selection of loans you can apply for
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
- If the provider quotes a different rate to the one above please let us know
Why should you consider taking out an Indiana payday loan?
As an Indiana resident, here’s why you might consider a payday loan, also referred to as a cash advance:
- Quick application process. A payday loan in Indiana can give you fast access to much-needed money. If you apply at a storefront 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.
- Use the money anyway you need. You can use the funds from a payday loan for just about any reason: travel, pay medical bills, repair your car or any other legitimate purpose.
- No collateral needed. Payday loans are unsecured, so you don’t have to worry about providing any collateral to secure your loan.
- Apply with poor credit. 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 should be at least 18 years of age
- You should be an American citizen or a permanent resident of the US
- You should have a regular source of income
To complete your application successfully, prepare to submit some basic information:
- Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Important information about payday loans
While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.
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.)