Payday loans in Indiana | finder.com
Indiana Payday Loans

Compare your loan options in Indiana

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Be sure you know the laws before 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.

Our top pick: OppLoans Installment Loans

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
  • Easy online application
  • Quick approval
  • Fast funding
  • Long repayment terms

Our top pick: OppLoans Installment Loans

Comes with the option to change your due date so you won’t fall behind on repayments.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $5,000
  • Turnaround Time: 1 business day
  • Loan Term: 9 to 36 months
  • Requirements: Direct deposit, meet minimum income requirements
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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.

Four main guidelines lenders in Indiana must abide by:

  • 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%

Compare payday loans available in Indiana

Check the websites of any providers you’re interested in to confirm they operate in Indiana.

Updated June 15th, 2019
Name Product Filter Values Max. Loan Amount Turnaround Time Requirements
$5,000
1 business day
Direct deposit, meet minimum income requirements
Comes with the option to change your due date so you won’t fall behind on repayments.
$2,600
1 to 2 business days
Active checking account, regular source of income, email address
Get access to tools to help you plan a career move, make some extra cash or search for a better-paying job.
$50,000
1 business day
Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
Get a flexible installment loan with fast funding through one easy online application form.
$35,000
As soon as the next business day
Regular source of income, verifiable bank account, US citizen, ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
$15,000
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
$10,000
As early as 1 business day
$1,000+ monthly income after taxes, valid checking account
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
Varies by state
1 business day
Regular source of income, bank account, US citizen or permanent resident, ages 18+
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Compare up to 4 providers

Costs to consider

Indiana law does allow for financing charges for specific loan amounts. These charges stack depending on how much you borrow based on the percentage rates listed below:

  • $50 to $250: 15% of loan amount
  • $251 to $400: 13% of loan amount
  • $401 to $500: 10% of loan amount

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 extremely high fees for borrowing money.

Lenders may charge a $25 non-sufficient funds (NSF) fee if they unsuccessfully attempt to withdraw funds from your bank account. You can pay this fee via check or a lender may attempt to debit your checking account up to three times.

New regulations in the future

SB-245, which would have raised the minimum amount available to borrow, didn’t pass into the Indiana Senate meetings.

Most recently, SB-325 proposed to create a new provision which would allow lenders to extend loans between $605 and $1,500 to borrowers. These loans would have lasted between three to twelve months and would have had interest rates as high as 222%. Borrowers would have been unable to take out more than one extended payday loan at a time, and lenders could only charge payments less than 20% of a borrower’s gross monthly income. However, this bill wasn’t seen by the senate and won’t be put in place in the near future.

Although payday loans are high-cost alternatives to regular loans, they do provide help specifically to people with bad credit. If you think there could be improvements — like lower interest rates — contact your local representative and speak your mind.

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.

3 alternatives to payday loans in Indiana

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.

  • Local government assistance. 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.
  • Credit card cash advance. You could withdraw cash from your existing credit card‘s limit. When you withdraw cash from your credit card at an ATM, you’ll be notified of the cash advance fee at that time. It’ll likely be costly, but may be less than the cost of a payday loan.
  • Make extra money on the side. Consider a side gig like driving for Uber or taking surveys online to make some extra cash during your spare hours. Although it might not have as high of an hourly rate as your main job, it could provide you with enough funds to avoid a payday loan.

Any more questions about payday loans in Indiana?

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6 Responses

  1. Default Gravatar
    BrittanyDecember 24, 2018

    I had a payday loan about 6 months ago I haven’t paid it all off yet and I was needing help for bills after Christmas. Am I able to get another payday loan through a different company?

    • Avatarfinder Customer Care
      JoshuaDecember 24, 2018Staff

      Hi Brittany,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Yes, you may still be qualified to get a payday loan from another company. However, you would need to meet their eligibility requirements. If you can prove to them that you can still make the repayments even if you have existing loans, then your application might be approved.

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!

      Cheers,
      Joshua

  2. Default Gravatar
    LPJanuary 30, 2018

    I would like to know if these payday loans are legal in Indiana: Spotloan, Dash of Cash, Plain Green, Evergreen services, Loan at last and Big Picture Loans?

    • Default Gravatar
      kathyclairFebruary 2, 2018

      Hi Lp,

      Thanks for getting in touch with finder, a leading comparison website and general information service.

      Yes, payday loans are legal in Indiana and are governed by Indiana Code Ann. 24-4-4.5-7-101 et seq. For more information about the legality of this, you can go to this page. You can also compare your options for payday loan there.

      Hope this helps!

  3. Default Gravatar
    DebbieMay 16, 2017

    I live in Indiana, I have to online payday loans one thru American Web and the other Inbox Loans. Neither one is licensed in Indiana. Somebody told these loans may not be legal or binding in Indiana. I haven’t even made first payment on them, because I had to stop payment on them, because another payday loan went thru my account causing me to be negative in my account. I’m stressing out, can someone please help me with this.

    • Avatarfinder Customer Care
      HaroldJuly 17, 2017Staff

      Hi Debbie,

      Thank you for your inquiry.

      Should you need a reference to check whether a payday loan lender is legit or not. You may need to read the content here.

      I hope this information has helped.

      Cheers,
      Harold

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