Editor's choice: OppLoans Installment Loans
- APR starting at 4.66%
- Funding as soon as the next business day
- Accepts fair credit
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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.
Yes, payday loans are legal in Indiana and are goverened by Indiana Code Ann. 24-4-4.5-7-101 et seq.
Check the websites of any providers you’re interested in to confirm they operate in Indiana.
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:
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.
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.
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.
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.
You won’t be able to apply for a new loan unless you’re a returning customer.
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If you’re concerned your group disability insurance won’t replace enough of your income if you experience a disability, you can buy supplemental disability insurance.
Get your loan payments covered when you experience a disability and can’t work, but with limited coverage.
The Balance Assist loan, set to launch in January 2021, offers loans from $100 to $500 for a flat $5 fee.
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A state-recognized marital status similar to divorce — but you can’t remarry.
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