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 that 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.
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?
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
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?
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 click the link above. You can also compare your options for a payday loan there.
Hope this helps!
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.
Hi Debbie,
Thank you for your inquiry.
Should you need a reference to check whether a payday loan lender is legit or not, we have a review page about getting a legit payday loan with no credit check.
I hope this information has helped.
Cheers,
Harold