Indiana Payday Loan Laws:
The state of Indiana has specific laws which pertain to Payday Loans. They are as follows:
Legal Status: Legal (storefront)
Citation: Ind. Code Ann. 24-4-4.5-7-101 et seq.
Standard Loan Terms Maximum Loan Amount: $550 (not to exceed 20% of borrower’s monthly gross income)
Loan Term: Min: 14 days Maximum Finance Rate and Fees: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Finance Charge for 14-day $100 loan: $15 APR for 14-day $100 loan: 390%
Debt Limits: Maximum Number of Outstanding Loans at One Time: One per lender; Two total
Rollovers Permitted: None (cannot renew, repay, refinance or consolidate) Cooling-off Period: 7 days after 6 consecutive loans
Repayment Plans available: After 3 consecutive loans, payday lender must offer an extended payment plan of at least four equal installments at no additional charge.
Collection Limits: Collection Fees that are charged: One $20 NSF fee;
Complaints or to get Information Indian Regulator: Indiana Department of Financial Institutions 30 South Meridian Street, Suite 300 Indianapolis IN 46204 Phone: (800)382-4880
Internet lenders must be licensed in the state of Indiana to lend money to Indiana residents.
As you can see the rates for loans in Indiana are quite high. Although these loans seem quite attractive if you need fast cash its advisable to be very careful not to overextend yourself by getting too many. If you are drowning in payday loan debt we can help!
Another important note is a payday lender cannot threaten you with a “criminal” action to collect on a payday loan debt.
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