Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Indiana.
Indiana Payday Loan Laws
Legislation State Information
Payday Loans Legal Status: Legal
Citation:
Ind. Code Ann. § 24-4-4.5-7-101 et seq.
Payday Loan Terms:
Maximum Payday Loan Amount: $550 – not to exceed 20% of borrower’s monthly gross income
Payday 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 payday loan: $15
APR for 14-day $100 payday loan: 390%
Payday Loan 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 payday loans
Repayment Plan: After 3 consecutive payday loans
Lenders must offer an extended payment plan of at least four equal installments at no additional cost
Payday Loan Collection Limits:
Collection Fees: One $20 NSF fee
Additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
Regulator: Indiana Department of Financial Institutions
Address: 30 South Meridian Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
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