Find Payday Loans in Indiana
In Indiana, cash advance lending is allowed, and creditors can charge any fees or interest rate or fees that the consumer is willing to pay. Check cash advance businesses must abide by the provisions of Indiana's small loan act. Under Indiana law, “a person shall not engage in the business of cashing checks without obtaining a license.” It is the Indiana Department of Financial Institutions that decides whether or not a company is eligibility to be licensed pursuant to certain criteria. Failure on the part of a payday loan store to renew its license may result in its revocation. Also, the Indiana Department of Financing can institute a civil suit against individuals who knowingly run a cash advance business without having applied for a license. Borrowers cannot have more than one outstanding loan per lender and two in total. Criminal action against a borrower is prohibited.
A borrower can request up to $500 in payday loan funds, not exceeding 15% of his/her monthly income.
The minimum term of a cash advance loan is 14 days.
Borrowers cannot rollover or extend their check cash advance loans.
The finance fee for a two-week payday loan in the amount of $100 is $15.
The APR for a two-week payday loan in the amount of $100 is 390%.