Payday Loans in Indiana
Loan amounts are limited to 20% of gross monthly income. Although no rollovers are allowed, if the borrower needs more time, up to three extensions may be granted. Borrowers may take out no more than two loans, but one per lender.
- Maximum loan amount: $550, including fees and finance charges
- Minimum loan term: 14 days
- Maximum APR: Maximum $15 per $100 borrowed /2 weeks. Maximum APR of 400%
- Rollovers: No rollovers allowed
Legal Framework for Payday Lending in Indiana
Regulating the fine line of payday lending in Indiana is the Indiana Code 2017.
We at PayDayAllDay strongly suggest our consumers to do their research, and carefully analyze and compare the terms of services, rates, fees, and other conditions offered by several lenders before engaging in any borrowing activity.