Indiana Payday Loans Law

Indiana Payday Loans Law

Indiana State Information

Legal Status: Legal

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 Plan: After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments over at least 60 days at no additional cost

Collection Limits:

    - Collection Fees: One $25 NSF fee. May present check or attempt to debit account up to three times.
    - Criminal Action: Prohibited

Where to Complain, Get Information:

    - Regulator: Indiana Department of Financial Institutions
    - Address: 30 South Meridian Street, Suite 300 Indianapolis IN 46204
    - Phone: (800) 382-4880

These Indiana payday loans law are basic information to assist your decision to borrow money. This information may be added or modified or canceled by Indiana government without prior notice.