A guide to Payday Loans in Indiana, USA. 

What are the Citation (s) to Payday Loan or Small Loan Laws in Indiana?

A: The relevant citation regarding Payday Loans in the Indiana State Jurisdiction is Ind. Code Ann. § 24-4.5-7-101 et seq.

Q: Are Payday Loans legal in Indiana? 
A: Yes Payday Loans are legal in Indiana. 

Q: What is the Maximum Cash Advance Loan Amount in Indiana?
A: The maximum Cash Advance or Payday Loan amount is $500 (not to exceed 15% of borrower's monthly gross income). 

Q: What is the Payday Loan Term in Indiana?
A: The Minimum Payday Loan Term in Indiana is 14 days. 

Q: What is the Maximum Rate and Fee for Cash Advance Loans in Indiana?
A: The Maximum fee for Cash Advance Loans in Indiana is 15%: $0-$250; 13%: $251-$400; 10%: $401-$500.

Q: What is the Finance charge for 14-day $100 payday loan in Indiana State?
A: The Finance charge for 14-day $100 payday loan in Indiana is $15. 

Q: What is the APR for 14-day $100 payday loan in Indiana State?
A: The APR charged for 14-day $100 payday loan in Indiana is 390 percent. 

Q: Is there a limit on the number of payday loans I can take at one time? 
A: Yes, you can only take two loans at one time (but only one loan from each lender) 

Q: How many times can the lender rollover my payday loan in Indiana? 
A: The lender cannot rollover (renew, extend or consolidate) the payday loan. 



Q: Is there a cooling off period between consecutive payday loans?
A: Yes there is a cooling off period of 7 days after 6 consecutive loans. 

Q: Will I get a repayment plan for a payday loan in Indiana State?
A: Yes there is a repayment plan. After 6 consecutive loans, lender must impose a 7 day cooling off period or convert to an installment loan payable in more than 4 installments at a rate no greater than 36% APR. 

Q: If I cannot repay my payday loan can the lender initiate a criminal action? 
A: No the lender cannot initiate a criminal action against the borrower 

Q: Can I be charged a collection fee for a payday loan?
A: Yes, One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another. 

Contact the Department Of Financial Institutions

If you have questions about payday loans please contact the Indiana Department of Financial Institutions at:

Indiana Office of Financial Institutions
Address: 30 South Meridian Street, Suite 300 Indianapolis, IN 46204
Phone: (800) 382-4880
Fax: 
Regulatory Contact: Mark Tarpey, Supervisor, Consumer Credit
Website: http://www.in.gov/dfi/

Where can I find a payday loan store in Indiana? 

You can find the store nearest to your location by simply clicking on this loc: Indiana