The state of Indiana has very specific payday loan laws. The maximum amount you can borrow is $550 or 20% of your gross monthly income, whichever is less. The finance rates are a bit different than most states. You’ll pay 15% on the first $250, 13% on amounts over $250 up to and including $400, and 10% on amounts greater than $400 up to and including $500. Overall these are very reasonable finance rates as high as some states but not quite as low as some of the stricter states.
The minimum amount of time you have to pay off normal payday loan is 14 days and there is no maximum in place according to Indiana legislation. This gives companies a lot of leeway out on you have to pay back any given dollar amount. Since the fees are set, most companies will want you to pay back your loan in full on your next payday or at least within one month.
Indiana Pay Day Loan Laws
Maximum Loan Amount: $550 or 20% of your gross monthly income
Maximum Finance Rate: 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Annual Percentage Rate For 14 Day $100 Loan: 390%
Minimum Payoff Time: 14 days
Extensions Allowed: None
Top 5 Indiana Payday Loan Companies
5325 W. 10th St.
Indianapolis, Indiana
317-243-9300
a1cashadvance.com
A-1 Cash Advance has eight Indiana locations as well as two Tennessee locations you can use to meet your payday loan needs. The mission statement of this company to provide customers with excellent cash advance services and with the most professional and honest manner available. A payday loan with this company is intended to cover emergency expenses such as utility bills, medical bills, moving expenses, minor home repairs, prescriptions, and anything else that could possibly arise between paydays when you don’t have the money.
2335 E. 38th St.
Indianapolis, Indiana
317-931-8000
plsfinancial.com
PLS Check Cashers offers Indiana residents the ability to acquire a payday loan quickly and with no credit check. This company places a big emphasis on treating customers just like friends and they want the loan process to be a friendly and satisfying experience. PLS understands that when you’re late in paying bills on time, you could be subject to all kinds of late fees and service cancellations so PLS is happy to get you a short-term loan so you can take care of your business quickly and easily. This company also deals in tax preparation, check-cashing and many vehicle services such as registration tile transfers and renewals.
1200 N. Girls School Rd.
Indianapolis, Indiana
317-222-6974
1hourpaydayloansnow.info
1 Hour Payday Loans has multiple locations around Indiana but it’s much more convenient to simply use their service online. The online application is very simple to fill out and can tell you if you’re approved almost immediately. This company follows all Indiana state laws and regulations regarding payday loans so you don’t have to worry about paying additional fees or else standing interest rates. The official website is set up more like a blog but it’s very easy to find the large apply now buttons that take you directly to the application.
362 Edison Rd., #600
South Bend, Indiana
574-288-4925
cashplusinc.com
Cash plus is a personal finance company that works in many different aspects. Like similar companies, you can cash checks, money orders, and wire transfers, prepaid debit cards and of course payday loans. A neat feature of this company is that if you become a member with them, you become eligible to get money orders completely free. This can actually save you quite a bit of cash if you have to send out multiple money orders per month. The payday loans follow the laws of Indiana with a maximum amount of $550.
2839 E. State Blvd.
Ft. Wayne, Indiana
260-496-8885
checksmart.com
Check Smart is a popular small finance company located in Indiana and a few other states. This company offers multiple loan services, check cashing, tax preparation, money orders and transfers, electronic bill payments, and prepaid debit cards. For Indiana residents,you can get loans from $50-$550 and have up to 33 days to pay it back in full. To apply for a loan you will need a valid bank account, proof of income, Social Security card and state ID.