Indiana

State Payday Loan Law Information

Payday loans in Indiana are restricted to amounts equal to $550 not to exceed 20% of the gross monthly income.  The maximum term of any loan is 14 days.  The maximum finance rate and fees is 15% for loans equal to $0-250.  This rate is adjusted to 13% for loan amounts of $251-$400 and 10% for loans amounting to $401-550.

Outstanding loans at one time are limited to one per lender and a total of two per borrower.  The loans cannot be renewed, repaid, refinanced, or consolidated.

A cooling off period of 7 days is permitted after 6 consecutive loans.  After 3 consecutive loans the lender must offer an extended payment plan of at least four equal installments at no additional cost.

The collection fees are limited to one $20 NSF and additional charges may apply when a check or authorization to debit was executed to defraud another.  Criminal action is prohibited.


 

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