Indiana Payday loan laws. Indiana Payday loan legislation.

Indiana has specific payday advance laws. 15% on the first $250; 13% on amounts greater than $250 up to and including $400; 10% on amounts greater than $400 up to and including $500.

Minimum term of 14 days. Maximum amount of payday loan is $500 but cannot exceed 15% of the monthly gross income, including fees. Rollovers are prohibited (if a loan is paid in full, it is not a rollover.

For a thorough discussion of the payday loan industry and access to our payday loan training materials, we recommend you proceed to Payday and Paycheck Loans.com

Indiana Payday Loan Laws & Legislation State Information

Legal Status: Legal

Citation:
Ind. Code Ann. § 24-4-4.5-7-101 et seq.

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 at no additional cost

Collection Limits:
Collection Fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited Regulator: Indiana Department 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
Regulator Website

Licensee Database

Online Resources:
Indiana Small Loan Law Borrower Rights and Responsibilities

Small Loan Finance Charges