Do you need money fast? If you are short in cash and have a bad credit score then a payday loan is one way to get the money you need to cover sudden bills that comes in between your pay periods. However, there are things you need to keep in mind first like the Indiana payday loan laws to protect yourself. This article discusses important facts about payday loan laws in Indiana.
What Is Payday Loan Limit In Indiana?
If you are a resident of Indiana and considering a payday loan to sustain your need, until the next paycheck then know that the maximum loan limit per borrower is, set at $550 and this include all finance charges and fees. The loan amount should also not go over 20% of your gross monthly incomes and most importantly, you cannot get another loan until you have fully paid the first one. In other words, multiple loans is not allowed, so you cannot get into debt so much.
What Is The Payday Loan Charges In Indiana?
The payday loan laws pertaining to finance charges are very strict in Indiana, to protect borrowers. For one, lenders cannot charge over 15% for a loan, and loan amounting to $400 to $500 is limited to 10% finance fee, loans amounting to $250 to $400 is at 13%, while loans from $0 to $250 are charged 15%.
Take note, borrowers can also be charge one time of $20 per loan for non-sufficient fund and lender cannot file criminal case against borrower just to charge them with more fees.
What Is the Repayment Terms In Indiana?
In Indiana, repayment of loan is just 14 days. The payday loan term is possible to extend but not more than three times. Once you have three extensions, the lender can offer another extended payment scheme that does not add any fees and must be 4 equal installments.Share