Regulator Details

Indiana Department of Financial Institutions

30 South Meridian Street, Suite 300
Indianapolis, IN 46204
Phone: (800) 382-4880

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Indiana Payday Loan Laws

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Indiana Payday Loan Laws Details

The data provided here is for general informational purposes and should not be used as legal reference. If you have questions regarding Indiana payday loan laws contact the Indiana Department of Financial Institutions.

Payday loans are legal in Indiana (see Indiana Payday Loans or Indiana Installment Loans to compare fees and requirements for individual lenders).

Feature Specification
Amount (max) $550 (not to exceed 20% of borrower's monthly gross income)
Rates or Fees (max) 15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Term Limitations Min: 14 days
General Loan Terms

In Indiana, no rollovers are permitted (cannot renew, repay, refinance or consolidate). The cooling period between loans is 7 days after 6 consecutive loans. Indiana borrowers, after 3 consecutive loans, must be offered by the lender an extended payment plan of at least four equal installments at no additional cost.

For example, in Indiana the rates and fees on a 14 day, $100 loan are:

Terms Amount
Loan Amount $100
Fees $15
APR 390%
Sample Loan Terms

Indiana also defines regulations around collections. If available, the table below lists the fees lenders are permitted to charge if the loan is not repaid and/or whether a lender can threaten use of or use criminal action if a borrower is unable to repay a loan.

Feature Specification
Collection Fees One $25 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action Prohibited
Regulations on Collections
Finally, a more detailed excerpt from Indiana's statutes on finance charges is listed below. In general the tables above summarize this.

Finance charges on the first $250 of a small loan are limited to 15 percent of the principal. Finance charges on the amount of a small loan greater than $250 and less than or equal to $400 are limited to 13 percent of the amount over $250 and less than $400. Finance charges on the amount of the small loan greater than $400 and less than or equal to $500 are limited to 10 percent of the amount over $400 and less than $500.

Citation: Ind. Code Sections 2 and 24-4.5-7-101 et seq.