(last updated 11/13/2019)
Indiana Payday Loan Laws and Regulations in (IN)
Payday loans and cash advances are legal in Indiana. The Indiana Department of Financial Institutions has been regulating Payday Loans and Cash Advances since 2002. As of 09/11/2014 there were 37 licensed lenders and 37 licensed locations in Indiana.
The maximum payday loan allowed in Indiana is $550. The maximum payday loan as a percentage of income is 20% of your gross monthly income. The number of loans that can be open at one time is 1 per lender, a total of 2. The maximum permissible fees allowed in Indiana is 15% on loans of $0-$250, 13% on loans of $251-$400, and 10% on loans of $401-$550. The cooling off or waiting period for obtaining another loan is after 6 consecutive loans a mandatory 7 business days. The number of rollovers that are permitted is none. The minimum loan term is 14 days. The maximum loan term is not specified.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Indiana, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Indiana Department of Financial Institutions.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Indiana. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.