Payday Loans in Indiana (IN),
Get Direct Deposit on the Same Day with AdvanceSOS
Loans can help you get through rainy days and desperate financial situations. Payday loans are ideal for those who need cash immediately but are unable to get it due to bad credit. In these situations, you can easily apply for a payday loan online through AdvanceSOS and get the money you need within a few hours.
AdvanceSOS offers same-day deposit payday loans for qualifying applicants with no collateral required. As long as you have a stable monthly income, you can get a cash advance and repay it with your next payday check.
How Do Payday Loans Work in Indiana?
A payday loan is a short-term cash loan that allows you to get access to money upfront before your next payday. If you are still far from receiving your paycheck but have a financial emergency and need money to cover it, this type of loan product is available for you.
Through AdvanceSOS, you have only the best lenders in Indiana to choose from that will fund your account within a few hours of applying. Here are a few important details regarding payday loans in Indiana:
- You have to be a resident in Indiana to get a loan from a payday lender in the state.
- Some of the loan conditions may vary from one lender to the other but certain conditions are stipulated by law and they apply to all lending companies.
- The maximum loan amount is $550, while the minimum you can apply for is $50.
- Lenders are not allowed to give you more than 20% of your monthly gross income.
- The law allows you to take more than one payday loan at a time. So, you can take up to two payday loans but they must be from two different lenders.
How to Apply for a Payday Loan in Indiana?
The easiest and most convenient way to get a payday loan in Indiana is to visit the AdvanceSOS website and apply online. You simply need to fill out an online application form with your basic information, such as your name, address, how much you want to borrow, and bank details. Filing out the form only takes a few minutes.
AdvanceSOS is not a lending company. Thus, the information you provide on the website will be used to connect you with a direct lender who will reach out to you with a loan offer once your application is approved.
After reviewing the terms of the loan, you sign the loan agreement. Once the process is complete, the funds will be released into your bank account within a few hours. Most applicants get the money within a few hours to the next business day.
What Are Benefits of Getting a Payday Loan in Indiana?
The best thing about payday loans is that they’re very easy to get. Unlike conventional bank loans that involve a rigorous application process and might take days or weeks, you can get a payday loan online within minutes. They also don’t have the stringent credit requirements that conventional loans are known for, so expect no credit check opportunities.
You can still get a cash advance from a payday lender if you have a bad credit score. The lenders in our network don’t do a hard credit check on your account. This makes payday loans convenient if you are unable to get the money you need through the traditional credit companies or banks.
Why Use AdvanceSOS for Payday Loans in Indiana
AdvanceSOS is one of the best online loan brokers in Indiana. We have a network of licensed payday lenders offering hassle-free cash advances with affordable rates and favorable terms. By filling out a simple form on our website, customers can get matched with a lender within minutes. The following are some of the benefits of applying for a cash advance through AdvanceSOS:
Complete an application form in a few minutes and get matched to a lender once your loan request is approved. You will get the money you need on the same day or within the next business day, depending on when you apply.
Accepts Bad Credit Score
Unlike the bank, your credit rating does not affect your chances of getting payday loans online with same day deposit and bad credit through AdvanceSOS. Anyone with a stable income can get a loan through our service regardless of their credit score.
Different Loan Products
In addition to payday loans, you can also apply for other loan products, such as installment loans and title loans, through AdvanceSOS.
Totally Free Service
You will not be charged any fee for applying for a loan through our site. The entire process is free for everyone.
Is Payday Loan in Indiana Right For Me?
Getting a payday loan in Indiana is the easiest way to get urgent cash ahead of your next paycheck. The application is completely online and you can apply from wherever you are in Indiana.
Even though payday loans are easy to get, the only challenge with this type of loan is that they often come at a high-interest rate. You should only take this type of loan to solve urgent money problems and not for casual luxury needs. Nonetheless, if you repay your loan on time and do not incur any late fees or penalties, the total remains affordable and feasible.
What Are Other Loan Alternatives to a Payday Loan in Indiana?
Aside from payday loans, there are other loan products that have similar requirements. Installment loans, title loans, and emergency cash loans are bad credit loans, meaning anyone can get them, including those with poor credit ratings.
Emergency Cash Loans
As the name implies, an emergency cash loan is a type of bad credit short-term loan for emergency needs. It typically has a short repayment duration of one to two weeks. Emergency cash loans are unsecured, which means you don’t need collateral to get the loan.
Installment loans are paid back in small sums over a longer period. The entire loan amount and interest to be paid are spread over a few months to a few years and can be repaid in either weekly or monthly installments depending on your agreement with the lender.
A title loan is a type of secured loan, meaning an asset will be used as collateral. Car title loans are the most common type, but other assets like real estate can be used as well. You do not need to have good credit to get a title loan since the amount you can get depends on the value of your asset.
Are Online Payday Loans Legal in Indiana?
Yes, payday lending is considered legal in Indiana, Colorado and Kentucky. Indiana allows you to borrow up to $550 from a payday lender. However, the exact amount you can borrow depends on your income since you cannot get more than 20% of your monthly gross income.
Can I Be Charged to Court if I Cannot Repay My Payday Loan in Indiana?
No, the state does not permit payday lenders to bring up criminal court actions against borrowers. Nonetheless, if you avoid all contact with your lender and fail to repay, you may be charged additional fees for defaulting on a loan and a civil case may be instituted against you.
Where Can I Borrow Money in Indiana?
You can borrow money from any payday lender in Indiana, but be wary of inflated rates and scams. With AdvanceSOS, we are here to assure that you are borrowing from a trustworthy and licensed lender. Our service cuts out the hard and tedious work of finding the right lender with the right rates.
Can I Get an Installment Loan in Indiana?
Yes, it is possible to get an installment loan in Indiana. Most payday lenders offer installment loans as part of their loan products. This type of loan allows you to spread your repayment over a longer period.
Can I Get a Bad Credit Payday Loan in Indiana?
Yes, it is possible to get a payday loan in Indiana with bad credit. Most lenders don’t need to do a hard credit check on your account to determine if you’re eligible for a loan. As long as you can provide proof of stable monthly income, you are eligible to get an Indiana payday loan.
What Are the Terms of Payday Loans in Indiana?
The minimum loan amount for a payday loan is $50 and the maximum amount is $550. In most cases, the repayment duration is between 14 days to one month. There are no provisions for rollovers, but lending companies can offer up to three extensions for people who are unable to pay off their loans on time.
In addition, you can take more than one payday loan at a time but not from the same lender.
What Is the Cool Off Period for Payday Loans in Indiana?
You can get up to six consecutive loans with no delay or cool-off period. After six loans, you will have to wait for another seven days before you can apply for another payday loan.
What Is the Interest Rate on Payday Loans in Indiana?
The interest rate is set at 15% for loans up to $250. If you’re borrowing between $251 and $400, the interest on your loan will be 13%. Loan amounts higher than $400 will be given at an interest rate of 10%.
This means if you’re applying for a $100 loan to be repaid in 14 days, you will pay an additional fee of $15 as interest, which is 391% APR.
Can You Get Payday Loans With No Credit Checks?
Yes, payday loan providers don’t need to do a hard credit check on your account to determine your eligibility for a loan. Your major qualification for this type of loan is a stable source of income. You also don’t need any collateral or guarantor to get a payday loan.
How Fast Can I Receive My Loan?
The money will usually be available within a few hours of applying. Most applicants get their loan the same day or within one business day. As long as you meet the basic criteria, getting a guaranteed payday loan through AdvanceSOS is almost certain.
Can I Take More Than One Payday Loan at a Time?
Yes, the loan regulations in Indiana allow you to take more than one payday loan at a time. You can get up to two payday loans; however, they must be from different lenders. While this is practically possible, we do not recommend that you take out more than one cash advance at once to avoid getting overwhelmed.
What Happens if I Cannot Repay My Loan?
If you’re unable to repay your loan at the end of the loan term, the loan provider can grant you three extensions. However, you cannot renew, refinance, or consolidate a payday loan. You will be charged a $25 non-sufficient funds (NSF) fee for missing the loan deadline, but the lender cannot pursue criminal action against you.
Amanda is a senior financial copywriter at AdvanceSOS. She has more than six years of journalism experience, mostly in finance. She graduated with a Master’s degree in finance from the University of Oklahoma.