Payday Loans in Indiana (IN),
Get the Best Rates with AdvanceSOS
If you need a quick cash boost of up to $550, payday loans in Indiana might be the solution for you. These loans come with relatively short repayment terms and high interest rates. Through our quick application process, you could have the extra money within hours.
AdvanceSOS is an online-based service dedicated to helping you find the best payday lender in Indiana. Our network of lenders is proven to feature the most trustworthy and reliable professionals in the industry.
Advantages of Taking Out a Payday Loan in Indiana
There are many upsides to taking out payday loans in Indiana. First, customers can choose between several types of advance payday loans. Our lenders consider many factors, so it doesn’t matter if you have bad credit or no credit history. Title loans, bad credit loans, unemployment advances are all available – and you can choose which best suits your situation.
Moreover, these short-term loans don’t come with any restrictions. You are free to use them any way you’d like. This can entail covering unexpected bills, a necessary purchase, an upcoming trip, etc. Additionally, these small loans are entirely legal and regulated by the state. So, you don’t have to worry about sudden term changes or crazy interest rates.
Reasons to Get a Payday Loan in Indiana
The convenience of getting payday loans in Indiana is the number one reason why consumers turn to this financial help method. By completing our short loan application, you can get a quick cash fix within hours of applying. Though the high interest rates and short repayment terms might seem problematic, payday loans could be an excellent solution for emergencies. In addition, there’s a ban on loan rollovers – so borrowers don’t go in over their heads. Note that our lending partners always have other repayment plans, so you can work on the best way to repay.
What will you need?
Applying for payday loans with AdvanceSOS is a quick and effortless procedure. We digitized the entire process so that you can do it right from our website. This way, you don’t have to leave the comfort of your home and go to any offices. Yet, there are several conditions each applicant must meet to get approved for a cash advance. Below, we have listed all the loan requirements and information you must provide us with.
- To be of legal age.
- Government-issued ID proving you’re a resident of Indiana’s area code.
- Social Security Number
- An active checking account in your name.
- Proof of a stable income (must be at least $1,000 monthly).
- Phone number and email address.
How much can you borrow?
The minimum amount borrowers can get from payday loans online is $50. Moreover, these short-term loans get capped at $550. This is a fair price range, and it’s proven to be helpful to many of our satisfied customers. Most of the time, they settle for a cash advance from the list below.
- 100 dollar loan
- 200 dollar loan
- 300 dollar loan
- 500 dollar loan
We must mention that several factors are at play when you’re getting a loan amount offer. The most important one is the borrower’s ability to repay the advance. Others can include your bank account standing, employment status, income, and more.
When will you receive your funds?
The reason why we call these advances instant cash loans is because the deposit is sent through immediately. Our lenders do everything in their power to get the quick cash to you as soon as possible. Once the loan is approved and the agreement is signed, the transaction should be processed within hours.
It’s important to remember, however, that some delays may occur. This can happen on our non-working days or after our office hours. In these cases, we’ll send the loan through the following business day. Depending on weekends or holidays, the next working day may be in two or three days.
APR and Fee
The average annual percentage rate on payday loans in Indiana is set at 391%. However, the exact APR can vary from loan to loan. It depends on several factors, including your ability to repay, the loan amount, and the repayment terms.
Furthermore, borrowers might endure three different types of financing fees. Loans below $250 are charged the highest – 15% of the loan amount. So, if you take out a $100 loan with a 14-day term – it will cost $15, and you’ll need to repay $115.
If you take out anywhere between $251 and $400, you’ll need to cover up to 13% of the loan. In this case, a $300 loan will cost $39, and you’ll need to pay back $339. Lastly, loans from $401 to $550 cost up to 10% of the cash advance amount. So, a $500 loan would come with a $50 charge.
These are all informative calculations. Since the APR in Indiana isn’t fixed, your deal may come with different interest rates and fees.
Regulations surrounding payday loans in Indiana
The state regulates payday loans in Indiana, and everyone involved in the payday loan must adhere to the state’s regulations. This way, both the lender and the borrower are ensured their protection. The state specifies the minimum amount you can borrow at $50. The maximum limit, however, is set at $550.
Regarding the repayment terms, the minimum period is 14 days. The state of Indiana doesn’t limit a maximum loan term. Moreover, there’s no mention of a cooling-off period between loans. So, borrowers can apply for a second cash advance as soon as they pay off the first one. There’s no mention of whether installment loans are possible, but loan rollovers are forbidden. As for outstanding loans, borrowers are allowed one loan from one lender and two loans in total.
Amanda is a senior financial copywriter at AdvanceSOS. She has more than six years of journalism experience, mostly in the finance sector. She graduated with a Bachelor’s Degree from Drew University.