Payday Loan Laws Legislation On Payday Lending And The Cash Advance Industry

Indiana Payday Loan Laws

Min Term of Payday Loan: 14 days
Max Fees and Finance Charges: 15 %: $0-$250; 13%: $251-$400; 10%:
Min/Maximum Loan Amount: $50-$500 (not toexceed 15% of borrower's gross income)
Number of Rollovers: None (cannot renew, repay, refinance or consolidate)
Outstanding loans allowed at one time: One per lender; 2 total
Cool-off period: 7 days after 5 consecutive loans
Military Protection: Not specified
Payment Plan: Not specified
Limits on collection and presentment: Not specified
Collection fees: One $20 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Presentment Limit: Not specified
Penalties: Civil Fines, Suspension or revocations of license; Cease and Desist Order
Private right of action: Yes

Indiana Payday Loan Laws:

Indiana permits payday lenders to operate and charge any interest rate or fees which the borrower agrees to pay. Lenders must comply with other provisions of the state’s small loan act. Indiana (permits the charging of $33 rather than the 36% per annum applicable to other loans). The APR for a 14-day $100 loan is 390%

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