Indiana Cash Advance Laws & Regulations
The Indiana Small Loan Act, as amended as of July 1, 2004, provides for a fee structure that recognizes the potential debt experience associated with payday loans. The legislative intent was to prevent payday lenders from collecting treble damages and attorney fees based on bad check charges, simply because their borrower defaulted on the loan contract. Indiana payday loans are available to residents online, over the phone, and in person. Borrowers should consult the information provided below and use it as a guide to make sure their payday loans are in accordance with Indiana state law.
Here are some specific Indiana regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
14 days - Maximum Finance Charges and Fees
Sliding scale interest Ñ 15% for loans up to $250, 13% for $251-400, 10% for $410-550, finance charges of $15 on $100 - Maximum Loan Amount
$500, but not to exceed 20% of borrowers gross monthly income - Number of Rollovers
None - Outstanding Loans Allowed at Once
Two - Cool-Off Period
7 days after 6 consecutive loans
- Payment Plan
Yes, for economic hardship (Lender must offer a 4 part equal installment payment plan for anyone after 3 consecutive loans.) - Collection Fees
One-time $20 NSF fee, plus other collection fees - Presentment Limit
One - Private Right of Action
Civil and criminal charges for fraudulent checks - Military Protection
N/A - Penalties
Arbitration, attorney fees, and all loan costs including late fees
References:
Indiana Statute 24-4.5-7-101 et seq.
Indiana Department of Financial Institutions
30 South Meridian Street, Suite 300
Indianapolis, IN Â 46204
Phone: (800) 382-4880
Web: www.in.gov/dfi/
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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