Anyone who needs cash on demand should know about the power of a payday loan. These remarkable loans are designed meet moderate, short term needs. These loans are unsecured, and therefore use the borrower’s stable monthly income as collateral. This process allows more borrowers to have access to cash, since a poor credit history does not preclude individuals from receiving money. Usually ranging in size from 100 to 1500 dollars, these loans are designed to come due on the borrower’s next payday, or within seven to ten days.
Clearly, there are many advantages to a payday loan. However, the regulations governing these loans will vary greatly from state to state, so it is important for borrowers to do some research in advance. For borrowers looking for a quick cash advance in Fort Wayne, Indiana, there are a few critical pieces of information to keep in mind.
Most importantly, Indiana law puts a cap on the amount of money that can be borrowed, maxing out at 550 dollars or 20 percent of the borrower’s monthly paycheck. These stipulations ensure that borrowers do not overextend themselves with a cash advance in Fort Wayne, which is especially important given the fees that are sometimes associated with these loans. To help keep these loans in check, Indiana law also puts limitations on the amount of fees that can be charged to borrowers on any given loan. The APR for a 14-day loan can be no more than 390 percent, and for loans up to 250 dollars, the finance rate can be only 15 percent. This decreases to 13 percent for a 400 dollar loan and to 10 percent for loans up to 500 dollars.
A cash advance in Fort Wayne must be at least 14 days long. There are no rollovers allowed in Indiana, so borrowers do not have the opportunity to refinance or consolidate payday loans. There is also a cool off period for borrowers in Indiana who use multiple cash advances, with the law dictating at least seven days after six consecutive loans.
Borrowers should also note that it is possible to have more than one cash advance in Fort Wayne at a time. The law allows borrowers to have two loans simultaneously, as long as they are from different lenders. For borrowers that take out three loans in a row from the same lender, the lender is required to offer a specialized payment plan to help borrowers pay off the money.
Overall, there are ample opportunities for a cash advance in Fort Wayne, Indiana. Indiana law is very generous with lenders, leaving plentiful options to choose from while also taking strides to protect borrowers from aggressive lenders. Interested borrowers can peruse their options for payday loans online or check out local stores for the fast cash they need.