Online Payday Loans Indiana: Rates and Terms

Payday Loans Indiana

Unforeseen financial situations sometimes arise in every person’s life: the need to repair a car, money for treatment, or an important purchase. No matter how detailed you plan your budget, a payday loan is often a real lifesaver. Thanks to such services, the need to ask friends and relatives for cash disappears.

The easiest way to get the required cash amount is to contact lenders online. The issue of the issuance of funds is resolved almost instantly, in just 10-15 minutes.

The procedure for obtaining a loan is simple. First, you choose a financial institution with conditions that best suit your request. Be sure to pay attention to the amount, repayment period, interest rate, and special offers from the lender.

Then you need to fill out a simple application. It usually consists of a few points, but it is essential to enter true personal data. This includes first and last name, date of birth, residential address, email address, phone number, etc.

You send a completed application and receive a response. If you fill in everything correctly, you will receive an answer to your email within a few minutes.

The payday loan system has many advantages. Such loans are issued around the clock without any additional documents. However, the lender takes into account your state of residence.

Credit terms often depend on this. For example, payday loans in Indiana should not be less than $50 and more than $550. The borrowed amount should not exceed 20% of a borrower’s monthly income. Read the material below if you are interested in the rates and terms for Indiana online loans.

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Terms And Fees Of Indiana Payday Loans

Before applying for a loan, it is recommended to carefully study all the conditions and lending rates. This will allow you to understand how much money you need to return, the percentage of overpayment, when you need to fully repay the loan, and whether it is worth using such services.


The percentage rate is the specific interest on the loan. It can be either annual, monthly, or daily. This is the amount you need to pay off the debt. The percentage rate does not include any other costs, so it should not be confused with the total cost of the loan.

The annual percentage rate (APR) is the amount, expressed as a percentage, that the borrower pays to the lender within one year.

For example, with an annual rate of 10% and a loan of $1,000, you will pay 1,000 * 10% = $1,100 at the end of the term. But why is one year chosen as the main term? Because it simplifies the calculations. The maximum APR on the best online payday loans Indiana offers is 390% or $15.50 per $100 borrowed.


The fee is a fixed rate charged to the applicant for the borrowed funds. Each state of America has its own fees. Therefore, it is recommended to carefully study this issue before making a decision to borrow cash.

Practice shows that most states charge a fee of $10-$30 for every $100 borrowed. Thus, a typical two-week loan at a fee of $15 per $100 corresponds to an APR of 400 percent.

As far as Indiana is concerned, the fee for the first $100 you borrow from a lender should not exceed 15% or $15.50. If the amount is more than $100, then the maximum fee for each additional $100 is 10%. The total cost of an original payday loan does not depend on its amount and is limited to a maximum of $35.

Terms Of Getting Money

Conditions for receiving cash in Indiana are about the same as in other US states. A potential borrower must meet some requirements. Check out the table below.

Basic Requirements for Applicants Additional Requirements for Applicants
Be a citizen or temporary resident of the state Provide proof of regular monthly income
Have a valid and working phone number Provide a Social Security Number (AL, IN, or OK)
Have an active checking bank account

In addition to the terms described above, it is important to consider that the state prohibits borrowers from obtaining more than two loans at the same time. Moreover, loans must be from different lenders.

Repayment Terms

Repayment term is the period from the moment of issuance of funds until the full fulfillment of obligations to the credit company. A personal loan in the state is usually issued for a period of 36-60 months, while a payday loan can only be obtained for 14-31 days.

Credit Score

A credit score (rating) is an assessment of a borrower’s creditworthiness based on information from a credit history. Credit institutions usually rely on credit rating when deciding whether to lend cash. The higher the score, the more trustworthy the client is considered.

There are several criteria by which a credit rating is calculated:

  • Age of credit history. If the credit history is less than a year old, some credit bureaus consider this a negative factor;
  • Lots of credit check requests. Some credit bureaus lower the rating if they receive a lot of credit check requests in a short period of time;
  • Loan delays. The number of delays, duration, and frequency also affect the credit score;
  • Lack of credit information. Even if you have not yet taken out a single loan, the bureau may still have your personal information. In this case, the score may initially be low because the bureau does not know how you will return the borrowed funds;
  • Debt load. A large number of debts can lower the rating. The more open credits at the moment, the lower the score.

A good credit score is usually between 670-739. However, state lenders do not impose serious requirements on the borrower’s credit rating. Even those with a bad indicator (from 300 to 579) can receive a cash advance on their account.

Read More: Personal Loans in Indiana

Is Indiana Payday Loan Right For Me?

All categories of citizens can apply for short-term credit. This includes officially unemployed, project-based people, freelancers, students, pensioners, etc. It is also a great option for people with disabilities and the self-employed.

In general, there are no restrictions. So, if you need cash urgently and meet the requirements of the best lender, rest assured that this is a great idea.

Please note that direct transfer of funds can is possible only to your own bank card. It is forbidden to apply for a loan instead of another user. This ensures the safety of clients’ personal funds and protects them from fraudulent activities.

Am I Eligible for a Payday Loan in Indiana?

To qualify for a payday loan, you just need to meet a few simple criteria. Firstly, you must be a US citizen or temporary resident. Secondly, you must be at least 18 years old. Thirdly, your stable monthly income must be at least $800. If you meet the established requirements, then you are eligible to borrow cash.

Can I Apply For Payday Loan in Indiana With Bad Credit?

In the understanding of many lenders, a bad credit score is a long delay on old loans, outstanding debt, or a large number of simultaneously open loans. As a rule, it corresponds to an indicator from 300 to 579. Banks often refuse borrowers with low ratings because it is not sure of their creditworthiness.

Nevertheless, Indianapolis residents with bad credit scores can still get the right amount of funds. There are many lenders (Solid Cash Solutions, Swipe Solutions, Money Geek, Credit Ninja, etc.) who are willing to provide cash to people with poor scores. But the borrower must be ready to pay a higher APR than usual.

The application process is almost the same for borrowers with good and bad credit scores. The main difference is that when applying for a loan with bad credit, you need to indicate in the application that you have a poor rating and then wait for a response from the company.

What to Consider While Choosing Payday Loan in Indiana

Before you borrow cash, you should understand why you need it. Goals can be very different. Some are more urgent (medical expenses, car repairs, utility bills, etc.), while others do not require an instant cash advance (purchase of new clothes, entertainment, etc.). Goal setting will allow you to understand how much cash you need and whether you need it.

When deciding to use lending services, it is crucial to be attentive in choosing a company. There are many online financial platforms where you can get the amount you need, but their conditions vary.

Thus, for example, one lender will offer you a maximum of $250, while another will be able to provide you with $550. APRs can range from 300%-390%. The return period can be 14-31 days. All of this is important to consider to receive the right amount of cash in your account on the most favorable terms.

Try to choose only legal lenders. This way, your rights, and data will be securely protected.

Read More: Personal Loan Calculator: Everything You Need To Know

Payday cash is entirely legal in the state. Using such services does not violate the law in any way. So you don’t have to worry about this.

Where Can I Find A Payday Loan in Indiana?

Pheabs, Solid Cash Solutions, Swipe Solutions, Capital Bean, Check Into Cash, Ace Cash Express, etc., offer loans throughout the state, including areas such as Fort Wayne, Indianapolis, South Bend, Carmel, Evansville, Bloomington, Lafayette, and so on. You can get the best lending services by contacting one of these legit online loan companies.

Sources Used in Research for the Article:

  1. Should I get a payday loan if I need money now, Consumer Financial Protection Bureau,
  2. Understanding Your Credit, Federal Trade Commission,
  3. What do I need to qualify for a payday loan, Consumer Financial Protection Bureau,


Are payday loans in Indiana legal?

Payday loans are legal in the state.

How to avoid scammers of Indiana payday loans online?

To avoid fraudulent lending services, you need to choose a financial company carefully and give preference only to legal lenders with transparent cash disbursement conditions.

How much time usually does it take to get payday loan in Indiana online?

Once your application is approved, you will receive a direct deposit to your bank account within 1 hour, 24 hours, or the next business day.

Are payday loan in Indiana considered as expensive?

The maximum annual interest rate on a loan in Indiana is 390%. This is not a high rate compared to other states where the APR often exceeds 400%. Therefore, a payday loan in Indiana cannot be considered expensive.