Indiana payday loan laws

Legal Status: Legal

Citation: Ind. Code §§ 24-4-4.5-7-101 et seq.

Loan Terms:

Maximum Loan Amount:  $550 (not to exceed 20% of borrower’s monthly gross income)
Loan Term: Min:  14 days
Maximum Finance Rate and Fees:  15%: $0-$250; 13%: $251-$400; 10%: $401-$500
Finance Charge for 14-day $100 loan:  $15
APR for 14-day $100 loan:  390%

Debt Limits:

Maximum Number of Outstanding Loans at One Time:  One per lender; Two total
Rollovers Permitted:  None (cannot renew, repay, refinance or consolidate)
Cooling-off Period:  7 days after 6 consecutive loans
Repayment Plan:  After 3 consecutive loans, lender must offer an extended payment plan of at least four equal installments over at least 60 days at no additional cost

Collection Limits:

Collection Fees:  One $25 NSF fee. May present check or attempt to debit account up to three times.
Criminal Action:  Prohibited

Where to Complain, Get Information:
Regulator: Indiana Department of Financial Institutions
Address: 30 South Meridian Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880 

Sourced from paydayloaninfo.org

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