Legal Status: Legal
Citation: Ind. Code §§ 24-4-4.5-7-101 et seq.
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%
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 at no additional cost
Collection Fees: One $25 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited
Regulator: Indiana Department of Financial Institutions
Address: 30 South Meridian Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Regulatory Contact: Mark Tarpey, Supervisor, Consumer Credit
Indiana Department of Financial Institutions
Consumer Credit Database: Non-Depository Listing
DFI Complaint Information (PDF File)
Deferred Deposit Transactions
The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.
|Borrowed Amount||Loan Period||Monthly Payments||Total Payable Amount|
* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.