INDIANA PERSONAL LOAN RATES AND TERMS:

Personal Loans in Indiana:

Indiana Personal Loan Laws and Regulations

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%


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 at no additional cost


Collection Limits:
Collection Fees: One $25 NSF fee; additional charges may apply when check or authorization to debit was used to defraud another
Criminal Action: Prohibited


State Regulatory Agencies for Payday Loans:

Regulator: Indiana Department of Financial Institutions
Address: 30 South Meridian Street, Suite 300 Indianapolis IN 46204
Phone: (800) 382-4880
Fax:
Regulatory Contact: Mark Tarpey, Supervisor, Consumer Credit
Indiana Department of Financial Institutions
Consumer Credit Database: Non-Depository Listing
DFI Complaint Information (PDF File)
Online Resources:
Deferred Deposit Transactions
Predatory Lending

The cost of a personal loan:

The cost of a personal loan

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

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
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* 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.



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