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Are online payday loans legal in Indiana? If the online payday lenders offer loan renewals does that make them illegal?

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Payday lending is legal in the state of Indiana. But to act as a lender, you need proper licensing from the Indiana Department of Financial Institutions. Know more by visiting the following link:

http://www.in.gov/legislative/ic/2010/title24/ar4.5/ch7.html

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Why do  lenders have to be licensed then in Indiana if they are legal.  If online payday loan don't have to be license in Indiana, why isn't that stated in the same law that says thay lenders have to be licensed?

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Yes, online payday loans are legal in Indiana and making loan renewal offers doesn't make payday lenders or lending illegal in anyway.


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Last Updated on: Fri, 8 Jun 2018