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Payday loan laws in Indiana

  • Status: Legal (24-4.5-7-101 et seq.)
For Lenders

Lending specifications:

  • Maximum loan amount: $50-$500 (may not exceed 20% of borrower’s monthly gross income)
  • Loan tenure: 14 days min
  • Fees and finance charges: $0-$250=15%; $251-$400=13%; $401-$500=10%
  • Finance charge on a 14-day $100 loan: $15
  • APR on 14-day $100 loan: 390%

Collection restrictions:

  • Collection fees: One $25 NSF fee; conditions apply
  • Criminal procedures: Prohibited
For Borrowers

Debt limits:

  • Maximum no. of outstanding loans at a time: Two (one per lender)
  • Rollovers allowed: None
  • Cooling-off phase: One week days after 6 consecutive loans
  • Repayment plan: After 3 consecutive loans, the lender must extend a payment plan of 4 equal installments without levying any extra costs.

Complaint cell:

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  • The debt settlement program typically lasts between 6 months to 4 years time.
  • At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
  • Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
  • Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
  • That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
  • Savings a customer realizes from use of a debt-relief service may be taxable income.

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