Best Payday Loans in Indianapolis, IN

As of the end of 2018, Indiana had 30 licensed small loan lenders operating a total of 296 branches, according to the Indiana Department of Financial Institutions. Consumers go to these storefront lenders, as well as online payday loan lenders, to apply for instant cash to pay for emergency and regular expenses.

Payday loans are most popular among renters, those with household income less than $40,000, the recently separated or divorced and those who have fallen behind on bills. While these loans are fast and convenient, they are also expensive and make it easy to fall into a debt trap. Consider the pros and cons before taking out a payday loan in Indianapolis, and if you do sign for one, only borrow what you can afford to repay.

The Indiana Department of Financial Institutions’ Consumer Credit Division regulates payday lenders, officially called small loan lenders, in the state. These lenders must be licensed.

Payday loans in Indiana range from $50 to $605 and can’t exceed 20% of the borrower's gross monthly income. Maximum finance charges on a payday loan in Indianapolis are limited to:

• 15% of the principal up to the first $250
• 13% of the principal on the principal amount between $250 and $400
• 10% of the principal on the principal amount between $400 and $605

Here are some other things to know about payday loans in Indiana:

• You can make partial payments on a payday loan at any time before the due date without charge.
• You can’t renew, repay or refinance a payday loan with the proceeds of another payday loan from the same lender.
• If you get another payday loan within seven calendar days after paying off a previous payday loan, this is called a “consecutive small loan.” Once you enter a third, fourth or fifth consecutive small loan, the lender must offer you an extended payment plan, allowing you to pay off the outstanding loan in at least four equal installments over a period of at least 60 days.
• Once you take out five consecutive small loans after the first payday loan, you must wait seven days after paying off the fifth consecutive small loan before taking out another payday loan from the same lender.
• If you can’t or don’t repay a payday loan in Indianapolis, the lender can charge $25.

To finalize a payday loan in Indianapolis, you need to sign a contract with the lender. Remember, even after you sign, you have the right to cancel the loan at any time before the close of business on the next business day by paying back the advanced amount.

Payday loan requirements in Indianapolis differ by lender. Whether you are applying for an online payday loan or an in-store payday loan, have the following things ready:

• Driver’s license or identification card
• Social Security card
• Proof of income (e.g., recent pay stub)
• Most recent checking account statement
• Personal check/checking account information

Even if you have bad credit, you can still qualify for a payday advance in Indianapolis. Many small loan lenders don’t even do a full credit check.

If you apply at a payday loan store in Indianapolis, you get an approval decision immediately and, after you sign a contract, walk out with cash. If you apply for a payday loan online in Indianapolis, you learn the same day (if it’s a business day) if you’re approved; then, depending on the lender, you can either pick up the funds at a store or have the money deposited electronically into your bank account. Keep in mind that electronic deposit may take up to two business days.