How Many Payday Loans Can You Have In Indiana?

Last updated on October 14th, 2023 at 12:24 am

Well hello there!

It’s me again.  Randy from Ready Payday Loans.

If you are wondering how many payday loans can you have in Indiana,  I’ve got the answer for you!

The law in Indiana limits the number of payday loans to two in any consecutive 12-month period. 

For example, if you take out a single payday loan on October 1, then another on December 10, you cannot take out another until October 1 the following year.

It’s that simple!

It is also very important to note that you cannot borrow more than 20% of your gross monthly income.

Payday loans should only be used as a last resort. If you find yourself taking out multiple loans or borrowing more money than you can afford to repay, it’s time to seek help from a financial counselor or credit counseling service. 

Can I get a payday loan with bad credit?

If you have bad credit, you may still be able to qualify for a personal loan from a bank or credit union. But you will likely have to pay a higher interest rate than people with good credit scores.

Can I Get an Online Payday Loan?

Yes, you can get an online payday loan.. Many lenders offer online loans that can be completed in just minutes. However, it’s important to make sure the lender is legitimate before you apply for a loan.  

For example, if you like you can apply for a payday loan on our site, Ready Payday Loans.  Our application is quick and you often get an instant decision, with funding into your account in 24 hours!

Payday Loan Scams

There are many scams related to online payday loans. 

• Some lenders may try to collect your personal information and then sell it to third parties. 

• Others may try to collect on the loan by making unauthorized withdrawals from your bank account. 

• Still others may not deposit the money you’ve borrowed into your account at all.

To avoid being scammed, only apply for loans from lenders you trust. And never provide your personal information to a lender unless you’re sure they’re legitimate.

What Are The Requirements For A Payday Loan In Indiana?

If you’re a resident of Indiana and are in need of a payday loan, there are a few requirements you’ll need to meet. 

• First, you’ll need to have a steady source of income. This can be from employment, self-employment, disability, or any other type of government benefits. 

• Second, you must have an active checking account in good standing. 

• And lastly, you must be at least 18 years of age.

Once you’ve met these requirements, you can begin the process of applying for a payday loan. The first step is to find a reputable lender who offers loans in Indiana. You can do this by searching online or asking friends or family for recommendations. Once you’ve found a lender, you’ll need to complete an application and provide some basic personal and financial information.

Once your application is approved, you’ll typically receive your loan funds within 24 hours. You’ll then have a set period of time – typically two weeks – to repay the loan in full, plus any fees and interest charges that may apply. If you’re unable to repay the loan in full by the due date, most lenders will allow you to extend the repayment period for an additional fee. However, it’s important to remember that extending the repayment period will often result in higher overall costs due to additional interest and fees charged. 

Before taking out a payday loan, it’s important to carefully consider your financial needs and ability to repay the loan. Payday loans should only be used as a last resort when other options – such as borrowing from friends or family, using a credit card, or taking out a personal loan – have been exhausted.

What Happens If I Violate The Terms Of My Payday Loan Agreement?

If you violate the terms of your payday loan agreement, you may be subject to additional fees and charges. You may also be reported to a credit bureau, which could negatively impact your credit score. In extreme cases, you may even be sued by the lender. 

Can I extend my payday loan?

It depends on the lender. Some lenders may allow you to extend your payday loan for an additional fee, while others may not allow extensions at all. You should check with your lender to see what their policies are.

Who Regulates And Oversees My Payday Loan Agreement?

In Indiana, payday loans are regulated by the Indiana Department of Financial Institutions. The board oversees all aspects of the payday lending industry in the state, including licensing, regulation, and enforcement.

If you have a problem with your payday lender, you can file a complaint with the board. The board will investigate your complaint and take appropriate action if they find that the lender has violated any laws or regulations.

If you need more information about payday loans in Indiana, you can contact the State Board of Financial Institutions at (317) 232-3955. 

Final Thoughts On: How Many Payday Loans Can You Have In Indiana

I myself have taken out a number of payday loans in the past.  I can say from direct experience that although a payday loan can help you out when you are in a pinch, they can also be very dangerous if they are not used properly.  Be careful if you are taking one out and please only use them as a last resort.

If you have any questions about payday loans, feel free to reach out to myself and the folks at Ready Payday Loans.  We would be happy to answer your questions.

Until next time!

-Randy