Indiana Payday Loan Laws and Regulations

The following regulations apply to payday loans within Indiana:

- Maximum Loan Amount: $550 or 20% of gross monthly income, whichever is lesser
- Loan term: Minimum 14 days
- $15 finance charge per $100
- APR per $100 in 14 days: 390%
- Finance rates: 15% for $250 max, 13% for an amount between $251 to $400, and 10% for $401 to $500.
- Maximum number of outstanding loans: two from different lenders
- $25 NSF collection fee

Consolidation, refinancing or rollovers are not allowed to borrowers. An extended payment period might be given to borrowers with 3 consecutive loans. The payment plan must be fulfilled with installments without increasing the payable amount. A cooling off period of 7 days is provided after 7 consecutive loans.

Indiana Consumer Protection

The Indiana Department of Financial Institutions handles all complaints and queries pertaining to short term loans in the state. The following website can be visited:

30 South Meridian Street, Suite 300
Indianapolis, IN 46204
Phone: (800) 382-4880

Queries and complaints can also be forwarded online. Before making a transaction, carefully read as much as you can to get to grips with the laws in the state.

Interesting Facts About Indiana

The state of Indiana has given to the world many great people, and things. This state gave the world David Letterman, James Dean, Mark Spitz, and Sarah Walker, not to mention Marcella Gruelle who invented the beloved Raggedy Ann doll.

  1. President William Henry Harrison served under General Anthony Wayne during the battle of Fallen Timbers. During this battle the Native Americans of the region were defeated and General Wayne established Fort Wayne, and the future president William Henry Harrison was appointed as the first governor to the Indian Territory.
  2. Vincennes was the first permanent settlement to be established in Indiana. Vincennes was built in 1732 by the French and quickly became a very important part of the local fur trade.
  3. About 2500 years ago a culture of mound-builder people inhabited the area known as Indiana. These people are called the Adena.
  4. One of the most famous sporting events known throughout the world takes place in this state each year. The Indy 500 is a prestigious auto race that happens at the Indianapolis Motor Speedway sometime close to Memorial Day each year.
  5. The state of Indiana is known as the Hoosier State. There are conflicting accounts as to why this nickname was given to the state. Many people say that the nickname came about because of the Scottish immigrants and their pronunciation of the word house, but others say that the name came about in reference to the northern English district of Cumberland where the word Hoosier was used to describe a geographical feature of immense size like a hill, and others say that the nickname came because Sam Hoosier had many employees and these people were referred to as “Hoosiers”.
  6. Wabash, Indiana was the first place in the nation to get electric street lights in 1880.
  7. Frank Sinatra made his singing debut in Indianapolis at the Lyric Theater accompanied by the Tommy Dorsey Orchestra.
  8. Orville Redenbacher is one of the famous citizens of Indiana that have their hand prints in cement at the State fairgrounds. Much like the famous sidewalk in front of Graumann’s Chinese Theater in Hollywood, the Walk of Legends at the state fairgrounds honors the people of the state who have made names for themselves.
  9. There are a total of 28 state parks in Indiana, including the Tippecanoe River State Park, the Cliffy Falls State Park, and the Harmonie State Park.
  10. An average of 20 inches of snow falls in Indiana each year. The locals expect snowfall to occur at any time between November 1st and April 30th each year, with January having an average temperature of 280.
  11. This state is broken up into 92 separate counties with thirty five percent of the state being rural areas.
  12. The highest point in the state is located in Wayne County and is 1.257 feet above sea level.
  13. The geographic center of the state is located about fourteen miles northwest of Indianapolis in Boone County.
  14. In Latin the name Indiana translates to mean land of the Indians.
  15. In 1913 a song written by Paul Dresse was named the state song. The song is “On the Banks of the Wabash, Far Away”.
  16. Indiana is the 19th state gaining recognition as a state on December the 11th of 1816.
  17. The official state river is the Wabash. This river creates a portion of the border dividing Indiana and Illinois. It derives its name from the Native American word meaning limestone.
  18. Limestone is the state rock of Indiana.
  19. The state tree is the Tulip Tree. This tree is a member of the Magnolia family, and from 1923 until 1931 the flower of this tree was also the state flower. In 1931 the flower was replaced with another flower and the tree itself was adopted as the state tree.
  20. Although Abraham Lincoln was born in Kentucky; he moved to Spencer County Indiana as a child and remained there until he was an adult.
  21. The company that gave the world Ball canning jars played a great part in establishing Ball State University.
  22. Florence Henderson of the Brady Bunch is from Indiana.
  23. Indiana borders Lake Michigan for a short distance of 40 miles and because of this is considered to be one of the Great Lake states.

Copyright 20092021