Indiana Payday Loans

Are Payday Loans Legal in Indiana?

Yes, payday loans are legal in Indiana, but they are regulated under Indiana Code § 24-4.5-7 to limit excessive fees and prevent predatory lending. These loans are small, short-term cash advances (up to $605 with fees) meant to cover emergencies like car repairs, medical bills, or unexpected bills. They're typically due in 14 days, though some lenders offer slightly longer terms.

Who Can Get a Payday Loan in Indiana?

In Indiana, payday loans are available to most adults who meet basic eligibility requirements.

Here's what you need to qualify:

• Age: You must be at least 18 years old.

• Residency: Proof of Indiana residency (e.g., a utility bill or lease).

• Income: Steady income from a job, benefits, gig work, or other sources.

• Bank Account: An active checking account to receive funds and repay the loan.

• ID: A valid government-issued ID (e.g., driver's license).

LendUp's Tip: Always verify lenders through the Indiana Department of Financial Institutions to avoid scams.

Can I Get a Loan with Bad Credit in Indiana?

Yes, you can get a loan in Indiana even with bad credit. Payday loans and certain installment loans are available to borrowers with poor or no credit history as lenders focus more on your income and ability to repay rather than your credit score. To qualify you'll need proof of steady income (from a job, benefits, or gig work).

Most payday lenders don't run traditional credit checks, making these loans accessible if you've been turned down by banks or credit cards.

How Fast Can I Get a Payday Loan in Indiana?

If you're facing an emergency and need cash quickly, payday loans in Indiana can provide funds as soon as the same day or within 24 hours. Most lenders offer online applications that take minutes to complete, with instant approval decisions. Once approved, the money is typically deposited directly into your bank account by the next business day.

If you apply in person at a physical storefront (common in cities like Indianapolis or Fort Wayne), you might walk out with cash immediately after approval, provided you bring proof of income, a valid ID, and an active checking account.

What if I Need a Loan for a Longer Period?

If you need more time to repay a loan than a traditional payday loan allows (usually14-31 days in Indiana), installment loans might be a better fit. These loans let you borrow larger amounts up to $10,000 or more in Indiana, and repay the money over months or even years through fixed, scheduled payments. Unlike payday loans, which require a lump-sum repayment, installment loans break the total amount into smaller, predictable payments, making them easier to manage for longer-term needs like medical bills, home repairs, or debt consolidation.

In Indiana, installment loans come with varying terms, usually ranging from 3 months to 5 years, depending on the lender and loan amount. Interest rates (APRs) typically fall between 10% and 36%, though borrowers with poor credit may face higher rates.

How Much Do Indiana Payday Loans Cost?

In Indiana the cost of payday loans is regulated by state law. Lenders can charge fees based on the loan amount:

• 15% on the first $250 of principal
• 13% on the amount over $250 up to $400
• 10% on the amount over $400 up to $550

Below are payday loan cost examples for Indiana, showing loan amounts, fees, total repayment, and APR.

Loan Amount	Fee	Total Repayment	APR	Duration
$100	$15	$115	391.07% APR	14 Days
$200	$29	$229	378.04% APR	14 Days
$300	$41	$341	356.31% APR	14 Days
$400	$51	$451	332.41% APR	14 Days
$550	$55	$605	260.71% APR	14 Days

The actual loan cost will be provided you by the lender in your loan offer. 

Indiana Payday Loan Regulations (Updated 02.2025)

Legal Status	Legal
Regulating Law	Indiana Code § 24-4.5-7
Maximum Loan Amount	$550
Loan Term	Up to 42 days
APR (Interest Rate Cap)	Varies (Typically between 300% - 400% APR)
Maximum Finance Charges	- $15 per $100 for first $250 - $13 per $100 for $251-$400 - $10 per $100 for $401-$550
Rollovers	Not allowed
Repayment Plan	Available after three consecutive loans
License Requirement for Lenders	Yes, lenders must be licensed by the Indiana Department of Financial Institutions (DFI)
Collection Restrictions	No criminal charges for non-payment

Keep in mind, that in Indiana you cannot take more than two payday loans at a time.

Why Choose LendUp for Indiana Payday Loans?

LendUp is the fast and convenient way to find a payday loan in Indiana connecting you with multiple lenders to increase your chances of approval. With a quick online application process you can receive a decision in minutes, eliminating the hassle of searching for lenders one by one.

Speed is a priority as many borrowers get same-day approval and funds can be deposited as soon as the next business day. LendUp partners with a network of trusted payday lenders, giving you access to more options and competitive terms in one place.

The entire process is online - apply from the comfort of your home without the need for in-person visits or long waits. LendUp makes finding a payday loan in Indiana fast, simple, and stress-free.