Indiana Payday Loans Online
Are you experiencing financial problems? Even if you have a stable job, emergencies are always there: hospital bills, fixing cars, house repairs, etc. With online payday loans available, you can get fast cash loans that can help you out immediately. You just need to fill out the online request forms and submit the supporting documents, and then you’re good to go with their fast approval process and have the money by the end of the day.
Are Payday Loans Allowed in Indiana?
Indiana allows payday loans. However, the amount is limited from $50 up to $550, and with an additional rule, it shouldn’t exceed 20% of the debtor’s monthly income. Borrowers are also not permitted to apply for multiple loans at the same time from one lender, and if you want to have more than one loan, you must get them from different loan companies. The smallest loan term allowed is 14 days.
The finance charge varies depending on the amount of the loan, wherein:
- Amount less than $250 requires a 15% fee
- $250 to $400 loan amount have 13% fee
- $400 to $550 loan amount have 10% fee
Requirements to Avail an Online Payday Loan in Indiana
Applying for an online payday loan in Indiana requires the following:
- You need to be at least 18 years old or older at the time of application.
- You must be a resident of Indiana.
- You’re required to have a stable and secure source of income of at least $1000. If you’re wondering if a bad credit score is an issue, you don’t need to worry since online payday loans mostly check the ability of the borrower to pay the debt with their income.
- You must have a valid email address and a phone number for the lender to reach you.
- If you’re on the verge of bankruptcy, you cannot get a loan.
- You need to provide your personal information from your government-issued ID and social security number.
- You have to state the amount you want to borrow.
Why People Go For Online Payday Loan in Indiana
Your primary reason for getting a payday loan is to help you out during tough financial times. However, there are other reasons why people opt for an online payday loan in Indiana, and here are some of them:
- Your bank loan didn’t get approved. Getting loans from traditional banks is a long process with lots of requirements. Once you don’t meet or provide a requirement, you have to go through the entire process again. It can take weeks and months. It will not be advisable to go for bank loans during an emergency. Payday loans are the best alternative by having quick loan approvals as long as you have proof of a stable source of income.
- Your credit card bill is due. It’s hard to skip payments for your credit card because you’ll end up with a big sum of additional fees for your late payments.
- Borrowing money from your family and friends is not a great idea. It can cause awkwardness and some disputes when the details of the transaction and repayments are not discussed well.
It’s easy to get quick cash loans nowadays since online payday loans are available. There are many credible and reliable online payday lenders with transparent services. They will help you cover emergency and short-term expenses.