Payday Loans Online in Indianapolis, IN.

Cash advances and payday loans are legal with certain restrictions in Indianapolis, IN. To help you make informed financial decisions, here is a breakdown of payday loan costs and regulations, as well as our favorite lenders in the city.

Advantages of Taking Out a Payday Loan in Indianapolis

It often happens that we need fast cash for emergencies, whether to pay this month’s rent, medical expenses, or car repairs. Payday loans can be helpful in these situations due to multiple reasons.

• Payday loans usually have a fast and easy application process. In most cases, you will need to present personal information and a statement from your employer about your income.
• Online lenders in Indianapolis make it convenient for consumers to complete their applications from the comfort of their homes. If approved, the funds may be directly deposited into your checking account in as soon as one business day.
• Some lenders may be willing to work with applicants who have damaged credit. This is because they may consider income when determining eligibility.

How to Get a Cash Advance and Payday Loan in Indianapolis

When you need urgent financial assistance, going from bank to bank is the last thing you want to do. However, there are multiple payday loan lenders in Indianapolis that you can turn to for fast cash. You can use their website to apply for a loan. You will need to present personal and financial information to complete the application. If approved, you may receive the funds in as little as one business day.

Cash Advance and Payday Loans Requirements

Payday loans and cash advances have the following requirements in Indianapolis:

• Being 18 or older
• Being a U.S. citizen or a permanent resident
• Having a steady source of income either through a job or other verifiable source

Additionally, you will be required to provide the following information:

• Name
• Permanent address
• Social Security Number
• Contact information
• Employment status
• Banking information

Costs and Regulations of Cash Advances and Payday Loans in Indianapolis, IN

Indiana limits the payday loan amounts from a minimum of $50 to a maximum of $550. Moreover, the loan amount cannot exceed 20% of the borrower’s monthly income. Borrowers are allowed to take a maximum of two payday loans at the same time but from different lenders.

The minimum loan term in Indianapolis is 14 days, while a maximum term is not specified. Additionally, borrowers are not allowed any rollovers.

Indianapolis also controls the finance fees collected from borrowers. The standard APR is around 391%. Also, additional fees depend on the borrowed amount.

• 10% finance fee for a loan of $401 to $550
• 13% finance fee for a loan of $251 to $400
• 15% finance fee for a loan of $50 to $250

Installment Loans in Indianapolis

If you’re looking to borrow more than $550, you can consider opting for an installment loan instead. Indianapolis residents can request between $1,000 and $5,000. Lenders usually offer longer repayment terms. Typically, installment loans are repaid within 12 months. Like payday loans, installment loans are also regulated by city and state authorities and have a minimum APR of 6.63% in Indianapolis.

Requesting Title Loans in Indianapolis

If you own your vehicle, you may use it as collateral to secure a title loan. Consumers in Indianapolis can request up to $25,000. However, the loaned amount depends on the appraised value of the car. As a result, many lenders will offer 20% to 50% of the car’s value. Title loan terms are typically about 30 days.

Interest rates for car title loans are about 36% per month or 360% annually. Keep in mind that the lender will keep your car’s title until you repay the full amount. If you fail to repay the loan on time, the lender has the right to sell your vehicle.

Our Favorite Indianapolis, IN, Cash Advance and Payday Loan Companies

If you don’t know which lenders to turn to, check out some of these loan providers in Indianapolis:

ACE Cash Express

ACE Cash Express offers installment loans, payday loans, and cash advances. The company offers payday loans from $50 to $660 to help you cover urgent costs, such as medical emergencies, car repairs, and bills. The standard APR for these loans is 400%.

ACE Cash Express has 19 physical stores in Indianapolis and also allows customers to submit their applications online.

Advance America

Advance America is a loan provider that offers payday loans, cash advances, installment loans, and personal loans. Their financial services also include prepaid VISA cards and Western Union services. Available loans in Indianapolis include payday loans of $50 to $660 and title loans of $2,500 to $25,000. Standard APR and loan amounts depend on your income level and credit score but typically range between 100% and 500%.

Advance America has five locations in Indianapolis and accepts online applications, too.