Payday Loans in Norman, Indiana

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No payday loan companies in Norman, IN. Consider companies in other cities:

Company nameAddressZip codePhone number
Bedford Federal Savings Bank 1030 15th St, Bedford, IN 47421 +1 (812) 275 - 5907
Cashland 1201 N Wayne St, Angola, IN 46703 +1 (260) 624 - 3265
Old National Bank 1490 N Green St, Brownsburg, IN 46112 +1 (317) 852 - 1335
First Financial Bank 3539 E 10th St, Jeffersonville, IN 47130 +1 (812) 284 - 5511
1st Source Bank 3905 Franklin St, Michigan City, IN 46360 +1 (219) 872 - 2953
Chase Bank 1500 S Nappanee St, Elkhart, IN 46516 +1 (574) 524 - 3870
ACE Cash Express 3213 S Madison St, Muncie, IN 47302 +1 (765) 289 - 7000
Farm Credit Mid-America 1050 Ballard Ln, Greencastle, IN 46135 +1 (765) 653 - 2691
Freedom Bank 75 US-231, Jasper, IN 47546 +1 (812) 634 - 0091
Provident Funding Assoc LP 8445 Keystone Crossing 140, Indianapolis, IN 46240 +1 (317) 253 - 6126

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Norman, IN, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan in Anderson, IN, Payday Loan for Bloomington, IN, Payday Loans in Carmel, IN, Payday Loan for Columbus, IN, Payday Loans in Elkhart, IN, Payday Loans in Evansville, IN, 24-Hour Loan in Fishers, IN and Online Loans in Fort Wayne, IN. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Norman, IN.

Are Payday Loans Legal In Norman, Indiana?

Loan Rates and Fees, Laws and Regulations in Indiana.

Indiana Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)382
Maximum Loan Amount$550
Minimum Loan Term14 days
Maximum Loan TermNot Specified
Number of Rollovers Allowed0
Finance Charges<$250 = 15% $250 - $400 = 13% $400 - $500 = 10%

Norman, IN payday loan calculator

Understanding Payday Loans in Norman, Indiana

When you need cash urgently, payday loans can be an accessible solution. These small, short-term loans are designed for emergencies and unexpected expenses, and they can be an easy way to get the funds you need when you need them. If you live in Norman, Indiana, it’s important to understand how payday loans work and what the regulations are in your state.

What are Payday Loans?

Payday loans are short-term loans that typically range from $100 to $1,500. They are called payday loans because they are typically due on your next payday, which is usually within two weeks to a month of the loan being issued. In theory, this means that the loan is repaid when you receive your next paycheck.

One of the most significant advantages of payday loans is that they are generally easy to qualify for. Unlike traditional loans, payday lenders usually don’t require a credit check. Instead, the lender will typically ask for proof of income, a valid ID, and a checking account. If you meet these requirements, you can usually get approved for a payday loan quickly.

The Pros and Cons of Payday Loans

Before taking out a payday loan, it’s important to understand the pros and cons. Here are some of the advantages and disadvantages of payday loans:

The Pros:

  • Quick and easy access to cash
  • No credit check
  • No collateral required

The Cons:

  • High interest rates
  • Short repayment term
  • May lead to a cycle of debt

One of the main disadvantages of payday loans is the high interest rates. Because payday loans are short-term loans, the interest rates can be high. In some cases, the interest rates can be as high as 400%. This means that if you borrow $500, you may end up paying back $600 or more.

Another downside of payday loans is the short repayment term. When you take out a payday loan, you typically have to repay it within two weeks to a month. If you can’t repay the loan on time, you will incur additional fees and interest charges. This can lead to a cycle of debt, where you take out additional loans to repay the original loan.

Payday Loan Regulations in Indiana

Payday loans are legal in Indiana. Indiana has specific regulations that lenders must follow. The maximum loan amount is $550, and the repayment term must be at least 14 days. The maximum finance charge is 15% of the amount borrowed. Lenders are also prohibited from charging additional fees for loan processing or origination.

Interesting Facts and Statistics about Payday Loans in Norman, Indiana

  • In 2019, the average payday loan amount borrowed in Indiana was $376.
  • According to a Consumer Financial Protection Bureau study, 80% of payday borrowers roll over their loans, which means they end up incurring additional fees and interest charges.
  • In Indiana, 66% of payday borrowers take out a new payday loan on the same day that they pay off their previous loan.
  • The average APR (annual percentage rate) for payday loans in Indiana is 391%.

Apply Now for a Payday Loan

If you need cash urgently and are considering a payday loan, TheGuaranteedLoans can help. We are a connector service that can help you find a lender that meets your needs. To apply for a payday loan, fill out our online application form. We’ll ask you for some basic information, such as your name, address, and employment status. We’ll use this information to connect you with a lender that can provide the cash you need.

It’s important to remember that TheGuaranteedLoans is not a direct lender. We are a connector service that helps you connect with lenders. We do not make credit decisions, and we do not have access to your credit history. Instead, we work with a network of lenders to help you find the right loan for your needs.

Conclusion

Payday loans can be a useful tool when you need cash urgently. If you live in Norman, Indiana, it’s important to understand the regulations and the pros and cons of payday loans. By understanding these factors, you can make an informed decision about whether a payday loan is right for you.

F.A.Q.

Are there any protections for borrowers who take out payday loans in Norman, Indiana?

Yes, in Norman, Indiana, payday lenders are required to provide borrowers with a written disclosure statement outlining the terms of the loan, including the loan amount, fees, and repayment schedule.

Can I be sued or have my wages garnished if I fail to repay my payday loan in Norman, Indiana?

Yes, if a borrower fails to repay a payday loan in Norman, Indiana, the lender may choose to pursue legal action, including suing the borrower and garnishing their wages. It is important for borrowers to only take out payday loans if they are confident they will be able to repay them on time.