Payday Loans in Romney, Indiana

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

Company nameAddressZip codePhone number
Spencer County Bank 322 Main St, Grandview, IN 47615 +1 (812) 649 - 2600
Fifth Third Mortgage - Matthew Nikirk 200 S Maple St, Orleans, IN 47452 +1 (812) 865 - 3810
Credit Check 950 N Meridian St, Indianapolis, IN 46204 +1 (317) 237 - 7777
Communitywide Federal Credit Union 1420 W Jefferson St, Plymouth, IN 46563 +1 (574) 935 - 3800
Muncie Federal Credit Union 5400 Wheeling Ave, Muncie, IN 47304 +1 (765) 284 - 7667
German American Bank 704 N 5th St, Rockport, IN 47635 +1 (812) 649 - 2218
First Trust 950 US-20, Michigan City, IN 46360 +1 (219) 879 - 6161
Chase Bank 831 Lima Rd, Kendallville, IN 46755 +1 (260) 347 - 0800
Kim Gentis - Raymond James 1245 N Main St, Bluffton, IN 46714 +1 (260) 824 - 8070
Check Into Cash 2920 Grant Line Rd, New Albany, IN 47150 +1 (812) 941 - 1920

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Romney, IN, you can try to find different companies in big cities near by. Check out the following pages here: Online Loans in Gary, IN, Guaranteed Loans in Goshen, IN, Quick Loan in Granger, IN, Emergency Loan in Greenwood, IN, Payday Loans in Guilford, IN, Payday Loans in Hammond, IN, Payday Loan Without a Credit Check in Indianapolis, IN and Payday Loan Without a Credit Check in Jeffersonville, 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 Romney, IN.

Are Payday Loans Legal In Romney, 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%

Romney, IN payday loan calculator

Understanding Payday Loans in Romney, Indiana

Payday loans have become a popular option for many people in need of quick cash. These loans are designed to provide short-term financial relief to those who cannot access traditional lending options. If you are a resident of Romney, Indiana, and are considering a payday loan, it is essential to understand how these loans work, the laws regulating them in your state, and the potential risks involved.

What are Payday Loans?

Payday loans are small, unsecured loans designed to provide borrowers with immediate cash. They are typically due on the borrower’s next payday and are generally provided to people who have a steady source of income and a checking account. These loans offer a quick and easy way to get cash for unexpected expenses, such as car repairs, medical bills, or utility payments. However, the convenience of payday loans often comes with a high risk of debt.

Payday Loans in Romney, Indiana

In Indiana, payday loans are legal under the state’s lending regulations. Indiana Law requires all payday lenders to be licensed by the Indiana Department of Financial Institutions to operate within the state. Borrowers must also sign a written agreement that outlines the terms and conditions of the loan, including the fees and interest rates. The loan agreement must also include a statement that the borrower has the right to cancel the loan within 24 hours without paying any additional fees or charges.

Indiana law limits the amount of interest and fees payday lenders can charge. The maximum loan amount is $550, and lenders can charge up to 15% in interest rates and finance charges on the loan amount. This limit ensures that borrowers are not exploited and are not forced to pay back more than the original loan amount plus fees and interest.

The Risks of Payday Loans

As with any type of loan, there are risks to taking out a payday loan. One of the most significant dangers of payday loans is the high interest rates and fees that accompany them. The average annual percentage rate (APR) for payday loans can be as high as 400%, making it difficult for borrowers to repay the loan in full.

Another risk associated with payday loans is debt traps. Debt traps occur when borrowers are unable to pay back the loan on time and are forced to roll over the loan or take out another payday loan to cover the initial loan’s costs. This cycle can continue indefinitely, causing borrowers to accumulate significant debt over time.

Interesting facts and statistics about Payday Loans in Romney, Indiana

  • According to the Indiana Department of Financial Institutions, there were over 1,000 licensed payday lenders in the state of Indiana in 2020.
  • In 2019, Indiana residents took out over 500,000 payday loans, totaling over $161 million in loan volume.
  • The average payday loan amount in Indiana is $392, with an average fee of $55.
  • Indiana law prohibits payday lenders from issuing more than one loan to a borrower at a time or rolling over a loan more than three times.

Apply for a Payday Loan Now

If you are a resident of Romney, Indiana, and are in need of a payday loan, TheGuaranteedLoans can help connect you with a potential lender. We are a connector service, not a direct lender, which means we can help you find the best loan options available to you. Our network of lenders understands the financial challenges you may face, and they offer flexible loan terms to suit your needs.

To apply for a payday loan, simply fill out our online application form, and we will connect you with a lender who can provide you with the funds you need. Our application process is simple, fast, and secure, and our lenders offer transparent terms and fees.

Don’t let unexpected expenses overwhelm you. Apply for a payday loan in Romney, Indiana, today and get the cash you need to get back on track.

F.A.Q.

Are there any restrictions on how payday lenders in Romney, Indiana advertise their services?

Yes, Indiana state law has several restrictions on how payday lenders can advertise their services, including prohibitions on using false or misleading information, targeting vulnerable populations, and using aggressive or harassing sales tactics. Lenders must also clearly disclose all fees and terms of the loan in their advertising.

What are the maximum loan amounts and fees for payday loans in Romney, Indiana?

in Romney, Indiana, the maximum loan amount for a payday loan is $550, with a maximum fee of 15% of the loan amount.