Payday Loans in Shelby, Indiana

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

Company nameAddressZip codePhone number
Galen Krumme - Raymond James 311 N Ewing St, Seymour, IN 47274 +1 (812) 519 - 1500
Northwest Bank 1450 A St NE, Linton, IN 47441 +1 (812) 847 - 8681
Campbell & Fetter Bank 231 S Grandstaff Dr, Auburn, IN 46706 +1 (260) 925 - 5635
KeyBank 76 S Main St, Martinsville, IN 46151 +1 (765) 342 - 7181
Business & Industrial FCU 2118 Lanier Dr, Madison, IN 47250 +1 (812) 273 - 4044
Old National Bank 1905 Hart St, Vincennes, IN 47591 +1 (812) 885 - 8051
U.S. Bank Branch 120 W Main St, Hagerstown, IN 47346 +1 (765) 489 - 6183
North Salem State Bank 1500 E Main St, Danville, IN 46122 +1 (317) 745 - 8544
Elayan Auto Finance 2501 Lincolnway W, Mishawaka, IN 46544 +1 (574) 387 - 5222
Check Into Cash 1530 Cassopolis St A, Elkhart, IN 46514 +1 (574) 264 - 3900

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Shelby, IN, you can try to find different companies in big cities near by. Check out the following pages here: Same Day Loans in Plainfield, IN, Payday Loans in Portage, IN, Short-term Loans in Richmond, IN, Payday Loans in South Bend, IN, Emergency Loan in Terre Haute, IN, Payday Loans in Valparaiso, IN, Payday Loans in West Lafayette, IN and Payday Loans in Westfield, 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 Shelby, IN.

Beautiful sights of Shelby, IN

Payday Loans Available in Shelby, IN By The Following ZIP Codes:

46377

Are Payday Loans Legal In Shelby, 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%

Shelby, IN payday loan calculator

Understanding Payday Loans in Shelby, Indiana

Payday loans are a type of short-term loan that can help in emergencies when you’re strapped for cash and have nowhere else to turn. These loans are often taken out by people with bad credit who cannot get a loan from a traditional bank or lender, and they can be useful when used responsibly. In Shelby, Indiana, payday loans are legal, but it’s important to understand how they work before taking one out.

How Payday Loans Work

Payday loans are usually small loans, usually between $100 and $1000, that are paid back in a single payment on your next payday. The application process is quick and easy, and these loans are often available to people with bad credit. The lender will typically require proof of income, a valid ID, and other basic information to process the loan. Once approved, the funds are usually deposited into your checking account the same day or the next business day.

The interest rates on payday loans are typically much higher than other types of loans, usually between 300% and 400% APR. This makes them an expensive option for borrowing money, but they are often the only option available to people with bad credit or no credit history.

Are Payday Loans Legal in Shelby, Indiana?

Yes, Payday loans are legal in Shelby, Indiana. The state has regulations in place to protect borrowers from predatory lending practices. Lenders must be licensed and must follow certain guidelines to ensure they are not taking advantage of borrowers. For example, the maximum amount you can borrow in Indiana is $550, and the loan term cannot exceed 31 days. Additionally, lenders cannot charge more than 15% of the total amount borrowed in fees and finance charges.

Pros and Cons of Payday Loans

As with any financial product, payday loans have both advantages and disadvantages. Understanding these can help you decide whether this type of loan is right for you.

Advantages:

  • Quick and easy application process
  • Available to people with bad credit or no credit history
  • Funds are often available the same day or the next business day
  • Can be used for emergencies or unexpected expenses

Disadvantages:

  • High-interest rates and fees
  • Can lead to a cycle of debt if not repaid on time
  • May encourage irresponsible borrowing
  • Can damage credit scores if not repaid on time

Interesting Facts and Statistics about Payday Loans in Shelby, Indiana

Did you know that in Indiana, the average payday loan borrower takes out 10 loans per year? This indicates that many borrowers are using these loans repeatedly and may be caught in a cycle of debt. Additionally, according to a study by the Consumer Financial Protection Bureau, about 80% of payday loans in Indiana are rolled over or renewed within two weeks of the initial loan.

Apply Now

If you need a payday loan in Shelby, Indiana, TheGuaranteedLoans can help. We are a connector service that can connect you with potential lenders who can help you get the funds you need. Our application process is simple and fast, and we work with lenders who follow all state and federal regulations. Apply now and get the money you need today.

F.A.Q.

What are the requirements for obtaining a payday loan in Shelby, Indiana?

in Shelby, Indiana, borrowers must be at least 18 years old, have a valid government-issued ID, and provide proof of income and a valid checking account in order to obtain a payday loan.

Can I still qualify for a payday loan if I have bad credit?

Yes, payday loans do not require a credit check, so borrowers with bad credit can still qualify for a payday loan in Shelby, Indiana.