Payday Loans in Folsomville, Indiana

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

Company nameAddressZip codePhone number
East Chicago Check Casher Inc 6022 Broadway, Merrillville, IN 46410 +1 (219) 884 - 4340
1st Source Bank 124 S Main St, Bluffton, IN 46714 +1 (260) 824 - 4800
First Merchants Bank 200 E Jackson St, Muncie, IN 47305 +1 (765) 747 - 1536
FCN Bank 226 N Meridian St, Sunman, IN 47041 +1 (812) 623 - 8900
Advance America 1301 165th St, Hammond, IN 46320 +1 (219) 933 - 3067
First Financial Bank 1850 Marketplace Blvd, Shelbyville, IN 46176 +1 (317) 398 - 5626
Check Into Cash 504 Greensburg Commons Shopping Center, Greensburg, IN 47240 +1 (812) 663 - 9991
Walmart Money Center 2501 E North St, Kendallville, IN 46755 +1 (260) 347 - 4300
Kemper CPA Group LLP - Accounting & Tax Services 722 N Grand Ave, Connersville, IN 47331 +1 (765) 825 - 4181
Horizon Trust & Investment Management 515 Franklin St, Michigan City, IN 46360 +1 (219) 874 - 9221

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Folsomville, IN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loan Companies in Gary, IN, Guaranteed Loans in Goshen, IN, Payday Loans in Granger, IN, Payday Loans in Greenwood, IN, Online Loans in Guilford, IN, Payday Loans in Hammond, IN, Payday Loans 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 Folsomville, IN.

Are Payday Loans Legal In Folsomville, 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%

Folsomville, IN payday loan calculator

Payday loans can be a helpful solution for those facing a financial emergency. Folsomville, Indiana residents also have access to payday loans. Payday loans in Folsomville are legal and can help those who need cash quickly. However, it’s important to understand how they work and the costs involved. In this article, we’ll explore everything you need to know about payday loans in Folsomville, Indiana.

How do payday loans work in Folsomville, Indiana?

Payday loans are short-term loans intended to help borrowers who need money before their next paycheck. In Folsomville, Indiana, borrowers can apply for payday loans of up to $550. To apply, borrowers must provide proof of income and employment, a valid phone number and email address, and a government-issued ID. Lenders in Folsomville may use other criteria to determine eligibility, such as credit score or debt-to-income ratio.

Once approved, the borrower will receive cash or a direct deposit into their bank account. The loan must be repaid by the borrower’s next payday, usually within two to four weeks. If the borrower cannot repay the loan on time, they may be able to extend the loan, but this will result in additional fees and interest.

What are the costs of payday loans in Folsomville, Indiana?

Payday loans in Folsomville, Indiana can be expensive. Lenders in Folsomville charge interest rates of up to 391%, which is higher than the national average. For example, a $250 payday loan with a two-week repayment period in Folsomville can cost the borrower $42.50 in fees and interest.

In addition to high interest rates, borrowers in Folsomville may also be charged other fees, such as origination fees or late fees. It’s crucial to read the loan agreement carefully before signing it, and to make sure you understand the total cost of the loan.

What are the risks of payday loans in Folsomville, Indiana?

While payday loans can be a helpful solution for those facing financial emergencies, they come with significant risks. High interest rates and fees can quickly add up, making it difficult for borrowers to repay the loan on time. This can lead to a cycle of debt, where borrowers roll over or extend their loans repeatedly.

In addition, payday loans in Folsomville can have a negative impact on credit scores. If a borrower is unable to repay the loan, the lender may report the default to credit bureaus, which can lower the borrower’s credit score and make it more difficult to access credit in the future.

Interesting Facts and Statistics about Payday Loans in Folsomville, Indiana

  • There are more than 200 payday lenders in Indiana, according to the Indiana Department of Financial Institutions.
  • The average payday loan in Indiana is $332, with an average fee of $55 per loan.
  • In 2019, Indiana lawmakers voted to allow payday lenders to charge higher interest rates, which has led to even higher fees and costs for borrowers.
  • About 40% of borrowers in Indiana take out multiple payday loans in a year, according to a 2018 report by the Indiana Institute for Working Families.

Apply Now

If you need a payday loan in Folsomville, Indiana, TheGuaranteedLoans can help connect you with potential lenders. Our online application process is quick and easy, and you can get approved in minutes. We are a connector service and not a direct lender. Our network of lenders offer loans to every credit type, so even if you have poor credit or no credit history, we can still help get you the funds you need. Apply now and get the cash you need.

Remember to always read the loan agreement carefully and make sure you understand the terms and costs before signing anything. Only borrow what you can afford to repay, and avoid getting trapped in a cycle of debt. With the right information and a responsible approach, payday loans in Folsomville can be a useful tool in managing unexpected expenses.

F.A.Q.

Can I apply for a payday loan online in Folsomville, Indiana?

Yes, you can apply for a payday loan online in Folsomville, Indiana. However, it is important to research the lender and make sure they are licensed to operate in the state.

Are there any protections for borrowers in Folsomville, Indiana when it comes to payday loans?

Yes, Indiana state law has several protections in place for payday loan borrowers, including limits on fees and interest rates, and a prohibition on renewing or rolling over loans. Borrowers also have the right to dispute any errors on their loan agreements and seek legal recourse if they feel they have been treated unfairly by a lender.