Understanding Payday Loans in Huntertown, Indiana
Payday loans are a type of short-term loan that is due on the borrower’s next payday. These loans are designed to help individuals who may need quick cash to cover an unexpected expense or emergency. While payday loans can be a helpful financial tool, they are also known to carry high interest rates and fees that can make them difficult to repay for some borrowers. If you’re considering payday loans in Huntertown, Indiana, there are a few things you should know first.
Payday Loan Regulations in Huntertown, Indiana
Payday loans are legal in Indiana, including Huntertown. However, there are regulations in place to protect borrowers from being trapped in a cycle of debt. Borrowers can only take out one loan at a time, and the loan amount cannot exceed $550 or 20% of the borrower’s gross monthly income, whichever is less.
The loan term must be at least 14 days and no longer than 30 days. Lenders may not charge more than 15% interest or a $15 finance charge for each $100 borrowed. If a borrower cannot repay the loan on time, they are allowed to request an extended payment plan.
Applying for a Payday Loan in Huntertown, Indiana
Applying for a payday loan in Huntertown, Indiana is a straightforward process. Borrowers must be 18 years or older, have a valid ID, proof of income, and an active checking account. Some lenders may require additional documentation.
Many lenders offer online applications, making it easy to apply from the comfort of your own home. When completing the application, borrowers should be prepared to provide personal information such as their name, address, and Social Security number.
Repaying Your Payday Loan
When it’s time to repay your payday loan, you’ll need to pay back the loan amount plus any interest and fees. Some lenders may require a post-dated check or authorization to withdraw funds from your checking account on the due date. It’s essential to ensure that the funds are available in your bank account to prevent overdraft fees.
If you’re unable to repay the loan on time, you can request an extended payment plan. However, keep in mind that this will likely come with additional fees and interest.
Interesting Facts and Statistics
- Indiana has some of the most robust payday loan regulations in the United States.
- A 2019 report by the Indiana Institute for Working Families found that payday lenders charged an average annual percentage rate (APR) of 391% for loans with a 14-day term.
- The same report found that payday lenders in Indiana made over $300 million in fees alone between 2012 and 2017.
- According to a 2015 study by Pew Charitable Trusts, the average payday loan borrower takes out eight loans per year, with each loan size averaging $375.
Apply Now
If you’re in need of a payday loan in Huntertown, Indiana, TheGuaranteedLoans can help connect you with potential lenders. Our online application process is quick and easy, and we work with a network of trusted lenders who can offer competitive rates and terms.
It’s important to remember that TheGuaranteedLoans is not a direct lender. We act as a matching service between borrowers and lenders. Once you submit your application, we’ll review it and connect you with lenders who may be a good fit for your needs.
Applying for a payday loan can be stressful, but it doesn’t have to be. At TheGuaranteedLoans, we’re committed to helping you get the funds you need quickly and easily. Apply now to get started.