Payday Loans in Mays, Indiana

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

Company nameAddressZip codePhone number
Mid-Southern Savings Bank Fsb 1505 W Main St, Mitchell, IN 47446 +1 (812) 849 - 2092
First Bank Centerville 119 E Main St, Centerville, IN 47330 +1 (765) 855 - 3011
Tomcats Pawn Inc 750 W 17th St, Bloomington, IN 47404 +1 (812) 339 - 1455
Our Community Bank 102 S Main St, Cloverdale, IN 46120 +1 (765) 795 - 2222
Mariner Finance 35 Pine Lake Ave, La Porte, IN 46350 +1 (219) 324 - 4800
Moneysource Inc 635 N Wayne St, Angola, IN 46703 +1 (260) 665 - 1363
Chase Bank 100 S College Ave, Bloomington, IN 47404 +1 (812) 331 - 6229
United Federal Credit Union - Toscana Park 7514 Gumwood Rd, Granger, IN 46530 +1 (888) 982 - 1400
Check Into Cash 605 S Reed Rd #5, Kokomo, IN 46901 +1 (765) 868 - 7000
Chase Bank 1602 I St, Bedford, IN 47421 +1 (812) 277 - 7028

Payday Loan Companies in Nearby Cities

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

Are Payday Loans Legal In Mays, 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%

Mays, IN payday loan calculator

Payday Loans in Mays, Indiana

If you’re in need of quick cash to cover unexpected expenses in Mays, Indiana, you may be considering a payday loan. Also known as cash advances or paycheck advances, payday loans can provide short-term financial assistance. In this article, we’ll explore everything you need to know about payday loans in Mays, Indiana.

Payday Loans Legality in Indiana

First and foremost, it’s important to note that payday loans are legal in Indiana. However, there are a few regulations that lenders must follow to ensure fair lending practices.

According to Indiana law, payday loans must not exceed $550 and must have a minimum term of 14 days. The maximum finance charge is 15% for the first $250 borrowed, 13% for amounts between $251 and $400, and 10% for amounts between $401 and $500. Additionally, lenders may not charge more than $25 as a non-sufficient funds (NSF) fee if the borrower’s check bounces.

It’s important to note that borrowers are not allowed to have more than two loans at any given time, and the total amount borrowed cannot exceed $500 per lender. These laws are in place to protect borrowers from predatory lending practices and to ensure fair lending practices in the payday loan industry.

How Payday Loans Work in Mays, Indiana

Payday loans are designed to provide quick cash to borrowers who need it, usually for unexpected expenses like car repairs or medical bills. To qualify for a payday loan, borrowers must have a steady source of income and a bank account.

To apply for a payday loan in Mays, Indiana, borrowers can visit a brick-and-mortar lender or apply online. The application process typically takes only a few minutes, and borrowers can receive their funds as soon as the next business day.

It’s important to note that payday loans typically come with high interest rates and fees. Lenders may charge up to 15% in interest on the principal amount borrowed, and additional fees may apply. As such, it’s important to carefully consider the costs of borrowing before applying for a payday loan.

Benefits and Risks of Payday Loans in Mays, Indiana

One of the main benefits of payday loans in Mays, Indiana, is that they can provide quick cash to borrowers in need. Unlike traditional bank loans, payday loans do not require a lengthy application process or a high credit score. Additionally, payday loans are typically more accessible to borrowers who do not have access to traditional lending options.

However, payday loans also come with significant risks. Borrowers who are unable to repay their loans on time may face high fees and interest rates, which can quickly spiral out of control. Additionally, some lenders may engage in predatory lending practices, charging exorbitant fees and interest rates to vulnerable borrowers.

Interesting Facts and Statistics about Payday Loans in Mays, Indiana

  • As of 2021, there are over 980 payday lenders operating in Indiana, according to the state Department of Financial Institutions.
  • In 2020, Indiana payday loan borrowers took out a total of 1.5 million loans, totaling over $626 million in principal loan volume.
  • The average payday loan in Indiana has an annual percentage rate (APR) of 382%, according to the Consumer Financial Protection Bureau.

Apply Now for a Payday Loan in Mays, Indiana

If you’re in need of quick cash to cover unexpected expenses in Mays, Indiana, consider applying for a payday loan through TheGuaranteedLoans. Our online application process is easy and secure, and we’ll connect you with potential lenders who can provide short-term financial assistance.

It’s important to note that TheGuaranteedLoans is a connector service, not a direct lender. We do not make lending decisions or determine loan terms. Instead, we work with a network of trusted lenders to help our customers find the best lending options for their unique financial needs. To learn more and apply for a payday loan in Mays, Indiana, visit our website today.

F.A.Q.

Can I be charged with criminal charges for not repaying a payday loan in Mays, Indiana?

No, Indiana state law prohibits lenders from pursuing criminal charges against borrowers who are unable to repay their payday loans.

What should I do if I am having trouble repaying my payday loan in Mays, Indiana?

If you are having trouble repaying your payday loan in Mays, Indiana, it is important to communicate with the lender and try to work out a repayment plan. You may also want to seek advice from a financial counselor or legal professional.