Payday Loans in Monroe, Indiana

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

Company nameAddressZip codePhone number
First Financial Bank 5974 W Ridge Rd, Gary, IN 46408 +1 (219) 227 - 3340
Crossroads Bank 526 W Connexion Way, Columbia City, IN 46725 +1 (260) 248 - 2265
First Financial Bank 202 N Main St, Rushville, IN 46173 +1 (765) 932 - 2941
Chase Bank 1500 S Nappanee St, Elkhart, IN 46516 +1 (574) 524 - 3870
First Farmers Bank & Trust 101 W Sycamore St, Kokomo, IN 46901 +1 (765) 252 - 1738
Allstar Cash Advance 17 IN-66, Tell City, IN 47586 +1 (812) 548 - 5626
Farm Credit Mid-America 2180 Southway 31, Rochester, IN 46975 +1 (574) 212 - 0298
First Harrison Bank 391 Old Capital Ridge NE, Corydon, IN 47112 +1 (812) 738 - 9099
Old National Bank 1510 W Southport Rd, Indianapolis, IN 46217 +1 (317) 887 - 4358
Sterling United Federal CU 5727 Vogel Rd, Evansville, IN 47715 +1 (812) 491 - 9200

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Monroe, IN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Plainfield, IN, Payday Loans in Portage, IN, 24-Hour Loan in Richmond, IN, Payday Loan Without a Credit Check in South Bend, IN, Payday Loans in Terre Haute, IN, Guaranteed 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 Monroe, IN.

Beautiful sights of Monroe, IN

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

46772

Are Payday Loans Legal In Monroe, 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%

Monroe, IN payday loan calculator

What are Payday Loans in Monroe, Indiana?

Monroe, Indiana is like many cities in the Indiana State that allows payday loans. Payday loans are a form of credit financing that is available to people who need to borrow money but cannot go through traditional means. A payday loan is designed for short-term borrowing and is usually due on your next pay date. Because of the high interest rate that comes with this type of loan, it is essential that you understand the risks and how to utilize it properly. In this article, we’ll take a closer look at payday loans in Monroe, Indiana, and everything you need to know before applying.

How do Payday Loans Work?

Payday loans are a type of unsecured loan and are usually for small amounts, typically less than a thousand dollars. They are designed to be short-term loans that are repaid on your next payday. If you need money fast, a payday loan may seem like a viable option, as the application process is easy and quick.

The process of obtaining a payday loan in Monroe, Indiana is pretty much the same as in any other state. A borrower writes a post-dated check to the lender and receives immediate cash in return. The check will be deposited on the borrower’s next payday unless the borrower decides to roll over the loan, which means they’ll have to pay additional fees. While the state of Indiana caps the interest rate on payday loans, the fees that come with them can make them an expensive option.

What are the Requirements to Apply for a Payday Loan in Monroe, Indiana?

In Monroe, Indiana, payday loans are legal, and there are specific requirements that an applicant must meet to qualify. These requirements include:

  • Being at least 18 years old
  • Having government-issued identification
  • Proof of income, such as a pay stub
  • Active checking account
  • Valid phone number and email address

While payday loans may be easy to obtain, it is critical that borrowers understand their responsibilities for making timely repayments. Once an applicant is approved and the money is disbursed, they must pay the loan amount plus the fees on their next payday. If they cannot repay the loan in full, they have the option to roll over the loan, but they will incur additional fees.

What are the Risks of Payday Loans?

While payday loans can provide individuals with much-needed cash in times of financial emergencies, they come with high cost and risks. Payday loans have a reputation for having high-interest rates that can make them difficult to repay. Borrowers risk additional fees and high-interest rates for non-payment or late payment, which can lead to financial instability and negative credit scores.

Interesting Facts and Statistics about Payday Loans in Monroe, Indiana

  • Payday loans are legal in Indiana.
  • Indiana caps the interest rate on payday loans at 391% APR.
  • The average payday loan amount in Indiana is between $50 – $500, with a term range of 14 to 28 days.
  • In Monroe, Indiana, the average payday loan ranges between $100 – $400.
  • The average interest rate on payday loans is 15% of the borrowed amount, with the highest rate in Indiana being 45%

Apply Now with TheGuaranteedLoans

If you need fast cash and are considering a payday loan, it is imperative to weigh the risks and advantages cautiously. TheGuaranteedLoans is a connector service that can help you connect with potential lenders who offer payday loans in Monroe, Indiana. We are not a direct lender, but we facilitate the connection between borrowers and potential lenders. If you meet the requirements mentioned above and need fast cash, you can submit an application through our online platform.

We will review your application and forward it to our network of lenders if you are eligible. If we cannot find a lender that suits your needs, we will let you know rather than leaving you in limbo. The process is simple, fast, and provides you access to multiple lenders in Monroe, Indiana. Apply now and get an instant decision regarding your payday loan application today!

Disclaimer:

Any loan you apply or approved for with our website is not final until you complete a loan agreement with a lender. TheGuaranteedLoans do not guarantee that submitting an application through our website will result in a loan offer from a lender. Clicking the Apply Now button on this page does not constitute an offer or solicitation for loan products that are prohibited by law.

F.A.Q.

Are there any limits on the interest rates that can be charged on payday loans in Monroe, Indiana?

Yes, in Monroe, Indiana, payday lenders are not allowed to charge interest rates higher than 15% per year on payday loans.

Can I roll over or renew my payday loan in Monroe, Indiana?

No, in Monroe, Indiana, payday lenders are not allowed to offer rollovers or renewals on payday loans. Borrowers are expected to pay off their payday loans in full by the end of the loan term.