Payday Loans in Monrovia, Indiana

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

Company nameAddressZip codePhone number
Personal Finance Company 2301 S Western Ave d, Marion, IN 46953 +1 (765) 664 - 5724
Heights Finance Corporation 2117 Wabash Ave, Terre Haute, IN 47807 +1 (812) 234 - 8014
First Financial Bank 112 N Meridian St, Portland, IN 47371 +1 (260) 726 - 9301
Advance America 9162 E US Hwy 36, Avon, IN 46123 +1 (317) 271 - 0764
Mariner Finance 542 N Memorial Dr, New Castle, IN 47362 +1 (765) 529 - 7802
Citizens State Bank 110 S Main St, Montpelier, IN 47359 +1 (765) 728 - 2411
ProFed Credit Union 506 N Grandstaff Dr, Auburn, IN 46706 +1 (260) 925 - 1550
Cashland 510 S Scatterfield Rd, Anderson, IN 46012 +1 (765) 683 - 0215
Our Community Bank 279 E Morgan St, Spencer, IN 47460 +1 (812) 829 - 2095
Advance America 3312 S Western Ave #4, Marion, IN 46953 +1 (765) 668 - 4050

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Monrovia, IN, you can try to find different companies in big cities near by. Check out the following pages here: 24-Hour Loan in Kokomo, IN, Payday Loan for Lafayette, IN, Payday Loans in Merrillville, IN, Payday Loan Companies in Michigan City, IN, Payday Loans in Mishawaka, IN, No Credit Check Loans in Muncie, IN, Payday Loans in New Albany, IN and Payday Loans in Noblesville, 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 Monrovia, IN.

Beautiful sights of Monrovia, IN

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

46157

Are Payday Loans Legal In Monrovia, 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%

Monrovia, IN payday loan calculator

Understanding Payday Loans in Monrovia, Indiana

Are you in Monrovia, Indiana, and wondering if payday loans are right for you? Payday loans are used by individuals who require quick access to money, typically to cover unexpected expenses or emergencies. Payday loans are legal in Indiana, but it is essential to understand how they work before applying. This article will guide you through everything you need to know about payday loans in Monrovia, Indiana.

How Do Payday Loans Work?

Payday loans are typically small-dollar, short-term loans that are meant to be repaid on the borrower’s next payday. When you apply for a payday loan, you typically give the lender a post-dated check for the loan amount, including fees and interest. The lender then holds onto the check until the borrower’s next payday, at which point they can cash it or allow the borrower to renew the loan.

Who Can Apply for a Payday Loan in Monrovia, Indiana?

Anyone aged 18 or older with a steady income – either from a job or government benefits – can apply for a payday loan in Indiana. The lender will require proof of income, as well as a checking account and valid ID.

What Are the Fees and Interest Rates for Payday Loans in Monrovia, Indiana?

In Indiana, payday lenders can charge up to 15% for loans under $250, and up to 10% for loans between $251 and $400. Loans over $400 are subject to an interest rate of no more than 33% APR. However, it’s important to note that interest rates can be much higher if the loan is rolled over or renewed.

The Risks and Benefits of Payday Loans

There are both risks and benefits to taking out a payday loan. On the one hand, payday loans can provide quick access to cash, even if you have bad credit. Additionally, payday loans are relatively easy to obtain, and the application process is typically quick and straightforward. However, payday loans come with high fees and interest rates, and borrowers can quickly become trapped in a cycle of debt if they can’t repay the loan on time. It is essential to carefully consider all options before taking out a payday loan.

Interesting Facts and Statistics about Payday Loans In Monrovia, Indiana

  • In 2016, Indiana payday lenders issued more than 380,000 loans totaling $430 million, according to the Indiana Department of Financial Institutions.
  • The average payday loan in Indiana is $328, and borrowers pay an average of $44 in interest and fees per $100 borrowed.
  • In 2017, a coalition of organizations in Indiana successfully lobbied for legislation to cap payday loan interest rates at 36% APR.
  • According to a 2018 survey by the National Federation of Independent Business, 69% of small business owners in Indiana oppose payday lending.

Apply Now for a Payday Loan in Monrovia, Indiana

If you need quick access to cash in Monrovia, Indiana, TheGuaranteedLoans can help connect you with a potential lender. Simply fill out our online application, and we’ll match you with a lender who may be able to provide the funds you need. Please note that TheGuaranteedLoans is a connector service, not a direct lender, and we cannot guarantee loan approval.

Note: Payday loans should only be used for short-term financial needs and not as a long-term financial solution. Before considering a payday loan, explore other options, such as borrowing from friends or family or seeking assistance from government or nonprofit organizations. Always read the terms and conditions carefully and ensure that you can repay the loan on time to avoid additional fees and interest.

F.A.Q.

Can I be sued or have my wages garnished if I fail to repay my payday loan in Monrovia, Indiana?

Yes, if a borrower fails to repay a payday loan in Monrovia, Indiana, the lender may choose to pursue legal action, including suing the borrower and garnishing their wages. It is important for borrowers to only take out payday loans if they are confident they will be able to repay them on time.

What are the consumer protections for payday loan borrowers in Monrovia, Indiana?

Indiana has several consumer protections in place for payday loan borrowers, including a limit on the number of loans that can be taken out at one time, a maximum loan amount of $500, and a requirement for lenders to provide clear and concise disclosure of all fees and terms. Borrowers also have the right to dispute any charges or fees that they believe are unfair or inaccurate.