Payday Loans in Monterey, Indiana

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

Company nameAddressZip codePhone number
Advance America 4231 Franklin St, Michigan City, IN 46360 +1 (219) 874 - 3902
Advance America 6716 E State Blvd, Fort Wayne, IN 46815 +1 (260) 749 - 6431
Stock Yards Bank & Trust 275 US-31, Austin, IN 47102 +1 (812) 794 - 2191
World Finance 1412 W Broadway St, Princeton, IN 47670 +1 (812) 635 - 4342
First Financial Bank 2253 W Indiana 54, Linton, IN 47441 +1 (812) 847 - 4457
Lincoln Financial Advisors 2 Parkview Ct, Cambridge City, IN 47327 +1 (765) 478 - 3975
United States Postal Service 12 W Branson St, La Fontaine, IN 46940 +1 (800) 275 - 8777
SAC Finance 6642 St Joe Rd, Fort Wayne, IN 46835 +1 (260) 471 - 5718
Thrivent Financial for Lutherans 627 Tavern St, New Harmony, IN 47631 +1 (812) 962 - 4689
Advance America 2310 Laporte Ave #450, Valparaiso, IN 46383 +1 (219) 548 - 3418

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Monterey, IN, you can try to find different companies in big cities near by. Check out the following pages here: Bad Credit Loans in Plainfield, IN, Online Loans in Portage, IN, Payday Loans in Richmond, IN, Payday Loans in South Bend, IN, Same Day Loans in Terre Haute, IN, Guaranteed Loans in Valparaiso, IN, No Credit Check 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 Monterey, IN.

Beautiful sights of Monterey, IN

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

46960

Are Payday Loans Legal In Monterey, 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%

Monterey, IN payday loan calculator

Payday Loans in Monterey, Indiana: A Comprehensive Guide

When faced with unexpected expenses, such as medical bills or car repairs, many people turn to payday loans to bridge the gap until their next paycheck arrives. If you live in Monterey, Indiana, you may be considering this option. In this guide, we’ll provide an in-depth look at payday loans in Monterey, Indiana, where they’re legal, how they work, and what you need to know before applying.

What are Payday Loans?

Payday loans are short-term loans that generally range from $100 to $1,000. They’re designed to be repaid with the borrower’s next paycheck, usually within two weeks to a month. Unlike traditional loans, payday loans don’t require collateral, and the application process is typically fast and easy. However, they also come with high interest rates and fees.

Are Payday Loans Legal in Indiana?

Yes, payday loans are legal in Indiana. However, the state has implemented laws to regulate the industry and protect consumers. For example, the maximum loan amount is $550 or 20% of the borrower’s gross monthly income, whichever is less. Additionally, lenders can’t charge more than 15% of the loan amount as a finance charge, and the loan term can’t exceed 31 days.

How Do Payday Loans Work in Monterey, Indiana?

To apply for a payday loan in Monterey, Indiana, you’ll need to meet certain requirements, including:

  • Being at least 18 years old
  • Being a US citizen or permanent resident
  • Having a valid ID
  • Having a regular source of income, such as a job or government benefits
  • Having an active checking account

Once you’ve met these requirements, you can apply for a payday loan online or in-person at a lender’s physical location. The lender will typically ask for your personal and financial information, including your name, address, income, and bank account details. If you’re approved, you’ll receive the loan amount, minus any fees, directly to your bank account. You’ll then be responsible for repaying the loan and fees on the due date.

What are the Pros and Cons of Payday Loans?

Like any financial product, payday loans have both advantages and disadvantages. Some pros of payday loans include:

  • Easy and fast application process
  • No credit check required
  • No collateral required
  • Can be useful in emergencies

However, there are also several cons to consider, including:

  • High interest rates and fees
  • Short repayment term
  • Can lead to a cycle of debt if not repaid on time
  • Not a long-term financial solution

What Should You Consider Before Applying for a Payday Loan?

Before applying for a payday loan in Monterey, Indiana, it’s important to weigh the pros and cons and consider your other options. For example, you may be able to get a personal loan from a bank or credit union with lower interest rates and longer repayment terms. You could also apply for a credit card, ask for a loan from a friend or family member, or try negotiating with your creditor to set up a payment plan.

Interesting Facts and Statistics About Payday Loans in Monterey, Indiana

  • In 2020, more than 441,000 payday loans were issued in Indiana, with an average loan amount of $375 and an average APR of 404.32%. (Source: Indiana Department of Financial Institutions)
  • The largest payday lender in Indiana, Advance America, has 77 locations throughout the state, including one in nearby Logansport. (Source: Advance America)
  • Indiana law prohibits lenders from allowing borrowers to rollover loans, which means extending the due date and charging additional fees. (Source: Indiana Code § 24-4.5-7-101 et seq.)

Apply Now with TheGuaranteedLoans

If you’ve weighed your options and are considering a payday loan, TheGuaranteedLoans is here to help. We’re a connector service that can connect you with potential lenders in Monterey, Indiana. Simply fill out our online application, and we’ll match you with lenders who may be willing to offer you a loan. Keep in mind that we’re not a direct lender, and we don’t make lending decisions. We simply connect you with potential lenders and facilitate the process. Apply now and get the funds you need to cover your expenses.

F.A.Q.

How much can I borrow with a payday loan in Monterey, Indiana?

The maximum amount that can be borrowed with a payday loan in Monterey, Indiana is $550.

Are there any restrictions on how I can use the money from a payday loan in Monterey, Indiana?

The funds from a payday loan in Monterey, Indiana must be used for a short-term financial need and cannot be used for long-term expenses or investments.