Payday Loans in Morristown, Indiana

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

Company nameAddressZip codePhone number
Check n' Go 320 Ridge Rd, Munster, IN 46321 +1 (219) 836 - 2626
ACE Cash Express 1115 E 86th St, Indianapolis, IN 46240 +1 (317) 475 - 0197
PNC Bank 220 W Market St, Warsaw, IN 46580 +1 (574) 267 - 3271
First Financial Bank 15 S Main St, Sullivan, IN 47882 +1 (812) 268 - 3331
ProFed Credit Union 506 N Grandstaff Dr, Auburn, IN 46706 +1 (260) 925 - 1550
Fast Payday Loans Anderson 2430 Lincoln St, Anderson, IN 46016
Heights Finance Corporation 2468 Getz Rd, Fort Wayne, IN 46804 +1 (260) 432 - 1289
Heights Finance Corporation 4339 S. Franklin St., Michigan City, IN 46360 +1 (219) 874 - 1300
Home National Bank 117 E Main St, Thorntown, IN 46071 +1 (765) 436 - 2222
Chase Bank 1500 S Nappanee St, Elkhart, IN 46516 +1 (574) 524 - 3870

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Morristown, IN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Kokomo, IN, Payday Loans in Lafayette, IN, Payday Loans in Merrillville, IN, Payday Loans in Michigan City, IN, Payday Loans in Mishawaka, IN, Guaranteed 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 Morristown, IN.

Beautiful sights of Morristown, IN

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

46161

Are Payday Loans Legal In Morristown, 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%

Morristown, IN payday loan calculator

Payday Loans in Morristown, Indiana

In Indiana, payday loans are a legal form of short-term borrowing that can help individuals bridge the gap between paychecks. These loans provide quick access to cash with relatively lenient requirements compared to traditional bank loans. Borrowers can use payday loans for a variety of purposes, such as paying off overdue bills, covering unexpected expenses, or making a large purchase.

How do Payday Loans work in Morristown, Indiana?

Payday loans are a type of unsecured loan that borrowers must repay on their next payday. The loan term usually ranges from 14 to 30 days, depending on the lender, and the amount borrowed can be up to $550.

To apply for a payday loan in Morristown, Indiana, borrowers must be at least 18 years old and have a valid government-issued ID, a steady income source, and an active checking account. Borrowers can apply for payday loans in person at a lender’s physical location or online on a lender’s website.

When applying for a payday loan, borrowers provide the lender with a post-dated check for the amount borrowed plus any fees and interest. The lender holds onto the check until the loan’s due date, usually the borrower’s next payday, when the lender deposits the check into the borrower’s checking account.

What are the fees and interest rates for payday loans in Morristown, Indiana?

The fees and interest rates for payday loans in Morristown, Indiana, are regulated by the state’s Department of Financial Institutions. According to Indiana law, lenders can charge a maximum finance charge of 15% for every $100 borrowed and a maximum Annual Percentage Rate (APR) of 391% for a 14-day loan.

On top of the finance charge and the APR, lenders may also charge a non-sufficient funds (NSF) fee if the borrower’s check bounces. The NSF fee can be up to $25, but a lender can only charge one NSF fee per loan regardless of how many times the check bounces.

What are the pros and cons of payday loans in Morristown, Indiana?

Pros:

  • Quick access to cash
  • No collateral required
  • Lenient credit requirements
  • Easy application process

Cons:

  • High fees and interest rates
  • Short repayment period
  • Potential for refinancing and debt cycles
  • Default risk and negative impact on credit score

Payday loans can be a helpful tool for individuals who need cash quickly and have no other options. However, borrowers should be aware of the potential risks involved, such as high fees and interest rates, short repayment periods, and the potential for refinancing and debt cycles. It’s important to research multiple lenders and compare their terms and fees before applying for a payday loan.

Interesting Facts and Statistics about Payday Loans in Morristown, Indiana

  • According to a report by the Indiana Institute for Working Families, the average payday loan in Indiana is $350, with an average finance charge of $52.
  • As of 2021, there are more than 300 licensed payday lenders in Indiana, with 15 operating in Morristown.
  • Indiana has one of the highest payday loan rates in the country, with an average APR of 382%.

Apply Now

If you’re in need of a payday loan in Morristown, Indiana, TheGuaranteedLoans can help connect you with potential lenders. We offer a quick and easy online application process and work with a network of trusted lenders. Please note that TheGuaranteedLoans is a connector service, not a direct lender, and we do not make credit decisions or provide loans directly. However, we can help simplify the loan application process and increase your chances of getting approved. Click the “Apply Now” button below to get started!

F.A.Q.

Is there a minimum loan term for payday loans in Morristown, Indiana?

Yes, in Morristown, Indiana, payday loans must have a minimum loan term of 14 days.

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

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