Payday Loans in New Ross, Indiana – Everything You Need To Know
Living paycheck to paycheck can be challenging, especially when unexpected expenses come along and throw you off balance. If you find yourself in this situation, a payday loan may be a good way to get the cash you need to cover your bills until your next paycheck arrives.
In Indiana, payday loans are legal, but there are regulations in place to protect consumers from predatory lending practices. If you’re considering taking out a payday loan in New Ross, Indiana, here’s everything you need to know:
What are Payday Loans?
Payday loans are short-term loans that typically must be paid back within two to four weeks. They are designed to cover unexpected expenses or bridge the gap between paychecks. Payday loans are generally small dollar amounts ranging from $100 to $1,000. In exchange for the loan, the borrower typically pays a fee, which can range from $15 to $30 per $100 borrowed.
How Do Payday Loans Work?
To obtain a payday loan in New Ross, Indiana, you’ll need to provide proof of income and identification. You’ll also need to have an active checking account. The lender will use your checking account to deposit the loan and to withdraw the loan amount plus fees when it’s due.
When you apply for a payday loan, you’ll typically receive a decision on the same day. If you’re approved, you’ll receive the loan amount, and the funds will be deposited directly into your checking account. You’ll then have to repay the loan, along with the fees, on your next payday. If you don’t repay the loan on time, the lender may charge additional fees, and your credit score may be affected.
What are the Regulations in Indiana?
In Indiana, payday loans must be under $550, and the APR (annual percentage rate) cannot exceed 391%. Borrowers cannot have more than two loans outstanding at the same time or take out more than $2,500 in payday loans at any one time.
The state of Indiana also requires lenders to provide borrowers with a written agreement that outlines the terms of the loan, including the repayment schedule, fees, and charges. Lenders are not allowed to charge any additional fees beyond those agreed to in the written agreement.
Interesting Facts and Statistics
- Indiana has 817 payday lending storefronts, which is more than McDonald’s, Subway, and Starbucks locations combined.
- The average payday loan in Indiana is $392.
- Eighty-one percent of payday loans in Indiana are taken out within two weeks of a previous payday loan.
Apply Now
At TheGuaranteedLoans, we’re here to help you connect with trusted lenders who offer payday loans in New Ross, Indiana. We understand how stressful it can be to deal with unexpected expenses, which is why we make the application process fast and easy.
It’s important to remember that we are a connector service, not a direct lender. That means we work with a network of lenders to provide you with the best possible loan options. We’ll help you find a lender who offers a payday loan that fits your financial needs and budget.
Fill out our online application now to get started. You’ll receive a decision on your application within minutes, and if you’re approved, the funds could be deposited into your checking account as soon as the next business day.
Don’t let unexpected expenses throw your budget off balance. Apply for a payday loan now, and get the cash you need to cover your bills until your next paycheck arrives.