Payday Loans in Salamonia, Indiana

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

Company nameAddressZip codePhone number
First Savings Bank Corydon 900 IN-62, Corydon, IN 47112 +1 (812) 738 - 1751
First Financial Bank 202 N Main St, Rushville, IN 46173 +1 (765) 932 - 2941
First Vincennes Savings Bank 615 Kimmell Rd, Vincennes, IN 47591 +1 (812) 885 - 9018
Flagstar Bank 1541 N Main St, Rushville, IN 46173 +1 (765) 932 - 4151
First Financial Bank 2705 169th St, Hammond, IN 46323 +1 (219) 228 - 2330
Principal Financial Group 128 Stark St, Crane, IN 47522 +1 (812) 758 - 6918
North Salem State Bank 1500 E Main St, Danville, IN 46122 +1 (317) 745 - 8544
Woodforest National Bank 2125 N Morton St, Franklin, IN 46131 +1 (317) 739 - 8221
Beacon Credit Union 1405 W Market St, Logansport, IN 46947 +1 (574) 722 - 6395
Purdue Federal Credit Union 3404 Monroe St, La Porte, IN 46350 +1 (800) 627 - 3328

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Salamonia, IN, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Gary, IN, Payday Loans in Goshen, IN, Payday Loans in Granger, IN, Same Day Loans in Greenwood, IN, Payday Loans in Guilford, IN, Payday Loans in Hammond, IN, Payday Loans in Indianapolis, IN and Payday Loans in Jeffersonville, 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 Salamonia, IN.

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

47381

Are Payday Loans Legal In Salamonia, 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%

Salamonia, IN payday loan calculator

Understanding Payday Loans in Salamonia, Indiana

Payday loans are a type of short-term loan that can help individuals who need emergency cash between paychecks. These loans are often marketed as a convenient way to get quick cash, but they can also come at a high cost. In Indiana, payday loans are legal, but there are regulations in place to protect consumers.

How Payday Loans Work in Salamonia, Indiana

In Salamonia, Indiana, payday loan borrowers can typically borrow up to $500 for a maximum of 35 days. The lender may charge up to 15% of the amount borrowed as a finance charge, which can add up quickly. For example, a $500 loan with a 15% finance charge would require a borrower to pay back $575 in just a few weeks. If a borrower is unable to pay back the loan on time, they may be charged additional fees and interest, which can quickly add up.

Indiana state law mandates that payday lenders are required to disclose all fees and charges associated with the loan upfront. In addition, the borrower must sign a contract agreeing to the terms of the loan. This contract should detail the interest rate, the fees associated with the loan, and any other relevant information.

Regulations in Place to Protect Consumers

Indiana state law also has several regulations in place to protect consumers from predatory payday lenders. These regulations include:

  • Limiting the amount of the loan to $500 or less
  • Requiring lenders to disclose all fees and charges prior to issuing the loan
  • Limiting the finance charge to 15% or less of the amount borrowed
  • Requiring lenders to give borrowers a written agreement detailing the terms of the loan
  • Limiting the number of loans that a borrower can have at any one time

It is important for borrowers to understand these regulations and to be aware of their rights as consumers. Any lender that violates these regulations can be subject to penalties and fines by the state of Indiana.

Benefits and Risks of Payday Loans in Salamonia, Indiana

Payday loans can be a convenient option for borrowers who need quick cash between paychecks. They can be used to cover unexpected expenses or to pay bills that are due before the next paycheck. However, there are risks associated with these loans that borrowers should be aware of. These risks include high interest rates, fees, and the potential for a cycle of debt.

While the interest rates and fees associated with payday loans in Salamonia, Indiana, are regulated by state law, they can still be high. Borrowers who are unable to pay back the loan on time may be charged additional fees and interest, which can quickly add up and create a cycle of debt. In addition, payday loans should not be used as a long-term solution to financial problems.

Interesting Facts and Statistics

  • According to a study conducted by the Consumer Financial Protection Bureau, the average payday loan borrower takes out eight loans per year, with an average loan amount of $350.
  • The total amount of payday loans taken out in Indiana in 2020 was over $1 billion.
  • The average interest rate on a payday loan in Indiana is 396%.

Apply Now

If you’re considering a payday loan in Salamonia, Indiana, TheGuaranteedLoans can help you find a lender that meets your needs. As a connector service, we work with a network of reputable lenders to help you get the cash you need quickly and easily. Our application process is simple and confidential, and we’ll work to match you with a lender that offers competitive rates and terms.

To get started, simply fill out our online application form. We’ll review your information and connect you with a lender that may be able to help. Remember, payday loans should be used responsibly and only for short-term financial needs. If you are struggling with long-term debt, we encourage you to seek out other financial resources and solutions.

F.A.Q.

What are the maximum loan amounts and fees for payday loans in Salamonia, Indiana?

in Salamonia, Indiana, the maximum loan amount for a payday loan is $550, with a maximum fee of 15% of the loan amount.

Are there any restrictions on the number of payday loans that can be taken out in Salamonia, Indiana?

Yes, in Salamonia, Indiana, borrowers are limited to taking out no more than two payday loans at a time.