Payday Loans in Indiana
Posted on Sunday, July 12th, 2009 at 3:01 pm in Cash Loan Info by State
People resort to payday loans only when they are in deep financial crunch and they need to be immediately bailed out of the crises. You can always face certain financial emergencies in life that leave you with no other option but to resort to a loan provider. Payday loans belong to the category of short term loans that also carry the advantage of a super fast processing procedure. These short term loans are provided for the period between your loan approval date and your next salary date. This is the reason that they are also known as Cash Advances. So, if you are a resident of Indiana, you can take the help of a lot of loan providing agencies that are ever ready to come to the aid of the consumers who are in need of fast cash.
If you look into the payday loan laws of Indiana, you will find that there are certain specific payday advance laws. The borrower will be charged a 15% interest on the first $250 borrowed and for amounts that exceed $250 and within $400, the interest rate is 13%. For a loan amount that is more than $400 and within $500, the interest charged is 10%. The term of loan happens to be a minimum of fourteen days and the maximum amount of loan that can be obtained in this payday category is $500. At the same time, it must also be ensured that the amount must not exceed 15% of the gross monthly income of the borrower. This of course is all inclusive of the fees charged. There are no provisions for rollovers in the Indiana payday laws. In fact, there cannot be a rollover when the loan is paid in full by the borrower.
Apart from the usual requirements related to medical and other financial emergencies, people residing in Indiana may resort to the payday loans for a variety of other reasons as well. Indiana is regarded as a sports lover’s paradise. You have the Super Bowl XLI Champions, the NBA Pacers and the Indiana Colts. So, if you are a resident of Indiana, you have a lot to resist, with regard to temptation of course! A payday cash advance can come to your perfect aid during these situations.
The cities where you can find payday cash advances are:
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