Indiana

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If you find yourself struggling with an emergency, like some unexpected expenses that you really need to deal with, then you will most probably come to the conclusion that you have to apply for a payday loan.

Then, if you are living in Indiana, there are some things you should know before getting a payday loan because information is power, and it keeps you out of trouble as well. Therefore, in the next paragraphs, you will find some essential information you should know before filling in for payday loans in Indiana.

The Numbers – online payday loans Indiana

Something to remember is that you can only borrow a sum of maximum $550 if you are living in Indiana; either $550 or 20% of your gross monthly income, with the smaller amount being chosen.

Also, the minimum loan term is of 14 days and there is no maximum loan term. Another important thing to consider is the APR (annual percentage rate), which, for payday loans in Indiana, is of 390% for a 14-day loan of $100.

The next thing you should know is related to the charges of the payday loan. So, you will be charged 15% of the loan amount if you borrow sums between $50 and $250, 13% of the loan amount for sums between $251 and $400 and 10% for sums between $401 and $500.

Keep in mind that these charges will apply separately, depending on the amount of money you borrow. For example, a loan of $300 means a 15% interest rate fee for $250 and a 13% fee for the rest of $50. This scheme comes to your aid, as it prevents you from being charged extremely high fees.

In case the lenders fail to withdraw funds from your bank account, you will be charged a $25 fee for non-sufficient funds.

As with most of the payday loans, in order to apply for one, you have to be at least 18 years old, be a US citizen or a permanent resident and, of course, have a regular source of income.

Naturally, these requirements change with every different lender you will find. Some of them might require you to be 21 years old or older, while others state that you must not be in bankruptcy or have any debts.

Conclusion

Therefore, you should inform yourself really well before applying for online payday loans Indiana.

As always, before getting such a loan, remember that you should not have multiple loans as this will increase the chance of you going into debt and having more serious problems than the emergency you have borrowed money for.

Also, another thing you should avoid is getting another loan in order to pay off your payday loan as this will send you in quite a debt cycle, and you definitely don’t want that.

So, if you are in search for Indiana payday loans, keep in mind the information mentioned above and you should be just fine and deal with your emergency accordingly.