Best Loans In Indiana, Payday, Auto Title Laws 2019 - Elite Personal Finance
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Best Loans In Indiana, Payday, Auto Title Laws 2019

EPF October 6, 2019
 View All Studies

According to Indiana’s Uniform Consumer Credit Code, supervised lenders can levy the following finance charges for installment loans:

  • 36% per year on the first $2,000
  • 21% per year on amounts > $2,000 but ≤ $4000
  • 15% per year on amounts > $4,000
  • 25% on the entire principal

The maximum loan term is 25 months for loans of $300 or less, and 37 months for loans in excess of $300.

Best Bad Credit Loans In Indiana 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Indiana:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
Opploans0$1,000 – $4,00099% – 199%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

If you require additional assistance, see our complete guide on bad credit loans.

Best Personal Loans for Good Credit In Indiana

Lender:Min Credit Score:Loan Amount:APR:Licensed in Indiana:
Payoff640$5,000 – $35,0005.99% – 24.99%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

For more great options, see our list of recommended lenders.

You can also visit SuperMoney. It’s one of the best loan comparison sites.

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Payday Loans in Indiana 

Maximum Loan Amount: $550

Minimum Loan Term: 14 days

Maximum Loan Term: Not specified

Maximum Fee: 15% for loans ≤ $250

Maximum APR: Average 382%

Rollovers: Prohibited

Loan Limit: Two at a time

Payday loans are legal in Indiana.

But according to Indiana’s Small Loan Law, licensed lenders are required to cap loans at $550. The minimum loan term is 14 days and the average APR is 382%. Rollovers are prohibited. However, lenders are allowed to offer borrowers three extensions if they are unable to repay the loan on time.

Finance charges are as follows:

  • For loans of ≤ $250, licensed lenders can charge upwards of 15%
  • For loans of $251 to $400, licensed lenders can charge upwards of 13%
  • For loans of $401 to $550, licensed lenders can charge upwards of 10%

As well, licensed lenders are allowed to levy one non-sufficient funds fee of up to $20.

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Car Title Loans in Indiana 

Car title loans are illegal in Indiana.

However, lenders from neighboring Illinois still offer the product to Indiana residents. APRs average 300% and many car title borrowers end up losing their vehicle or become trapped in a cycle of debt.

Alternative Payday Loans In Indiana

Through its partner institution – FinWise Bank – Opploans offers installment loans to residents of Indiana. The company is licensed in the state and services all loans issued by FinWise.

Typical installment loans range from $500 to $4,000 and APRs average 160%. As well, loan terms range from 9 to 18 months.

Credit Unions In Indiana 

Elements Financial9.49% – 11.74%$500 – $25,000
Centra Credit Union10.50% – 18.00%Varies

Elements Financial

At Elements Financial, you can choose between an unsecured signature loan and an EZ line of credit:

  • An Unsecured Signature Loan allows you to borrow up to $25,000 and comes with an average APR of 9.49%. No collateral is required and the loan is repaid in fixed monthly installments.
  • An EZ Line of Credit offers anywhere from $500 to $2,500 and comes with an average APR of 11.74%. You can access funds when you need them and repayment terms range from 6 to 12 months.

Elements Financial operates 6 branches across Indiana, with locations in Indianapolis and Greenfield.

Centra Credit Union

While loan amounts vary depending on your credit quality, Centra Credit Union offers competitive APRs for its unsecured loans:

  • 36 Month Terms: APRs range from 10.50% to 18%
  • 48 Month Terms: APRs range from 11.25% to 18.00%
  • 60 Month Terms: APRs range from 11.50% to 18.00%

Centra Credit Union operates 24 branches across Indiana, with locations in Carmel, Clarksville, Columbus, Indianapolis as well as many others.

Student Loans In Indiana 

Frank O’Bannon Grant

As a needs-based scholarship, the Frank O’Bannon Grant provides financial assistance to Indiana residents who attend eligible public, private, and proprietary postsecondary institutions within the state.

To qualify, you must:

  • Be a U.S. citizen or eligible non-citizen and be an Indiana resident for at least 1 year before applying
  • Be a high school graduate or possess a GED
  • Attend an eligible institution
  • Be a full-time student or enroll as a full-time student

You also need to meet specific course completion requirements:

  • ‘Full-Time’ awards are offered to students who complete 24-29 credits
  • The maximum ‘On-Time’ award is offered to students who complete 30 or more credits

To apply for the grant, you must submit a Federal Student Aid application by April 15th – the year before you plan to attend college.

Federal Housing Administration (FHA) Loans In Indiana 

There are 92 counties across Indiana that offer FHA loans. The lowest loan amount of $314,827 is available in 72 counties, while the highest loan amount of $707,700 is available in 4 counties.

County:Lowest FHA Loan Amount:Highest FHA Loan Amount:
Adams County$314,827$605,525
Allen County$314,827$605,525
Bartholomew County$314,827$605,525
Brenton County$314,827$605,525
Blackford County$314,827$605,525
Carroll County$314,827$605,525
Cass County$314,827$605,525
Clay County$314,827$605,525
Clinton County$314,827$605,525
Crawford County$314,827$605,525
Daviess County$314,827$605,525
Dearborn County$314,827$605,525
Decatur County$314,827$605,525
Dekalb County$314,827$605,525
Delware County$314,827$605,525
Dubois County$314,827$605,525
Elkhart County$314,827$605,525
Fayette County$314,827$605,525
Fountain County$314,827$605,525
Franklin County$314,827$605,525
Fulton County$314,827$605,525
Gibson County$314,827$605,525
Grant County$314,827$605,525
Greene County$314,827$605,525
Henry County$314,827$605,525
Howard County$314,827$605,525
Huntington County$314,827$605,525
Jackson County$314,827$605,525
Jay County$314,827$605,525
Jefferson County$314,827$605,525
Jennings County$314,827$605,525
Knox County$314,827$605,525
Kosciusko County$314,827$605,525
Lagrange County$314,827$605,525
Laporte County$314,827$605,525
Lawrence County$314,827$605,525
Marshall County$314,827$605,525
Martin County$314,827$605,525
Miami County$314,827$605,525
Monroe County$314,827$605,525
Montgomery County$314,827$605,525
Noble County$314,827$605,525
Ohio County$314,827$605,525
Orange County$314,827$605,525
Owen County$314,827$605,525
Parke County$314,827$605,525
Perry County$314,827$605,525
Pike County$314,827$605,525
Posey County$314,827$605,525
Pulaski County$314,827$605,525
Randolph County$314,827$605,525
Ripley County$314,827$605,525
Rush County$314,827$605,525
Spencer County$314,827$605,525
St. Joseph County$314,827$605,525
Starke County$314,827$605,525
Steuben County$314,827$605,525
Sullivan County$314,827$605,525
Switzerland County$314,827$605,525
Tippecanoe County$314,827$605,525
Tipton County$314,827$605,525
Union County$314,827$605,525
Vanderburgh County$314,827$605,525
Vermillion County$314,827$605,525
Vigo County$314,827$605,525
Wabash County$314,827$605,525
Warren County$314,827$605,525
Warrick County$314,827$605,525
Wayne County$314,827$605,525
Wells County$314,827$605,525
White County$314,827$605,525
Whitley County$314,827$605,525
Clark County$316,250$608,150
Floyd County$316,250$608,150
Harrison County$316,250$608,150
Scott County$316,250$608,150
Washington County$316,250$608,150
Boone County$343,850$661,250
Brown County$343,850$661,250
Hamilton County$343,850$661,250
Hancock County$343,850$661,250
Hendricks County$343,850$661,250
Johnson County$343,850$661,250
Madison County$343,850$661,250
Marion County$343,850$661,250
Morgan County$343,850$661,250
Putnam County$343,850$661,250
Shelby County$343,850$661,250
Japser County$368,000$707,700
Lake County$368,000$707,700
Newton County$368,000$707,700
Porter County$368,000$707,700

Business Loans in Indiana

For reliable service at an affordable rate, the online lenders below offer business financing at the click of a button:

Lender:Min Credit Score:Loan Amount:APR:Licensed in Indiana:
LendingClub630Up to $500,0009.77% – 35.98%Yes
LendingTree500Varies5.99% – 35.99%Yes
Kabbage0Up to $250,00024% – 99%Not a direct lender

However, to consult with a local lender in Indiana, consider Indiana Local Biz.

Indiana Local Biz

Offering SBA loans, revenue-based loans, equipment leasing, Equipment sale/leaseback, startup business lines of credit and commercial real estate loans, Indiana Local Biz is a business lending network with more than 4,000 partners worldwide.

Loans range from $10,000 to $1 million and can extend up to $4 million under certain circumstances. Funding is provided in as little as 5 to 7 business days, and through its platform, lenders can advance up to 2x your monthly gross sales. For example, if you gross $50,000 in sales for the month of October, you can qualify for up to $100,000 in financing.

For due diligence purposes, Indiana Local Biz requires:

  • 3 months of merchant statements
  • 3 months of business bank account statements
  • Additional documents if necessary

To learn more, you can visit Indiana Local Biz at: 450 E. 96th Street, Suite 500 Indianapolis, IN 46240. You can also call them at (317) 344-8166 or fill out the contact form on their website.


Indiana state officials do a great job of regulating the cost of borrowing for installment loans. With a 36% APR cap, financing costs remain in-line with comparable personal loans. Similarly, car title loans are banned within the state of Indiana, however, out-of-state lenders still manage to fill the void and offer the product. With regard to payday loans, Indiana law requires licensed lenders to cap loans at $550. APRs average 382% and are slightly less than other states where payday loans are legal.

Elite Personal Finance

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