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 2020

BadCreditLoans Apply Now Amount $500 – $5,000 Min Credit Score 0 APR 5.99% – 35.99% Approval < 1 Day Terms 3 – 36 Months Licensed in Indiana Not a direct lender Get started

MoneyMutual Apply Now Amount $100 - $2,500 Min Credit Score 0 APR Vary by State Approval < 1 Day Terms 1 - 36 Months Licensed in Indiana Yes Get started

OppLoans Apply Now Amount $1,000 – $5,000 Min Credit Score 0 APR Vary By State Approval < 1 Day Terms 9 – 36 Months Licensed in Indiana Yes Get started

LendUp Apply Now Amount $100 – $1,000 Min Credit Score 0 APR Vary By State Approval < 1 Day Terms 7 – 30 Days Licensed in Indiana Yes Get started

CashUSA Apply Now Amount $1,000 – $10,000 Min Credit Score 0 APR 5.99% – 35.99% Approval < 1 Day Terms 2 – 5 Years Licensed in Indiana Not a direct lender Get started

LendingTree Apply Now Amount $1,000 – $50,000 Min Credit Score 500 APR 3.99% – 35.99% Approval < 1 Day Terms 1 – 5 Years Licensed in Indiana Yes Get started

SignatureLoan Apply Now Amount $1,000 – $35,000 Min Credit Score 0 APR 5.99% – 35.99% Approval < 1 Day Terms 2 – 5 Years Licensed in Indiana Yes Get started

Credible Apply Now Amount $1,000 – $100,000 Min Credit Score 500 APR 5.34% – 35.99% Approval < 1 Day Terms 90 Days – 72 Months Licensed in Indiana Yes Get started

LendingPoint Apply Now Amount $1,000 - $100,000 Min Credit Score 0 APR 4.99 - 35.99% Approval < 1 Day Terms 12 - 120 months Licensed in Indiana Yes Get started

PersonalLoans Apply Now Amount $1,000 – $35,000 Min Credit Score 580 APR 5.99% – 35.99% Approval < 1 Day Terms 90 Days – 72 Months Licensed in Indiana Not a direct lender Get started

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

Best Personal Loans for Good Credit In Indiana 2020

Supermoney Apply Now Amount $1,000 - $100,000 Min Credit Score 0 APR 4.99 - 35.99% Approval 1 Day Terms 12 - 120 months Licensed in Indiana Yes Get started

Prosper Apply Now Amount $2,000 - $40,000 Min Credit Score 640 APR 6.95% - 35.99% Approval 1 - 3 Days Terms 36 - 60 months Licensed in Indiana Yes Get started

Crebible Apply Now Amount $1,000 – $100,000 Min Credit Score 0 APR 4.99 - 35.99% Approval 1 Day Terms 12 - 120 months Licensed in Indiana Yes Get started

PersonalLoans Apply Now Amount $1,000 – $35,000 Min Credit Score 580 APR 5.99% – 35.99% Approval < 1 Day Terms 90 Days – 72 Months Licensed in Indiana Yes Get started

LendingTree Apply Now Amount $1,000 – $50,000 Min Credit Score 500 APR 3.99% – 35.99% Approval < 1 Day Terms 1 – 5 Years Licensed in Indiana Yes Get started

SignatureLoan Apply Now Amount $1,000 – $35,000 Min Credit Score 0 APR 5.99% – 35.99% Approval < 1 Day Terms 2 – 5 Years Licensed in Indiana Yes Get started

Upgrade Apply Now Amount $1,000 – $50,000 Min Credit Score 600 APR 6.98% – 35.89% Approval < 1 Day Terms 3 - 5 Years Licensed in Indiana Yes Get started

PayOff Apply Now Amount $5,000 – $35,000 Min Credit Score 640 APR 5.99% – 24.99% Approval 1 – 7 Days Terms 2 -5 Years Licensed in Indiana Yes Get started

Discover Apply Now Amount $2,500-$35,000 Min Credit Score 660 APR 6.99-24.99% Approval 1 Day Terms 24 - 84 Months Licensed in Indiana Yes Get started

Freedomplus Apply Now Amount $7,500 - $40,000 Min Credit Score 680 APR 6 - 15% Approval 1 - 7 Days Terms 36 - 84 months Licensed in Indiana Yes Get started

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

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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:

• 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.

Payday Loan Laws in Indiana by Country

ElitePersonalFinance analysis of payday loan laws by countries in the State of Indiana.

We haven’t found a significant difference between the payday loan laws in Indiana. If you are with bad credit, here are the laws in Indiana by country.

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.

Best Auto Loans for Bad Credit in Indiana 2020

Best Auto Loans for Good Credit in Indiana 2020

Credit Unions In Indiana

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.

All Licensed Credit Unions in Indiana

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 post secondary 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 15^th – 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.

Business Loans in Indiana

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

SuperMoney - Compare Business Loans Apply Now Amount Up to $10,000,000 APR Vary Min Credit Score 0 Licensed in Indiana Yes Get started

LendingClub Apply Now Amount $5,000 - $500,000 APR 9.77% - 35.98% Min Credit Score 600 Licensed in Indiana Yes Get started

LendingTree Apply Now Amount $5,000 - $500,000 APR 5.99% – 35.99% Min Credit Score 500 Licensed in Indiana Yes Get started

Kabbage Apply Now Amount Up to $250,000 APR 24% – 99% Min Credit Score 560 Licensed in Indiana Yes Get started

SmartBiz SBA Loans Apply Now Amount Up to $350,000 APR 9.28 - 10.52% Min Credit Score 650 Licensed in Indiana Yes Get started

CredibilityCapital Apply Now Amount Up to $350,000 APR 10.00 - 25.00% Min Credit Score 680 Licensed in Indiana Yes Get started

Live Oak Bank Apply Now Amount $75,000 - $5,000,000 APR 5.50 - 8.25% Min Credit Score 650 Licensed in Indiana Yes Get started

Funding Circle Apply Now Amount Up to $500,000 APR 12.18 - 36.00% Min Credit Score 660 Licensed in Indiana Yes Get started

OnDeck Apply Now Amount Up to $500,000 APR 9.00 - 99.00% Min Credit Score 600 Licensed in Indiana Yes Get started

BlueVine Apply Now Amount Up to $5,000,000 APR 15.00 - 78.00% Min Credit Score 600 Licensed in Indiana Yes Get started

CaminoFinancial Apply Now Amount Up to $1,000,000 APR Vary Min Credit Score 0 Licensed in Indiana Yes Get started

TheLoanExchange Apply Now Amount $6,000 to $250,000 APR Vary Min Credit Score 0 Licensed in Indiana Yes Get started

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.

Conclusion

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.