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: |
BadCreditLoans | 0 | $500 – $5,000 | 5.99% – 35.99% | Not a direct lender |
CashUSA | 0 | $500 – $5,000 | 5.99% – 35.99% | Not a direct lender |
Opploans | 0 | $1,000 – $4,000 | 99% – 199% | Yes |
PersonalLoans | 580 | $1,000 – $35,000 | 5.99% – 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: |
Payoff | 640 | $5,000 – $35,000 | 5.99% – 24.99% | Yes |
PersonalLoans | 580 | $1,000 – $35,000 | 5.99% – 35.99% | Not a direct lender |
LendingTree | 500 | $1,000 – $35,000 | 3.99% – 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
Name: | APR: | Amount: |
Elements Financial | 9.49% – 11.74% | $500 – $25,000 |
Centra Credit Union | 10.50% – 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: |
LendingClub | 630 | Up to $500,000 | 9.77% – 35.98% | Yes |
LendingTree | 500 | Varies | 5.99% – 35.99% | Yes |
Kabbage | 0 | Up to $250,000 | 24% – 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.
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.