Do you find yourself running out of cash before your next payday arrives? Well, you aren’t the only one! Over 23 million Americans are turning to payday loans and cash advances to hold them over until payday.
Let’s take a closer look at the ins and outs of payday loans and compare safer alternatives to your financial woes.
Options For Payday Loans in Indiana
A payday loan or cash advance is a short-term, high-interest loan that is due within 14-days, hence the name payday. Regulations differ from state to state for online payday loans. But, typically you provide the lender electronic authorization for repayment.
Requirements
Although you will not be subjected to a credit check, to be eligible for a payday loan or cash advance in the state of Indiana you must meet the following requirements:
Be at least 18 years of age
Be a US citizen
Have a regular and verified source of income ( paystubs, bank statements, etc)
Provide active checking account information
Driver’s License or government-issued photo ID
Provide a working phone number
Credit Impact
Payday lenders will not pull your credit, bu, they do look at your finances to determine eligibility. Not having to get your credit pulled might sound appealing but, these loans come with very high interest rates that may be difficult to pay back.
If you do not make timely payments, your credit score will be negatively impacted. These predatory payday loan lenders will do whatever the cost to get paid, including hounding phone calls and putting your account into collections.
Stipulations
You are eligible to have two payday loans at one time, as long as they are from different lenders. You cannot use more than six consecutive loans and are prohibited from rollovers.
Max Loan Amount
The state of Indiana allows payday loan maximums of up to $550 or 20% of your gross monthly income, whichever is less. The maximum interest rate (APR) on your payday loan term is 390% or $15.50 per $100 borrowed. These fees get calculated during the application and approval process. Most payday loan terms in Indiana are 14 days.
Penalties
Failing to pay back the money you borrowed will inevitably result in penalty fees. As annoying and intrusive as collections calls may be, they are legal, and lenders will find a way to resolve unpaid debts.
Payday Loan Alternatives in Indiana
Payday loans aren’t the only option for quick cash needs. Below are our favorite online payday loan alternatives when you need them most.
Instacash
With Instacash cash advances from MoneyLion, you can borrow money right from your mobile app, whenever! With 0% interest, you can borrow up to $250 every paycheck.
Compared to a lender in the state of Indiana, that same loan of $250 would cost around $287 after 14 days. If you are unable to pay back the full loan within those 14 days, expect to get slammed with extra interest and fees.
I think we can agree Instacash is the cheapest option!
Compare Your Payday Advance Options
Instacash | Local Payday Lender | |
|---|---|---|
How Much Can You Borrow? | Up to $250 | Up to $605 |
Fees & Interest | 0% APR | – MAX 390% interest rate– Additonal fees may apply |
Impacts Your Credit? | No | -Yes, If you don’t pay on time, it can negatively impact your credit. While on-time payments do not improve your score. |
Availability | Online & Mobile | In-Store and Online |
Wait Time | Instantly* | Next business day |
Next Steps | Sign Up |
*Takes 24-48 hours to receive your advance at $0 cost. $3.99 for instant deposit to your MoneyLion bank account, $4.99 to instantly deposit to an alternative bank account.
Safe Cash Advances
Payday loans and cash advances may seem like the easy way out but, they will end up costing you hundreds more than you initially borrowed. With a MoneyLion transparent membership, you can borrow instantly without going into more debt. No penalties, zero interest and we will help improve your credit score while you borrow! Here’s to smart lending!
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Disclosures
Instacash® is an optional service offered by MoneyLion. Your available Instacash Advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors, as determined by MoneyLion. Expedited delivery requires Turbo Fee. See Instacash Terms and Conditions for more information and eligibility requirements.
MoneyLion does not provide, nor does it guarantee, any third-party product, service, information, or recommendation. The third parties providing these products or services are solely responsible for them, as well as all other content on their websites. MoneyLion is not liable for any third party's failure with regard to those advertised products, services, and benefits. These advertised products and services may not be FDIC insured or bank-guaranteed, and may be subject to a different privacy policy than MoneyLion’s. You should check individual offers, products, and services to become familiar with any applicable restrictions or conditions that may apply. MoneyLion may receive compensation from third parties for referring you to the third party, their products or to their website.
Instacash is a 0% APR cash advance service provided by MoneyLion. Your available Instacash advance limit will be displayed to you in the MoneyLion mobile app and may change from time to time. Your limit will be based on your direct deposits, account transaction history, and other factors as determined by MoneyLion. This service has no mandatory fees. You may leave an optional tip and pay an optional Turbo Fee for expedited funds delivery. For a $40 Instacash advance with a Turbo Fee of $4.99, your repayment amount will be $44.99. Generally, your scheduled repayment date will be your next direct deposit date. An Instacash advance is a non-recourse product; you will not be eligible to request a new advance until your outstanding balance is paid. See Membership Agreement and help.moneylion.com for additional terms, conditions and eligibility requirements.