Online Payday Loans in Indiana – 0% APR Alternatives

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


InstacashLocal Payday Lender
How Much Can You Borrow?Up to $250Up to $605
Fees & Interest0% 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.
AvailabilityOnline & MobileIn-Store and Online 
Wait TimeInstantly*Next business day 
Next StepsSign 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!

Get cash fast, pay no interest

Enjoy Instacash advances up to $250. No credit check, no monthly fee, no interest. Just cash.