Loan Options in Indiana

You can borrow both payday-style small loans and longer-term installment loans in Indiana. The Indiana Department of Financial Institutions (DFI) oversees both, but they're licensed under different parts of the Indiana Uniform Consumer Credit Code. Payday-type lending follows the small-loan provisions in IC 24-4.5-7, which cap how much you can borrow and how many loans you can hold at once.

Compare the two carefully before you sign. Visit the Indiana payday loans and Indiana installment loans pages for specifics, or see rates and fees for cost breakdowns.

Indiana's small-loan law includes several safeguards. They won't make short-term borrowing cheap, but they do give you concrete limits and checkpoints.

• Loan-amount cap on payday loans - No single payday loan can exceed $605 (IC 24-4.5-7-104). That keeps one advance from spiraling into a balance you can't handle.
• Two-loan limit - You can't hold more than two small loans at the same time from any licensed lender (IC 24-4.5-7-104), which helps prevent stacking debts across multiple companies.
• Minimum 14-day term - Every small loan must give you at least 14 days before repayment is due (IC 24-4.5-7-104). That discourages extremely short turnaround cycles.
• Lender licensing - Every lender must hold a DFI license and submit to periodic examination. You can check any lender's status before handing over your bank details.

Before you share personal information, review the LendUp safety checklist and confirm the lender's license through the DFI licensee search tool.