I have 8 payday loans and I live in indiana.
Date: Thu, 08/02/2012 - 16:24
I am in need of help I have payday loans that I am paying on and no way out. They are all online payday loans. The worse I pay one and get another to keep from getting in a bind but that has ran out. Please help are they legal in Indiana.
One click cash, fireside cash, cash call, discount advances, great plains lending, my silver safe. What can I do to get out of all these loans. They take all my paycheck and I have even borrowed all my available 401k funds to pay. Please please help me!!!
One click cash, fireside cash, cash call, discount advances, great plains lending, my silver safe. What can I do to get out of all these loans. They take all my paycheck and I have even borrowed all my available 401k funds to pay. Please please help me!!!
Most are illegal..I have also included your state laws. Read a
Most are illegal..I have also included your state laws. Read and follow the link in my signature line for information on how do deal with these loans. You owe principal only...no fees, no interest.
One click cash, ILLEGAL TRIBAL
fireside cash, ILLEGAL OFFSHORE
cash call, LEGAL
discount advances, ILLEGAL CANADIAN
great plains lending ILLEGAL TRIBAL
my silver safe LOCATED IN CA,,,not sure
Indiana Payday Loan Laws
State Legal Status
Lending of payday loan is considered legal in the State of Indiana.
Loan Specifications
- Maximun Amount of Loan - $550 (should not exceed 20% gross monthly income of the borrower)
- Term of Loan - 14 days
- Maximum Rate of Finance and Fees- a) 15% for a loan of $0-$250; b) 13% for a loan of $251-$400; b) 10% for a loan of $401-$500
- Finance Charge on $100 loan for a 14 day period - $15
- APR for $100 loan for a 14 day period - 390%
Debt Limits
- Maximum Number of outstanding loans permitted at a time - 2 in total (1 per payday lender)
- Permissible number of Rollovers - None (cannot refinance, consolidate, repay or renew)
- Cooling-off Period - 7 days after a period of 6 consecutive loan days
- Repayment Plan - After giving three consecutive loans to a borrower, a payday lender must offer an EPP (Extended Payment Plan) to the borrower of atleast 4 equal installments without charging any additional cost.
Limits of Collection
- Collection Fees Amount - a) One NSF fee of $20; b) If authorization to debit or check was used to defraud another then additional charges may be applied.
- Criminal Action - Prohibited
File your Complaint and get Information
- Regulator - Indiana Department of Financial Institutions
- Address - 30 South Meridian Street, Suite 300 Indianapolis IN 46204
- Phone - (800) 382-4880
- Regulatory Contact - Mark Tarpey, Supervisor, Consumer Credit
