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Indiana Payday Loans
Getting an Indiana payday loan is a simple and easy process. When you experience a sudden setback and need cash to get you through, all you have to do is fill out a short online application to get a short-term loan. LoansPayday.info offers cash overnight with minimal requirements for eligibility.
The laws governing Indiana payday loans are quite lenient, and it's easy for a company to get licensed in that state to be able to offer this type of short-term loan. The regulations say that they can't lend less than $50 or more than $500 for payday loans, and the minimum term must 14 days. The interest rate for payday loans is 15% for the first $250, 13% for $250.01 to $400, and 10% for $400.01 to $500. In other words, the interest rate allowed is capped at 15%, or not more than 390% effective 14-day APR.
The volatility of Indiana's employment rate has probably contributed to the growth of the payday loan industry there. Unemployment rate has varied widely from a low of 2.3% all the way up to 6% through the last ten years. Recent years have seen the unemployment rate hover a little above 5% overall. In terms of number of Indiana citizens unemployed, this amounted to 170, 468 in January 2006.
With the ease of licensing and few restrictions on the industry, there has been a huge growth in the number of Indiana payday loan lenders. At last count, there were over 500 companies that provided short-term loans to consumers in the state. The increase in competition makes it attractive to fly-by-night operators to set up a payday loan business and take advantage of unwary consumers.
LoansPayday.info charges fair and competitive interest rates and prides itself on its great customer service. Satisfy your urgent cash needs with LoansPayday.info to ensure that you are dealing with an honest and reputable payday loan lender. It takes five minutes to fill out our simple online application, and you'll get approved right away. You can have the money in your bank account the next day, ready to help you out of your financial bind.
The Indiana Department of Financial Institutions is the governmental body that decides whether a business can operate as an Indiana payday loan provider. The business must provide verification of various things to the Department in order to obtain the necessary license. The Department will then carefully scrutinize and investigate as necessary in their attempt to ensure only reputable companies are operating in the state of Indiana.
A company is required to have $100,000 or higher in net worth, and must provide copies of audited financial records to verify this valuation. Criminal background checks are then performed on all the principals of the business through the police to make sure that none of the parties has been convicted of a criminal act. The company must also provide a current credit report, three references, a copy of their Indiana business license, a list of other states that the business may be operating in, and the business resumes of the managers of each location in the state.
If a business is found to be operating without a license and bypassing the above process, the owners could be facing civil action on the part of the state with fines of up to $5,000 for each violation found. Licensees must also have their license reviewed and renewed annually, or they risk having their license revoked. An Indiana payday loan provider is allowed to charge a maximum amount of $5, or 10% of a postdated check, and the allowable interest rate is capped at 15%.
While the licensing procedure is intensive and done with care on the part of the Department, there are few regulations governing how a business operates afterwards, except in regards to the maximum fees and interest. That gives unscrupulous lenders a lot of leeway in how they can take advantage of desperate consumers in some situations. That's why we recommend you remember LoansPayday.info for all your Indiana payday loan needs.
With our secure website, obtaining a payday loan is simple and painless. You only need to fill out a five-minute application and wait a brief time to be approved. You can get the cash you need in your bank account tomorrow for whatever emergency you face. Our completely confidential services are available 24 hours a day right from the privacy of your own home.
You can get the cash you need now without having to worry or beg your loved ones for help. Since you don't have to travel farther than your computer desk, you can maintain your dignity and take care of your own finances without others knowing. At LoansPayday.info, we are here to help you with our convenient services, competitive fees, interest rates, and superlative customer service.
You don't have to drive from location to location trying to find a business that will give you the best deal. Simply log on to our website and fill out the short application form that you will find there. Approval is almost instantaneous, and your cash will be on its way to your bank account. No hassles, no worries - visit us at LoansPayday.info today and get the money you need now.
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