Payday loans for Indianapolis can be a big help when a financial crisis hits and you’re short on cash. It can happen to any of us: it’s one week before payday and the refrigerator decides to die.

You need to replace it quickly, but the money is not in your budget. That’s when a quick payday loan can save the day. After just a few minutes online, you can have the price of a new fridge soon safely tucked away in your bank account – and you can apply right now.

When Is It A Good Idea To Get A Quick Online Loan?

Quick online loans in Indianapolis can supply you with the ready cash you need to deal with a problem that’s sure to get worse. If your car needs new brakes, you can quickly get the money to replace them with an Indianapolis payday loan. There’s no point in putting your life on the line just because you’re short on cash. In a case like this, a payday loan in Indianapolis could save your life.

How Much Can I Borrow With Indianapolis Payday Loans?

You can borrow any amount up to $1,000. Most borrowers take out payday loans between $300 and $500, but you are free to borrow as much or as little as you like.

Do I Have To Pay A Fee To Get An Indianapolis Payday Loan?

You’ll typically be charged a fee between $15.00 and $30.00 for every hundred dollars you borrow. But remember that payday loan fees differ from state to state.

What Are The Repayment Terms For Payday Loans for Indianapolis?

Indianapolis payday loans are generally due on your next payday. If your lender agrees, you may qualify for a 45 day extension before your loan is due in full. Some lenders may even be willing to set up an installment plan for Indianapolis payday loan repayment.

Must I Fax My Personal Information To The Lender?

There is no faxing involved with payday loans for Indianapolis . The lender will ask you to provide all the required information on a secure site. The information will then be transmitted electronically to your lender.

I Have Bad Credit. Can I Still Get A Payday Loan?

Our lenders know that all online loan applicants do not necessarily have epic credit scores. Fortunately, payday loans are granted based on your current income rather than on your credit report.

How Do I Apply For Payday Loans for Indianapolis?

Applying for payday loans for Indianapolis could not be easier. Simply take a minute or two to complete and submit a short online application form. Within minutes you’ll get a decision. All you need to qualify is Internet access and a checking or savings account in your name.

About Indianapolis

Located in the heart of the U.S. Midwest, Indianapolis is the capital of Indiana. This large city is best known for the Indianapolis Motor Speedway where thousands of racing enthusiasts converge every May for the Indy 500. If you’re ever in Indianapolis with your kids, take them to the Indianapolis Children’s Museum. The Museum has a five story playground, a planetarium and interactive exhibits in art, history, science and culture.

Payday Loan fees compared to other fees
Short Term Personal Loan$15 fee
Bounced Check$32 fee
Late Credit Card Payment$37 fee
Late Utility Bill$46 fee

*Based on $100 loan or $100 balance on existing accounts. This shows average fees – your rate may differ.

Terminology

APR: The equivalent annualized percentage rate for payday loans and other short-term installment loans ranges from 547.5% to 999.45%, based on the amount and the length of the loan.  Larger loans with longer payback periods have lower interest rates.  While this sounds large, one must consider that these loans are only meant to be for a very small time-frame, usually 2 weeks.  Annualizing other fees in the same manner results in APR of 2336% for a returned check fee of $32 against a $100 check, a 965% fee against a $37 credit card late fee or over the limit fee, or a 1203% APR for a typical $46 reconnect fee by a utility company.

Financial Implications: Short term payday loans are meant to be just that: Short term.  Typical fees range from $15 to $40 for every $100 borrowed up to $500.00.  Fees per $100 begin dropping on loans larger than $500.00.  Fees are typically less than what borrowers can expect to pay for bouncing a check, having a utility disconnected, or paying a credit card bill late.

Collection Practices: If a loan becomes delinquent, attempts at collections are first conducted internally, primarily through telephone, an attempt to work out a pay-off arrangement that takes into strong consideration the financial condition of the borrower.  If, after all attempts at internal collections have failed, the lending agency may send the loan to a third party collection agency in an attempt to recover the funds lent in good faith.

Credit Score Impacts: Short term, payday loan lenders may rely on your credit report and are not limited to any of the three (3) major rating agencies – Equifax, Experian, or Transunion. Generally, the borrower doesn’t have to bear concern that their score may be affected by having the loan request determined by results from these agencies, however, such determination is solely in the discretion of the payday loan lender(s), which may result in the lender(s) submitting, among other things, the borrower’s request for the loan, or the subsequent payment(s) under the loan to any of these agencies. Short term lenders may also rely on their own scoring criteria, which is generally based on income and ability to repay, as well as the borrower’s payment history of any previous payday loans that have been made with the lender in question, or with other payday lenders.