Loans in Indiana: Payday and Installment Options
Page last reviewed: October 28, 2026 · Reviewed for accuracy by Betty Walsh
In Indiana you can borrow up to $825 with a payday loan repaid in one payment, or more with a monthly installment loan, where a licensed lender can charge up to 36% a year on the first $2,600. Both need a license from the Department of Financial Institutions (DFI).
| Payday loan | Up to $825, repaid in one payment at least 14 days later |
| Installment loan | Up to 36% a year on the first $2,600, plus a $75–$200 fee |
| Example | $1,000 over 12 months: about $100.46 a month at the maximum |
| APR ceiling | 72% on installment loans, every charge included |
| You need | ID, proof of income and a bank account |
What $300 to $2,500 Costs at Indiana's Limits
| Loan | Repay | Cost (APR) |
|---|---|---|
| $300 payday | Once, in 14 days | $44.00 (~382%) |
| $825 payday | Once, in 14 days | $99.50 (~314%) |
| $1,000 installment | 12 × $100.46 | ~$281 (~52%) |
| $2,000 installment | 18 × $145.42 | ~$693 (~41%) |
| $2,500 installment | 24 × $147.62 | ~$1,193 (~43%) |
Worked out from Indiana law, not offers from lenders in our network; a lender can charge less.
Installment costs use the 36% rate and include the prepaid finance charge ($75 up to $2,000, $150 up to $4,000), which comes out of the loan and isn't refunded. DFI resets the dollar limits for inflation every two years.
One Payment or Monthly Payments: Picking an Indiana Loan
- Up to $825, and no more than 20% of your gross monthly income
- One payment, due at least 14 days after you get the money
- Not possible if you already have two payday loans open
- Can't be secured by your car or other property
- More than $825, repaid in monthly payments
- Up to 25 months on $1,290 or less, and 37 months up to $5,200
- Simple interest on what you still owe, so paying early saves money
Details: Indiana payday loan rules and Indiana installment loan rules.
Applying With Bad Credit or No Credit in Indiana
You can apply with bad credit or a thin credit file. Each lender sets its own standards, so approval isn't guaranteed. But if a lender licensed in Indiana makes you an offer, its rate has to stay within the state cap for that loan size, and the 72% ceiling still applies.
IC 24-4.5 Is Now IC 37: Indiana's 2026 Recodification
On July 1, 2026, Indiana moved its Uniform Consumer Credit Code, small loan chapter included, from IC 24-4.5 to a new Title 37. Senate Enrolled Act 169 renumbered the law without changing the rules, so older contracts citing IC 24-4.5 follow the same limits.
Requesting a Loan Through LendUp in Indiana
- Choose the loan: $825 or less in one payment is a payday loan; more money or monthly payments means an installment loan.
- Submit one request through LendUp. Lenders in our network review it, and any offer shows the APR, payments and total cost before you sign.
- Check that the lender holds the right Indiana license, using the lookup below, before you sign.
Small Loan or Consumer Loan License? Checking an Indiana Lender
- Search by the company's legal name, as it appears on your offer.
- A payday lender needs an active small loan license. An installment lender needs a consumer loan license, which also shows in NMLS Consumer Access.
- Match the name and address on the license to the offer.
Questions or complaints: call DFI at (800) 382-4880 or email [email protected].
- A day to cancel a payday loan. Repay the amount you received by the close of business on the lender's next business day.
- Above 72% is loansharking. An installment loan above 72% APR, every charge included, breaks Indiana's criminal law, and the contract is void.
- Military borrowers. Federal law caps most loans to active-duty servicemembers and their families at a 36% Military Annual Percentage Rate.
Common Questions
Which Indiana loan is easiest to qualify for?
None is guaranteed, because each lender sets its own standards. The law limits payday loans most tightly: $825 at most, no more than 20% of your gross monthly income, and no new loan if two are already open.
Can I get a loan with bad credit in Indiana?
You can apply. Lenders decide whom they approve, but your score doesn't raise the legal cap for a lender licensed in Indiana.
Can I get a $3,000 loan in Indiana?
You can apply for one as an installment loan; it's too large for a payday loan. A licensed lender can charge up to 36% a year on the first $2,600, a lower rate on the rest and a prepaid charge of up to $150, over as long as 37 months.
Are car title loans legal in Indiana?
Not as payday loans: an Indiana payday loan can't be secured by your car or other property. A consumer loan secured by a car follows the regular consumer loan rate limits.
Did Indiana's loan laws change in 2026?
The numbering did; the rules didn't. Since July 1, 2026, the consumer credit code is IC 37 instead of IC 24-4.5. The dollar limits on this page took effect on January 1, 2025, and DFI adjusts them for inflation every two years.
Official Sources
General information, not legal advice. Facts on this page were checked against these sources on October 28, 2026.
- Indiana DFI - Small Loan Law borrower brochure (January 1, 2025)
- Indiana DFI - Dollar amounts effective January 1, 2025 (LSA Document #24-266)
- Indiana DFI - Rulemaking docket (dollar amount adjustments)
- Indiana DFI - Legal resources and IC 37 recodification notice
- Indiana DFI - 2026 legislation of interest (SEA 169)
- Indiana DFI Advisory Letter 2017-02 - Prepaid finance charges and the 72% loansharking limit
- Indiana DFI - SEA 395 Q&A (2020)
- Indiana DFI - 2014 law changes summary (supervised loan terms)
- Indiana DFI - Consumer credit licensing
- Indiana DFI - Contact us
- Indiana DFI - File a complaint
- NMLS Consumer Access - license lookup
- CFPB - Rights under the Military Lending Act
LendUp isn't a lender. We pass your request to lenders in our network; offers aren't guaranteed, and we may earn compensation if a loan is funded.