Pdls in Indiana: Illegal?

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%
  

• 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.
  

• 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
  

• 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
  

Payday One is definitely legal, ask them for an EPP (Extended Payment Plan). Internet payday lenders must be licensed by your state to lend legally, you can click the link below to check and see if any of yours are licensed:
http://extranet.dfi.in.gov/dfidb/nondep.aspx

By the way, if you find some of yours are not licensed, CLICK HERE to find out how to deal with illegal lenders.

Oh wait, is that Payday One or Pay1day? If it's the latter, check the data base to see if they are licensed because I've not heard of that one before.

Are these licensed in Indiana? I am considering closing my bank account if these are not legal. I have paid fees that exceed the loan amounts.....any recommendations?

Quote:

Quote: