Indiana Consumer Protections: Indiana allows payday lending with a $605 cap and tiered fee structure. A statewide database prevents excessive borrowing. The Department of Financial Institutions regulates all consumer lenders, and complaints can be filed with the DFI or the Attorney General's Consumer Protection Division.
Interest Rate Cap: Indiana usury cap: 36% for first $2,000 (small loans); payday loans capped at $605 with tiered fees.
Key Regulations: - Payday loans capped at $605 with tiered fee structure: 15% on first $250, 13% on $251-$400, 10% on $401-$605.
- Borrowers may have up to two payday loans simultaneously but not from the same lender.
- A statewide database tracks all payday loans.
- The Uniform Consumer Credit Code provides broad consumer lending protections.
Federal protections: The FCRA gives you the right to dispute inaccurate credit report information for free. Credit repair companies cannot charge before performing services (Credit Repair Organizations Act).
Free resources: Get a free credit report annually at AnnualCreditReport.com.
File complaints with Indiana Attorney General Consumer Protection Division.
