Title loans are Illegal in Indiana. It will be good to know in advance whether the lender is legally allowed to repossess the vehicle and sell it in order to cover the financial loss if a borrower doesn’t repay the loan on time.
In the U.S., you absolutely have to be 18 years old in order to legally sign a loan contract. Up until you turn 18, you're considered a minor by law and can't enter into a contractual agreement with a lender. This probably isn't what some teenagers want to hear, but it's the law.Jan 21, 2020
Texas Texas has the highest payday loan rates in the U.S. The typical APR for a loan, 664%, is more than 40 times the average credit card interest rate of 16.12%. Texas' standing is a change from three years ago when Ohio had the highest payday loan rates at 677%.Feb 16, 2021
In most cases, the answer is no. You can't visit a different state to get a payday loan. Even if they're legal there and in your home state, it is still prohibited, and lenders are obligated to only lend to people in the states they are licensed in.Dec 23, 2020
Payday loans from both storefront and online lenders are legal in the state of Indiana. But the companies should operate according to the Indiana Department of Financial Institutions, 30 South Meridian Street, Suite 300 Indianapolis IN 46204, Phone: (800) 382-4880 regulations.