Indiana

Payday Loans in Indiana

An estimated 968,000 of Indiana’s 6,412,384 residents were living in poverty in 2017, which works out to nearly 15% of the state’s population.

At a Glance
Indiana
  • Nickname: "The Hoosier State"
  • Population: 6,691,878
  • Website: IN.gov
Average Credit Card Debt and Median Household Income in Indiana vs. Nationally
Indiana
The U.S.
$5,101
$6,028
Average Credit Card Debt (Q1 2019)
$55,746
$61,937
Median Household Income (2018)

Payday Loans in Indiana

The average payday loan in Indiana is for just $317. While that amount is relatively low, it can balloon into a debt of thousands of dollars if borrowers roll their loans over multiple times before paying them off. 

The average payday loan borrower in Indiana takes out ten loans a year (which is comparable to the rate for all U.S. borrowers) and spends 5 months in debt, and 60% of borrowers take out another loan the same day they pay off another one.

Payday Loan Statistics for Borrowers in Indiana vs. Nationally
Indiana
The U.S.
$317
$392
Average Loan Amount

Consumer Protection in Indiana

How to Report a Lender in Indiana

If you’ve gotten in over your head and feel that predatory lending practices are to blame, you do have options. You can contact the  Indiana Department of Financial Institutions  (DFI) and lodge a complaint.

Contact the  Indiana State Department of Financial Institutions  by writing, calling, or submitting a complaint to:

 

Guides to Payday Loans in Indiana Cities

Check back soon for these payday and title loan guides to the following cities in Indiana:

Indianapolis | Fort Wayne | Evansville

Works Cited