Payday loans in Indiana: What you should know

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Florida legislature is considering a bill that would ban payday loans. Florida payday loan industry is worth an estimated $2.5 billion annually. Critics of the bill argue that these loans are predatory and lead to long-term financial problems. Supporters of the bill argue that these loans are expensive and unnecessary.

Payday loans in Indiana: What you should know

Payday loans are short-term, high-interest loans that are typically due on the borrower’s next payday. They are often used to cover unexpected expenses or to bridge a gap between paychecks. Payday loans are available in Indiana, but there are a few things you should know before taking out one. First, payday loans typically have a higher interest rate than other types of loans. The average annual percentage rate (APR) for payday loans is 390%, compared to 29% for credit cards and 15% for personal loans. So, if you can’t afford to pay the loan back in full when it’s due, you’ll end up paying a lot more in interest. Second, payday lenders typically require borrowers to provide proof of income and employment. This helps ensure that borrowers can afford to repay the loan. In this blog post, we will learn more about payday loans in Indiana. Learn more on this page!