The Uniform Consumer Credit Code
Indiana regulates payday loans under the Uniform Consumer Credit Code (IC 24-4.5-7), overseen by the Indiana Department of Financial Institutions. A single loan is capped at $605 or 20% of the borrower's gross monthly income, whichever is less — a rule that's been in place since 2002.
The Tiered Fee Structure
Rather than one flat rate, Indiana uses a sliding fee scale: 15% on the first $250 borrowed, 13% on the portion from $251 to $400, and 10% on anything above $400 — plus a separate $33.50 database verification fee charged per loan. Loan terms run from 14 to 120 days.
The Two-Loan Limit
Indiana uses Veritec, a statewide database, to track active payday loans in real time. Lenders check it before issuing a new loan, and borrowers are capped at two simultaneous loans — a guardrail against the debt-cycle pattern common in states without this kind of tracking.
| Factor | Indiana Rule |
|---|---|
| Maximum loan amount | $605, or 20% of gross monthly income |
| Fee scale | 15% / 13% / 10%, tiered by amount, plus $33.50 database fee |
| Loan term | 14–120 days |
| Simultaneous loans | Capped at 2, via Veritec database |
Because Indiana's fee scale changes with loan size, comparing total dollar cost across lenders — not just the headline fee percentage — is worth the extra step.
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