Fair to Bad Credit Loans in IN
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Last updated March 22nd 2020
Commentary is for informational purposes only. See legal disclaimers here.Trouble Getting Approved in Indiana?
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Indiana Usury and Regulations
Summary of Indiana Usury Law(s) / Quote: Legal: 8% Contract: As per Indiana UCC / Judgment: 8% / Corporate: No specific rate
(WeFindLenders.com endeavors to include the most up to date legal data for Indiana, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in Indiana, and/or contact the Indiana State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)
Indiana Usury Law Information:
Legal Maximum Interest Rates: Quote: 21% for unsupervised consumer loan (24-4.5-3-201)
Usury Penalties:
Quote: Class A misdemeanor for supervised lender to knowingly charge in excess
of 24-4.5-3-508 for consumer loan (24-4.5-5-301); consumer has right
to refund of amount paid in excess of statute and up to 3 times the
amount in its discretion (24-4.5-5-202)
Judgment Interest Rates: Quote: At
contract rate not exceeding 8%, or 8% if there is no contract between
the parties, beginning from the date of verdict or the finding of
the court (§24-4.6-1-101); 6% beginning 45 days after judgment
if against the state (§34-54-8-5)
Legal Exceptions: Quote: Supervised loan is a consumer loan
in which rate of loan finance charge exceeds 21% (24-4.5-3-501)
Indiana Lenders By City
Indianapolis IN / Fort Wayne IN / Evansville IN / South Bend IN / Hammond IN / Bloomington IN / Gary IN / Carmel IN / Fishers IN / Muncie IN
Complaints to:
Indiana
Department of Financial Institutions
/ Indiana Complaint Process
/ Complaint
Form (PDF)
Department of Financial Institutions / 30 South Meridian Street, Suite 300, Indianapolis, Indiana 46204 / Telephone: (317) 232-3955 Toll-free: (800) 382-4880 / Email: dficomplaints@dfi.in.gov
Indiana Lender Service Areas Map
Click
or tap map image above for interactive version.
Lenders contact
us for listing removal or amendment.
KEMBA Credit Union
444 S Shortridge Rd Indianapolis
IN 46219 - www.mykemba.org
317.351.5235
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FORUM Credit Union
6501 N College Ave, Indianapolis
IN 46220 - www.forumcu.com
317.558.6000
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Teachers Credit Union
1 N Capitol Ave Suite 101
Indianapolis, IN 46204
locations.tcunet.com
317.917.2011
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Firefighters Credit Union
726 Massachusetts Avenue
Indianapolis, IN 46204
www.fire-cu.org
317.636.5581
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nergy Plus Credit Union
1230 W Morris St, Indianapolis
IN 46221 - www.energypluscu.org
317.261.8521
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Fort Financial Credit Union
3102 Spring St, Fort Wayne
IN 46808 - 260.432.1561
www.fortfinancialcu.org
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MidWest America FCU
1104 Medical Park Drive
Fort Wayne, IN 46825
www.mwafcu.org
260.482.3334
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IAA Credit Union
808 IAA Dr, Bloomington
IL 61701 - www.iaacu.org
309.557.2541
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Crane Credit Union
3855 Jonathan Dr, Bloomington
IN 47404 - www.cranecu.org
812.323.9200
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IU Credit Union
410 S Woodscrest Drive Bloomington
IN 47401 - www.iucu.org
812.855.7823
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Muncie Federal Credit Union
5400 Wheeling Ave, Muncie
IN 47304 - munciefcu.org
765.284.7667
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Indiana Members Credit Union
2401 W University Ave, Muncie
IN 47303 - imcu.com
765.747.3727
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Bad Credit Loan Form for Indiana
Signature Loan Example In Indiana
Wayne is tired of credit cards. He has several and was using them a lot to gain travel points for air travel which he has used many times.
The problem Wayne has run into lately is that a couple of times he almost did not have enough ready cash to pay off the balance when the statement arrived.
He was barely able to gather enough money to meet
the deadline.
As most people are aware if you miss the payment date interest is
charged on the full balance at the rate of 19% or 21% depending on
the card that you have.
He really does not want to have a balance and he
does not want to pay such high interest.
This time he charged a trip and also some furniture he bought and
he needs a loan to allow him to pay his credit card debt in full.
He will have the loan but it will be at a much lower interest rate.
He knows that he broke the rule of not buying something and charging
it to a credit card unless you have the funds to pay for it when the
statement arrives.
At any rate he now wants to borrow $8400 and pay it off over a three
year term.
He will maintain a zero percent utilization rate
on his credit cards and he hopes he will have the will power to avoid
using them further.
A $8400 loan with a 3 year term and 7.95% interest rate for Wayne
would cost him the following per month:
• Loan Amount (principal) = $8400
• Interest Rate = 7.95%
• Term Length =3 year
• Monthly Payment = $263.03
• Total Paid Back = $9469.14
• Total Interest = $1069.14
Wayne should have no problem being approved for this loan. He has
a very good credit score and no reports of any kind on his credit
report of late payments or missed payments.
Because he has always paid his credit cards in full each month, his debt utilization rate is actually zero.
This loan of course will change that, but not in a significantly bad way. This is one of the factors that lenders look at when they are deciding to approve a loan.
A high utilization number can indicate that the person has borrowed a lot of funds and may have difficulty repaying the loan.
This is one factor that is considered among many
when a loan is being considered.
He also has a good job. He has been employed for over fifteen years
at the same company and has a stable income.
Before the loan can be approved, he will need to provide additional information about what other loans and perhaps mortgages that he may have.
Most people who own a home will have a mortgage along
with a car loan. Once this information is provided, the lenders can
evaluate the loan application completely and make a decision regarding
his loan request.
Wayne is on the right path regarding his debt. He should probably
keep his credit card accounts and only use them sparingly in the coming
years to maintain his high credit score.
If you live in the State of Indiana and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.
Sincerely,
Chris Somerset
Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.
Debt Consolidation Loans in Indiana
Last 5 debt service loans approved in the State of Indiana. Source: WFL Lender Pool. Updated Weekly. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.
$9000 $70000 $30000 $55000 $75000
8.63% 9.95% 13.93% 9.47% 15.88%
Debt Consolidation Providers In IN
Click
or tap map image above for interactive version. Debt Hero Indianapolis - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Debtconsolidationloan.com - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Indianapolis Deb Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - First County Federal CU - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - INOVA Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Teachers Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Indiana residents who need to consolidate
their high interest debt can try some of the listed lenders to see if
they can help. If your credit score is low you will have better luck with
credit unions than large national banks. If your credit rating is really
bad you will have more luck utilizing the WFL lender pool with a submitted
pre-app above. We have over 300 lenders who will review bad credit consolidation
loans as long as you have a monthly income. You can see the list of benefits
for our lender pool listed below as well. If you don't get approved for a loan within
5 business days, you can apply again on our site. You can apply for a
consolidation loan as many time as you want and it WILL NOT HURT YOUR
CREDIT SCORE. That is the major benefit you get from using our service.
We don't spam your email box either. We DO NOT email you - only approve
lenders in our bad credit pool have access to your email.
Dan is barely into his 20’s and
he already has debt problems. He borrowed some money to buy a used clunker
which he is fixing up so he would have wheels to get back and forth to
his job at a local bar. He is one of the bartenders at a very
popular club and makes a lot on tips on a busy night. Most of it is cash, although more and
more is from credit card receipts where patrons just add the tip to their
card. He cannot hide that income and has to claim it on his IRS tax filing
each year. He only needs about $4500 to consolidate
his debts, but it seems to be a problem for him to come up with the money
on his own so he is applying for this loan. Aside from his rent for his apartment
which he shares with a friend, he does not have much in the way of expenses.
He tends to spend everything almost as soon as he gets paid which is once
a week. He figures that with this loan it will
be enforced savings in a sense, since the loan will come directly out
of his checking account and he will not be tempted to spend the money
if it is being withdrawn automatically. He knows that if he is approved for a
loan he must make sure that there is sufficient balance in the account
to cover the loan payment. Although Dan is in his early 20’s
he really does not have much to show yet in terms of finances. He has
no savings and no funds to use for emergencies. If he were to lose his job, become sick
and not work for a while or need another car he has nothing to rely on.
Actually a debt consolidation loan could
be a good approach for him if it causes him to form the habit of always
paying this amount each month. When he is finished paying the loan, he
could continue paying the same amount into a savings account for future
needs instead of living from pay check to pay check. We wish him luck
in the future. If you live in the State of Indiana and
you're trying to get approved for a debt consolidation loan, we hope our
website helps you find a good lender regardless of your credit rating. Andy Somerset Andy
Somerset is the son of Lance Somerset who founded the We
Find Lenders Pool. He writes for WeFindLenders.com whenever he's not
working hard on his degree in finance. Click
or tap map image above for interactive version. - - - - - - - - - - - - - - - -
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Debt Consolidation Counselors
201 N Illinois St Indianapolis
IN 46204 - 317.288.3391
520 N Madison Ave, Greenwood
IN 46142 - 317.887.2036
10711 Horse Creek Ct #200
Fishers, IN 46038 - 317.578.2975
www.debtconsolidationloan.com
639 S Delaware St, Indianapolis
IN 46225 - 844.861.7292
Bloomington, IL 61701
309.828.6375
Lafayette, IN 47901
765.742.8152
1100 W 11th St, Muncie
IN 47302 - 765.284.3471
www.firstcountyfcu.org
Fort Wayne, IN 46806
260.745.0001
South Bend, IN 46601 - 574.287.3688
358 S Elkhart Ave, Elkhart
IN 46516 - inovafcu.org
574.294.6553
4574 Elkhart Rd, Elkhart
IN 46517 - locations.tcunet.com
574.875.1110 IN
Debt Consolidation Application Form
About Consolidation Loans
In Indiana
Consolidation
Loan Example in Indiana
He also has a small amount of credit card debt which he wants to consolidate
with his car loan.
Dan has not put anything away for emergencies or savings of any kind.
He would like a loan of $4500 with a two year term so that he repays the
loan fairly quickly with little in terms of interest charges.
A $4500 loan with a 2 year term and 7.55% interest rate for Dan would
cost him the following per month:
• Loan Amount (principal) = $4500
• Interest Rate = 7.55%
• Term Length =2 year
• Monthly Payment = $202.60
• Total Paid Back = $4862.41
• Total Interest = $362.41
He spends everything he earns and has a good time. He also actually has
a decent credit score surprisingly. He has not missed any payments and
he has little in the way of debt other than his one credit card.
Dan will likely be approved for his loan application, however Dan should
really consider setting up an account to save for emergencies and anything
he would like to purchase in the future.
Sincerely,
Credit
Counseling Services In IN
Counselors contact
us for listing amendment.
1980 Kessler Blvd E Drive
Indianapolis, IN 46220
www.cccindy.com
317.253.2788
245 W Edison Rd #130, Mishawaka
IN 46545 - www.greenpath.org
800.550.1961
700 S Lafayette Blvd, South Bend
IN 46601 - 574.200.0221WFL Loan Product
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