Fair to Bad Credit Loans in IN

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Last updated December 2nd 2018

Commentary is for informational purposes only. See legal disclaimers here.

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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

Indiana Bad Credit Lenders Map - Initial Static Image

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Lenders
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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

Fast Loan Pre-App Method
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Learn about GAP (Gift Angel Program)

 

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.

$8500 $75000 $9000 $14000 $60000

10.75% 13.01% 12.49% 9.47% 6.07%

Debt Consolidation Providers In IN

Indiana Debt Consolidation Loan Providers - Initial Static Image

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Lenders
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Debt Hero Indianapolis
Debt Consolidation Counselors
201 N Illinois St Indianapolis
IN 46204 - 317.288.3391

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A American Debt Consolidation
520 N Madison Ave, Greenwood
IN 46142 - 317.887.2036

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Debtconsolidationloan.com
10711 Horse Creek Ct #200
Fishers, IN 46038 - 317.578.2975
www.debtconsolidationloan.com

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Indianapolis Deb Consolidation
639 S Delaware St, Indianapolis
IN 46225 - 844.861.7292

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A American Debt Consolidation
Bloomington, IL 61701
309.828.6375

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A American Debt Consolidation
Lafayette, IN 47901
765.742.8152

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First County Federal CU
1100 W 11th St, Muncie
IN 47302 - 765.284.3471
www.firstcountyfcu.org

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A American Debt Consolidation
Fort Wayne, IN 46806
260.745.0001

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A American Debt Consolidation
South Bend, IN 46601 - 574.287.3688

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INOVA Federal Credit Union
358 S Elkhart Ave, Elkhart
IN 46516 - inovafcu.org
574.294.6553

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Teachers Credit Union
4574 Elkhart Rd, Elkhart
IN 46517 - locations.tcunet.com
574.875.1110

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IN Debt Consolidation Application Form

Indiana Application Form
Bad Credit Debt Consolidation Loans (?)
 

About Consolidation Loans In Indiana

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.

Consolidation Loan Example in Indiana

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 also has a small amount of credit card debt which he wants to consolidate with his car loan.

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.

Dan has not put anything away for emergencies or savings of any kind.

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.

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

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.

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.

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.

Sincerely,

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.

Credit Counseling Services In IN

Indiana Credit Counseling Providers - Initial Static Image

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Counselors
contact us for listing amendment.

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Credit Counselors Corporation
1980 Kessler Blvd E Drive
Indianapolis, IN 46220
www.cccindy.com
317.253.2788

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GreenPath Financial Wellness
245 W Edison Rd #130, Mishawaka
IN 46545 - www.greenpath.org
800.550.1961

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Fix My Credit
700 S Lafayette Blvd, South Bend
IN 46601 - 574.200.0221

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WFL Loan Product Menu

  • Bad credit scores below FICO 650
  • 200+ lenders review your pre-application(s)
  • Applying does not worsen your credit score
  • Interest rates starting as low as 9% (cs)
  • Collateral not always required
  • Funding between 24 hours and 5 days
  • Terms from 6 months to 10 years
  • Borrow between $500 and $50,000
  • Loans for people with 650+ credit scores
  • 500+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Fast approvals and fast funding
  • Line of credit approvals with reasonable APR
  • Borrow between $500 and $150,000
  • Lenders who provide bad credit consolidation
  • Debt settlement or debt relief services
  • 300+ lenders can review your application
  • Interest rates starting as low as 7% (cs)
  • Seamless approval and funding process
  • Debt relief counseling available
  • Borrow form $5000 - $150,000

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