With more and more consumers living from paycheck to paycheck, even the smallest financial emergency can become major. This is why the payday loan industry and its cash advances are becoming more and more popular throughout Indianapolis (there are more cash advance storefronts than Burger King restaurants), as they can come in very handy with their short terms and almost immediate availability.

Too many times have we all forgotten about a bill that becomes due, whether it’s a checkbook miscalculation or a simple oversight. Let’s say that you forget to pay your electric bill for a month or so, and now the electric company has sent you notice informing you that your power will be shut off on Friday if full payment isn’t made--but you won’t have the extra money until your next paycheck arrives in two weeks. You could bounce a check, and/or have your power shut off, but the fees and reconnection charges will be astronomical. Plus, you’ll have no electricity. A cash advance is the perfect solution for you.

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There is not need to worry about your credit score, as cash advances are based upon your job and the accompanying paycheck. Some of these short-term lenders may grant your loan when you write out a post-dated check for the full loan amount plus all applicable fees.

Indiana has state laws concerning the payday loan industry, put into place to protect all involved parties:

Loan must be a minimum of $50.
14 day minimum on all cash advances.
Fees cannot be more than:
- 15% for loans < $250;
- 13% for $251- $400 loans;
- 10% for $401 - $500 loans.
No rollovers (cannot repay one loan with another).
One loan allowed per person, per lender at one time; two loans total.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.