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Personal loans in Indiana

Personal loans for bad credit in Indiana

Personal loans are allowed in Indiana from state-licensed lenders (Loan License). Here are the limits Indiana law sets, what a typical loan can cost, and where to get free help if you need it.

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Last updated .

Part of the Indiana guide

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What people use personal loans for

A personal loan is a lump sum repaid in fixed monthly payments, often for a larger cost such as a car repair, a move or medical bills; the examples below stay within Indiana limits.

What personal loans can cost

These examples show how cost adds up. They are illustrative, not a quote. Your lender sets the actual rate and terms.

Representative example

Amount borrowed
$3,000
Annual percentage rate (APR)
29.99%
Repayment
12 monthly payments
Payment
$292.45
Finance charge
$509.40
Total of payments
$3,509.40

Example: a $3,000 installment loan at 29.99% APR repaid in 12 monthly payments of $292.45 costs $3,509.40 in total, including a finance charge of $509.40. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

Representative example

Amount borrowed
$1,000
Annual percentage rate (APR)
29.99%
Repayment
12 monthly payments
Payment
$97.48
Finance charge
$169.76
Total of payments
$1,169.76

Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

Representative example

Amount borrowed
$500
Annual percentage rate (APR)
29.99%
Repayment
12 monthly payments
Payment
$48.74
Finance charge
$84.88
Total of payments
$584.88

Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

What Indiana law allows

Personal loans in Indiana
ProductStatusAPR capAmountTermLicenseLaw
Installment and personal loans[1][2][3] Allowed 36% APR (top tier) Not set by statute Not set by statute Loan License IC 24-4.5-3, esp. IC 24-4.5-3-508
Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow.

Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.

The rules in full

Installment and personal loans

Rate cap
IC 24-4.5-3-508(2): a supervised lender may charge the greater of (a) tiered rates of 36% per year on unpaid principal up to $2,000, 21% on the part from $2,000 to $4,000, and 15% on the part above $4,000, or (b) 25% per year on the unpaid principal. Dollar breakpoints are subject to Indiana's index adjustments. A separate general criminal usury ceiling of 72% APR applies statewide.
Fees
For loans made after June 30, 2020, a nonrefundable prepaid finance charge of up to $75 (principal of $2,000 or less), $150 ($2,001 to $4,000), or $200 (over $4,000) may be charged (IC 24-4.5-3-508).
License
Loan License (supervised lender) under the Indiana UCCC, issued by the Indiana Department of Financial Institutions (DFI), Consumer Credit Division.

Full detail for every loan type: Indiana lending laws.

Rent and jobs in Indiana

Typical rent and the jobless rate, to weigh before a loan payment.

Rent and unemployment in Indiana
MeasureValueYear
Fair market rent, 2 bedroom (monthly)[4]$1,255FY2026
Unemployment rate[5]3.3%2026-08

Other options in Indiana

Cheaper options to try first

Worth checking whatever your credit: these can cost less than a high-rate loan.

  • Credit union payday alternative loans (PALs), capped at 28% APR under NCUA rules (12 CFR 701.21).
  • Nonprofit credit counseling through the National Foundation for Credit Counseling.
  • A payment plan from the company you owe, if you ask before you miss a payment.
  • 211 for help with rent, utilities and food: call 211 or visit 211.org.

More cheaper options in Indiana.

Other loan types allowed in Indiana

See every loan type Indiana law allows.

Personal loans in nearby states

Sources

  1. in.gov. Indiana Department of Financial Institutions (DFI), Consumer Credit Division. Retrieved September 23, 2026.
  2. codes.findlaw.com/in/title-24-trade-regulation/in-code-sect-24-4-5-7-102. Retrieved September 23, 2026.
  3. codes.findlaw.com. IC 24-4.5-3, esp. IC 24-4.5-3-508. Retrieved September 23, 2026.
  4. National Low Income Housing Coalition. Out of Reach 2026: Indiana. Retrieved September 23, 2026.
  5. U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.

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Important disclosures

APRs vary by lender and state in Indiana. Each lender sets its own rates and terms and must show you the APR before you sign.

  • BadCreditMD is not a lender or broker and does not make loans or credit decisions. When you submit a request, a lending network partner shares it with third-party lenders, and those lenders or the partner may pay us a fee for each referral. The lenders decide whether to offer you a loan.
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  • Lenders set their own rates, fees and terms. Offers depend on your credit, income, state of residence and each lender's criteria.
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  • Submitting a request does not mean you will be approved or funded, or that you will receive any particular amount or rate.
  • Short-term loans are costly and are not a long-term financial solution. Borrow only what you can repay on time.
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  • Questions about a lender licensed in Indiana? Contact the Indiana Department of Financial Institutions (DFI), Consumer Credit Division or file a state complaint.
  • You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.