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Get Rid Of Payday Loan Debt In Indiana
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Get Rid Of Payday Loan Debt In Indiana

After researching this state, I felt the need to write an article on how to get rid of payday loan debt in Indiana. The laws of this state favor the lender and the chances of setting yourself up for a trip to the payday loan trap is very easy.

This is one of the few states that have a a minimum amount of days you can take out a payday loan, which is 14. No maximum, just a minimum, which is strange in itself, but coupled with a high interest rate it makes it very hard to pay off your loans in a timely manner.

Since the average payday loan roll over rate is between 4 and 5, this loan could go on and on before you finally clear this debt up, and by then you might have paid almost double for the loan.

Another problem with this state is they allow the lender to loan you up to the total amount of your paycheck, as long as it does not exceed $500.00. Now to me, I have to sit here and think to myself, "self, how in the world am I going to have anything left out of my check after I pay this off to live?"

Ready for the interest rates? Indiana state laws allows the payday loan lender to charge whatever rate the borrower agrees to pay. I am in the wrong business!

Roll over time, and then next payday, roll over time, and on and on, until I am so far into this loan that i default and the collectors start calling and threatening to take me to court, the loan charges are going nuts, and I want to hide.

When a person gets caught in the payday loan trap and just can not sleep at night, starts avoiding the phone when it rings, and all around wishes they would go away, it is time to find a good payday loan debt collection company to help them get some sanity back in their lives.

From personal experience I can tell you that there are good consolidation companies and not so good ones. Some just want your money, and will hold it up to three months before they even apply it to your payday loan debt

. There are ones that care about your situation and really want to help you out of the trap. Look for ones that will work with you and your lenders one on one.

I hope I have helped inform you a bit on the payday loan laws in Indiana, and this information helps you in your choices to use these companies.

Please feel free to share this article and leave any questions and comments below!

Street Talk

Being from Indiana myself I completely agree how bad the laws are around here. They are terrible and put so many people behind to the point of losing everything if they end up having to use one of these scams. Great information, keep up the good work!

  about 1 decade ago

Thanks Mary. We are here to help anyone that gets caught in this kind of mess!

  about 1 decade ago

if you tally the high interest rate of the loan, penalties, rollovers and refi fees you could pay way more than triple the original loan - it's criminal and the government ought to be on the side of the people - not the criminals!

  about 1 decade ago

I agree, and you are correct, it all adds up so fast.

  about 1 decade ago
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