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.

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