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Are you a resident of Indiana and are considering taking out a payday loan. This article will explain how payday lenders operate in this State. Payday lenders are monitored by the Indiana Department of Financial Institutions. This is where you can file a complaint or report an irregularity about a cash advance lender.
Payday lending business is legal in the state although it is governed by certain rules. The first is that lenders cannot give out more than 550. The loan amount should not be more than 20 of the borrowerвЂs income and a loan term cannot exceed 14 days.
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