Bad Credit Loans Indianapolis, In.
As one of the American Mid-West’s biggest cities, Indianapolis has become a beacon for economic prosperity and expansion in the American Heartland. Joined with a love for motor-sports, the city enjoys steady growth, plenty of jobs, and lots of money. However, that doesn’t mean all of Indianapolis’ residents are free from hardship. To find the best deal on a personal loan for bad credit in Indianapolis, our Loans Discovery service is your best resource. We screen dozens of offers to find the ones that suit your needs, then help you compare each one before you make a decision.
Racing Towards Debt
Within Indianapolis, big business and big money are the orders of the day. The financial, real estate, government, and manufacturing industries net billions of dollars and host thousands of jobs in the region. One of the world’s biggest sporting events, the Indianapolis 500, is hosted by the city each year. All told, the city produces an average of $134 billion each year. But to look at the poorest residents within the city, you’d never know it.
Big Business Led to Big Debt
As the city attracted more business and more money, living expenses increased. The increased prosperity was offset by an accelerated rate of poverty. In 2017, the estimated poverty rate for the city was 20.1%, compared to the 18.9% reported in 2011. Median household income only increased by about $2,000 during the same period. This has resulted in a situation where people earn more, but not enough to match the cost of living.
Big Debt Led to Big Borrowing
With options to borrow from traditional lenders mostly non-existent, people with bad credit have turned to one of the worst types of lenders in the world. Payday lending is a big industry in Indiana, where customers borrowed more than $430 million in 2017. According to the Indiana Institute for Working Families, payday lenders recouped all of that, plus another $60 million in interest charges. With average APRs as high as 391% and up to 15% financing fees, how are payday lenders legally able to get away with charging so much?
Big Borrowing Led to Big Payouts
The reason is simple: lobbying. In 2016, payday lobbyers contributed an estimated $168,143 to the election campaigns of Indiana politicians of both parties, according to the Every Voice Center. Under Indiana Code § 24-4-4.5-7, payday lending has been legal in Indiana since the mid-1990s, and efforts to cap payday spending were overruled by the Indiana Legislature in 2002. In fact, the Indiana House tried to push a bill in 2018 that would have allowed payday rates to increase even more, though it’s been stalled in the state senate ever since. As it stands, payday lenders can legally:
- Charge up to 390% for a $100 loan
- Extend up to $550 to borrowers (or up to 20% of a customer’s monthly income)
- Charge up to a 15% finance rate
- Only provide 14 days to repay
- Provide up to six transactions before requiring a “cooling off” period
Under these conditions, the usual scenario is that borrowers either default or pay so much in fees that they need to borrow additional money. They take out a second installment, generating even more fees, and the cycle continues to grow. It’s a dangerous solution to the problem of getting money in Indiana.
Don’t Let Desperation Drive you Further Into Debt
Payday lenders want you to believe they’re your only option to borrow money with bad credit. State politicians are fine with letting them rob you because it lines their pockets. But you don’t have to let yourself be cheated just to access money. With our free Discovery program, we can find the perfect offer to get the money you need, without plunging you further into debt!
Money to Settle Your Big Debts
With our offers, you can access the amount of money you need to completely settle your debts, without owing tremendous fees. Our maximum limit is $70,000 with potential interest rates below 6%. We know even just a few hundred dollars can take some time to pay back, so our offers begin at 24 months and go up from there. There’s no charge for using our program, and no requirement to use any of the options provided, so you won’t be stuck with a deal you don’t want.
No Damage to Your Bad Credit
A minimum 450 credit score is needed to work with us, but we’re prepared to take you at your word. Our process is initially designed to work on the credit score that you submit so that there’s no risk of making your score drop. We don’t require that you submit your score for each new offer, so you can compare rates and protect your score at the same time! We don’t share your information, so no one outside our network will see your report either.
Fast Access to Your Cash
We realize that missing a payment when you already have bad credit is unacceptable. To ensure you get your money as quickly as possible, we streamlined our process to be fast and efficient. It takes hardly five minutes to complete your questionnaire, and your consultant typically has your options prepared in a day. Our finance partners usually have your request processed and funded in one to two business days. It’s possible to have your money in a matter of days!
Settle Your Debts the Right Way with Loans Now!
You’ll never dig yourself out of debt by paying more than your loan is worth. That’s the trap that payday lenders like to spring, and it’s what we avoid at all costs. We’ve built up a credible network of partners who work as fast as we do, provide fair offers to you, and get your money fast. Don’t settle for the payday trap – use the free tools that we provide to find your best deal today!
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K