Know Before You Borrow in Indiana
- Interest rate cap: 22% per month (264% APR maximum)
- Loan range: No statutory minimum or maximum (depends on vehicle value and ability to repay)
- Repayment term: 30-day term; renewable up to 10 times with 10% principal paydown per renewal; full payoff required after 10 renewals
- Regulated by: Indiana Department of Financial Institutions (DFI)
For complete Indiana title loan regulations and consumer protections, visit our full Indiana guide.
Quick Answers About Title Loans in New Albany
We’re located in New Albany, near Southern Indiana Martial Arts and Safttek, with Kevin Rees Guitar Studio also nearby. Look for us at 834 E 8th St.
Bankruptcy history is less of a barrier for title loans than for traditional financing. Vehicle collateral value and current ability to repay matter more than past credit events. If your bankruptcy has been discharged and you have verifiable income, you may still qualify.
Title loan rates are higher than most other borrowing options. Indiana’s rate caps under IC 24-4.5-3-508 allow up to 36% per year on the first $1,000, dropping for larger amounts. Even at the capped rates, a title loan is more expensive than a personal loan from a bank or credit union. Borrowers who cannot access cheaper credit may still benefit, but understanding the full cost before signing is essential to avoid high costs.
