- Payday loans in Albany follow Indiana law (Indiana Small Loan law (IC 24-4.5-7)).
- Borrowing $300 at the state maximum costs $44.
- The nearest larger city is Muncie, about 11 miles away.
Albany at a glance
| Albany | |
|---|---|
| Population (2024 Census estimate) | 2,291 |
| Change since 2020 | 0% (holding steady) |
| Counties | Delaware County and Randolph County |
| Size rank among 482 Indiana places we cover | 184th |
| Nearest larger city | Muncie (about 11 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Credit unions headquartered in these counties | 4 |
| Other towns within 25 miles | 32 (about 140,090 residents) |
| Typical payday APR statewide (CRL 2023) | 372% |
There is no separate Albany payday law: Indiana rules apply here, and any lender serving Albany residents, online or in person, needs a license from the Indiana Department of Financial Institutions.
Credit unions near Albany
No credit union has its main office in Albany, but these are based elsewhere in Delaware County (NCUA, June 2026):
- Primetrust Financial Federal Credit Union in Muncie (federal charter — may offer payday alternative loans (PALs))
- Thrive Federal Credit Union in Muncie (federal charter — may offer payday alternative loans (PALs))
- First County Federal Credit Union in Muncie (federal charter — may offer payday alternative loans (PALs))
- A H E Plant 3 Federal Credit Union in Winchester (federal charter — may offer payday alternative loans (PALs))
Only federal credit unions can offer payday alternative loans (PALs), capped at 28% APR; state-chartered credit unions often have their own small-loan products. Membership rules apply, and only main offices are listed here; find branches near you with the NCUA Credit Union Locator. See how PALs work.
Payday loan rules that apply in Albany
In short, Indiana rules that cover Albany include: maximum loan: $605, and no more than 20% of your gross monthly income; maximum fee: 15% of the first $250, 13% of $251–$400, 10% of $401–$605; minimum term: 14 days. See the full Indiana payday loan rules.
What a $300 loan costs in Albany
The Center for Responsible Lending put the typical APR on a $400 payday loan in Indiana at 372% (June 2023). For $300 at the state maximum, expect $44. Check any offer with our payday loan calculator.
Other help in Delaware County before you borrow
Before a payday loan, Albany residents can usually find something cheaper:
- Local assistance through 211 covering Delaware County.
- A credit union payday alternative loan (max 28% APR). See PALs explained.
- Your bank’s small-dollar loan, if offered (compare banks).
- A cash advance app for $20–$500 (apps compared).
Towns near Albany
The nearest larger city is Muncie, about 11 miles away. See all 482 Indiana cities.
Need cash before payday?Send one free request to our lender network. We are not a lender; offers and rates come from lenders.
Request a loanFrequently asked questions
Are payday loans legal in Albany?
Yes. Payday loans are legal in Albany under Indiana state law, and lenders must be licensed by the Indiana Department of Financial Institutions.
How much does a payday loan cost in Albany?
At Indiana’s maximum fee, borrowing $300 costs $44. The typical statewide APR was 372% in 2023.
Where is the nearest credit union to Albany?
No credit union is headquartered in Albany, but Primetrust Financial Federal Credit Union is based in Muncie, also in Delaware County.
Sources
- U.S. Census Bureau — City and town population totals, Vintage 2024
- U.S. Census Bureau — 2024 Gazetteer files (place locations)
- NCUA — Credit union call report data, June 2026 (FOICU)
- Indiana DFI — Small loan law borrower rights
- Center for Responsible Lending — Red Alert Rates: APRs on $400 single-payment payday loans (June 2023)
- CDFI Fund — NCUA payday alternative loans summary