- Payday loans in Anderson follow Indiana law (Indiana Small Loan law (IC 24-4.5-7)).
- Borrowing $300 at the state maximum costs $44.
- 3 credit unions are headquartered in Anderson; ask about small-dollar loans before borrowing.
Anderson at a glance
| Anderson | |
|---|---|
| Population (2024 Census estimate) | 55,851 |
| Change since 2020 | +1.9% (growing) |
| County | Madison County |
| Size rank among 482 Indiana places we cover | 17th |
| Share of Indiana’s population | 0.8% |
| Nearest larger city | Noblesville (about 17 miles) |
| Credit unions headquartered in town (NCUA) | 3, 3 federal |
| Credit unions headquartered in Madison County | 3 |
| Other towns within 25 miles | 43 (about 499,818 residents) |
| Typical payday APR statewide (CRL 2023) | 372% |
There is no separate Anderson payday law: Indiana rules apply here, and any lender serving Anderson residents, online or in person, needs a license from the Indiana Department of Financial Institutions.
Credit unions in Anderson
These credit unions have their main office in Anderson, according to NCUA call report data (June 2026):
- Madison County Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Lampco Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Independent Federal Credit Union (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 Anderson
In short, Indiana rules that cover Anderson 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 Anderson
At Indiana’s maximum fee, borrowing $300 costs $44. Statewide, the typical APR on a $400 payday loan was 372% (Center for Responsible Lending, June 2023). Check any offer with our payday loan calculator.
Other help in Madison County before you borrow
Before a payday loan, Anderson residents can usually find something cheaper:
- Local assistance through 211 covering Madison 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 Anderson
- Edgewood · 3 mi
- Chesterfield · 5 mi
- Pendleton · 7 mi
- Daleville · 7 mi
- Middletown · 8 mi
- Markleville · 9 mi
The nearest larger city is Noblesville, about 17 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 Anderson?
Yes. Payday loans are legal in Anderson under Indiana state law, and lenders must be licensed by the Indiana Department of Financial Institutions.
How much does a payday loan cost in Anderson?
At Indiana’s maximum fee, borrowing $300 costs $44. The typical statewide APR was 372% in 2023.
Are there credit unions in Anderson?
Yes. NCUA data lists 3 credit unions with a main office in Anderson, including Madison County Federal Credit Union and Lampco Federal Credit Union. Federal credit unions can offer payday alternative loans capped at 28% APR.
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