- Payday loans in Elkhart follow Indiana law (Indiana Small Loan law (IC 24-4.5-7)).
- Borrowing $300 at the state maximum costs $44.
- 2 credit unions are headquartered in Elkhart; ask about small-dollar loans before borrowing.
Elkhart at a glance
| Elkhart | |
|---|---|
| Population (2024 Census estimate) | 53,690 |
| Change since 2020 | -0.4% (holding steady) |
| County | Elkhart County |
| Size rank among 482 Indiana places we cover | 18th |
| Share of Indiana’s population | 0.8% |
| Nearest larger city | South Bend (about 16 miles) |
| Credit unions headquartered in town (NCUA) | 2, 2 federal |
| Credit unions headquartered in Elkhart County | 3 |
| Other towns within 25 miles | 18 (about 225,627 residents) |
| Typical payday APR statewide (CRL 2023) | 372% |
There is no separate Elkhart payday law: Indiana rules apply here, and any lender serving Elkhart residents, online or in person, needs a license from the Indiana Department of Financial Institutions.
Credit unions in Elkhart
These credit unions have their main office in Elkhart, according to NCUA call report data (June 2026):
- Inova Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Chiphone 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 Elkhart
In short, Indiana rules that cover Elkhart 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 Elkhart
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 Elkhart County before you borrow
Before a payday loan, Elkhart residents can usually find something cheaper:
- Local assistance through 211 covering Elkhart 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 Elkhart
The nearest larger city is South Bend, about 16 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 Elkhart?
Yes. Payday loans are legal in Elkhart under Indiana state law, and lenders must be licensed by the Indiana Department of Financial Institutions.
How much does a payday loan cost in Elkhart?
At Indiana’s maximum fee, borrowing $300 costs $44. The typical statewide APR was 372% in 2023.
Are there credit unions in Elkhart?
Yes. NCUA data lists 2 credit unions with a main office in Elkhart, including Inova Federal Credit Union and Chiphone 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