- Payday loans in Elwood 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 Anderson, about 15 miles away.
Elwood at a glance
| Elwood | |
|---|---|
| Population (2024 Census estimate) | 8,495 |
| Change since 2020 | +1% (growing) |
| Counties | Madison County and Tipton County |
| Size rank among 482 Indiana places we cover | 93rd |
| Nearest larger city | Anderson (about 15 miles) |
| Credit unions headquartered in town (NCUA) | None |
| Credit unions headquartered in these counties | 4 |
| Other towns within 25 miles | 41 (about 536,407 residents) |
| Typical payday APR statewide (CRL 2023) | 372% |
There is no separate Elwood payday law: Indiana rules apply here, and any lender serving Elwood residents, online or in person, needs a license from the Indiana Department of Financial Institutions.
Credit unions near Elwood
No credit union has its main office in Elwood, but these are based elsewhere in Madison County (NCUA, June 2026):
- Madison County Federal Credit Union in Anderson (federal charter — may offer payday alternative loans (PALs))
- Lampco Federal Credit Union in Anderson (federal charter — may offer payday alternative loans (PALs))
- Independent Federal Credit Union in Anderson (federal charter — may offer payday alternative loans (PALs))
- Encompass Federal Credit Union in Tipton (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 Elwood
In short, Indiana rules that cover Elwood 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 Elwood
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 Madison County before you borrow
Before a payday loan, Elwood 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 Elwood
The nearest larger city is Anderson, about 15 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 Elwood?
Yes. Payday loans are legal in Elwood under Indiana state law, and lenders must be licensed by the Indiana Department of Financial Institutions.
How much does a payday loan cost in Elwood?
At Indiana’s maximum fee, borrowing $300 costs $44. The typical statewide APR was 372% in 2023.
Where is the nearest credit union to Elwood?
No credit union is headquartered in Elwood, but Madison County Federal Credit Union is based in Anderson, also in Madison 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