- Payday loans in Hammond 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 Hammond; ask about small-dollar loans before borrowing.
Hammond at a glance
| Hammond | |
|---|---|
| Population (2024 Census estimate) | 76,030 |
| Change since 2020 | -2.2% (shrinking) |
| County | Lake County |
| Size rank among 482 Indiana places we cover | 8th |
| Share of Indiana’s population | 1.1% |
| Nearest larger city | South Bend (about 63 miles) |
| Credit unions headquartered in town (NCUA) | 2, 1 federal |
| Credit unions headquartered in Lake County | 16 |
| Other towns within 25 miles | 23 (about 481,236 residents) |
| Typical payday APR statewide (CRL 2023) | 372% |
There is no separate Hammond payday law: Indiana rules apply here, and any lender serving Hammond residents, online or in person, needs a license from the Indiana Department of Financial Institutions.
Credit unions in Hammond
These credit unions have their main office in Hammond, according to NCUA call report data (June 2026):
- Finans Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Hammond Firefighters Assn. Credit Union (state charter)
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.
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Payday loan rules that apply in Hammond
In short, Indiana rules that cover Hammond 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 Hammond
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 Lake County before you borrow
Before a payday loan, Hammond residents can usually find something cheaper:
- Local assistance through 211 covering Lake 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 Hammond
The nearest larger city is South Bend, about 63 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 Hammond?
Yes. Payday loans are legal in Hammond under Indiana state law, and lenders must be licensed by the Indiana Department of Financial Institutions.
How much does a payday loan cost in Hammond?
At Indiana’s maximum fee, borrowing $300 costs $44. The typical statewide APR was 372% in 2023.
Are there credit unions in Hammond?
Yes. NCUA data lists 2 credit unions with a main office in Hammond, including Finans Federal Credit Union and Hammond Firefighters Assn. 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