- Payday loans in Madison 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 Madison; ask about small-dollar loans before borrowing.
Madison at a glance
| Madison | |
|---|---|
| Population (2024 Census estimate) | 12,108 |
| Change since 2020 | -1.8% (shrinking) |
| County | Jefferson County |
| Size rank among 482 Indiana places we cover | 73rd |
| Nearest larger city | Jeffersonville (about 34 miles) |
| Credit unions headquartered in town (NCUA) | 2, 2 federal |
| Credit unions headquartered in Jefferson County | 2 |
| Other towns within 25 miles | 9 (about 28,192 residents) |
| Typical payday APR statewide (CRL 2023) | 372% |
Payday lending in Madison follows Indiana state law. Lenders that serve Madison, in a store or online, must be licensed by the Indiana Department of Financial Institutions.
Credit unions in Madison
These credit unions have their main office in Madison, according to NCUA call report data (June 2026):
- Clifty Creek Employees Federal Credit Union (federal charter — may offer payday alternative loans (PALs))
- Jefferson Community 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 Madison
The main Indiana rules for a payday loan in Madison: 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 Madison
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 Jefferson County before you borrow
- Call or text 211 for help with rent, utilities and food in Jefferson County.
- Ask a federal credit union about a PAL: $200–$2,000 at no more than 28% APR (how PALs work).
- Check your bank app for a small-dollar loan or early pay (bank options).
- Try a cash advance app if you have direct deposit (apps compared).
Towns near Madison
The nearest larger city is Jeffersonville, about 34 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 Madison?
Yes. Payday loans are legal in Madison under Indiana state law, and lenders must be licensed by the Indiana Department of Financial Institutions.
How much does a payday loan cost in Madison?
At Indiana’s maximum fee, borrowing $300 costs $44. The typical statewide APR was 372% in 2023.
Are there credit unions in Madison?
Yes. NCUA data lists 2 credit unions with a main office in Madison, including Clifty Creek Employees Federal Credit Union and Jefferson Community 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