Support responsible, Indiana-based lending to better serve Hoosiers. Vote YES on SB 352!
As Indiana continues to emerge from nearly two years of coping with COVID-19 and its health and economic impact, legislators are faced with a second issue that affects constituents: the price of everything is going up. Whether it is due to supply chain issues, international politics or labor shortages, your constituents, who may have experienced economic hardship, are now paying the price for the restart of the national economy as well.
Indiana’s credit options are limited because of laws that exclude some Hoosiers’ access to credit.
Many Hoosier families find themselves squeezed financially just as they were looking forward to the light at the end of the tunnel. Until full recovery reaches all families in all corners of Indiana, many of your neighbors need access to safe, affordable, predictable credit on a short-term basis.
Fortunately, a solution exists that will allow more Hoosiers to access safe, affordable credit while also providing revenue to the state, creating good jobs and conforming Indiana’s lending laws to market-based competition.
Indiana can promote safe, affordable credit
By voting YES on SB 352, leaders in our state can modernize state laws and allow a flat 36% rate cap for consumer loans.

Currently, lending rates can be confusing for Hoosiers. The rates can vary broadly depending on a complicated formula that leaves many Hoosier families wondering where they stand. Can they borrow money short term at affordable rates or not?
A flat rate will help simplify the credit application process, providing predictability and security for Hoosiers and their families. It will also improve their path to better credit scores, which are essential to accessing financial options and stability.
Predictable rates will also allow the lending community to invest in Indiana’s future, producing more local jobs and enhancing Indiana’s already stellar reputation as a business- and family-friendly state.
It is important to note that ALL current consumer protections will be preserved. As a legislator, your ability to regulate the in-state lending industry is also protected. And you will be encouraging the in-state lending industry to continue to grow, rather than giving advantage to out-of-state, online unlicensed lenders who are beyond your regulatory reach.
The largest in-state, responsible lender is OneMain Financial.
As an Indiana-based company with 56 branches from Carmel to Clarksville, Evansville to Huntington, OneMain proudly counts approximately 88,000 Hoosiers among its customers with an average loan of $9,000. That average amount is enough to get most Hoosiers through short-term financial challenges.
Updating Indiana’s lending laws will remove the current disincentive to locate in Indiana and will incentivize lenders to hire more talented Hoosiers.
OneMain employs 1,400 people and pays Indiana taxes. Wouldn’t you as a policymaker lean into encouraging Indiana-grown companies rather than companies whose people you cannot look in the eye and take their measure?
The unregulated, uncapped online lending industry is booming
An unintended effect of Indiana’s current lending laws is that Hoosiers who do not qualify for affordable in-state rates are forced into the online lending market, which is usually both uncapped and unregulated by Indiana policymakers and regulators.
The bottom line
We can do this together. By updating Indiana’s lending laws, Hoosiers will have greater access to borrowing options, carefully supervised by the in-state lending community and Indiana’s regulators and policymakers. Access to affordable, safe, predictable credit will grow. And Hoosiers will be able to pursue their dreams with confidence. Join us.