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Payday loans in Cheyenne, Wyoming
Compare lenders and learn how state regulations impact short-term loans in your city.
Payday loans are available throughout Wyoming, and for residents of Cheyenne, that means you’ll have quite a few lenders to choose from. However, it also means you need to be wary: Not all loans are the same, and you may have to pay a high financing fee if you borrow a larger amount.
Can I get a payday loan in Cheyenne, Wyoming?
Yes. All payday lenders that operate in Cheyenne have to abide by Wyoming Statutes 40-14-362 and must obtain a license from the Department of Audit, Division of Banking. Online lenders offering loans to Cheyenne residents are also required to have this license.
There is no maximum loan amount set by Wyoming law, but it’s best to only borrow as much as you need to avoid the financing fee — either 20% of the principal balance per month or $30, whichever is greater. There’s no set minimum loan term, but the there is a maximum. Loans can’t last more than one calendar month.
This means that for any amount under $150, your lender will charge a $30 financing fee. If you want to borrow more than that, you should expect to pay a 20% fee on the total amount of your loan. All loan contracts should clearly outline the fees and total costs of your loan. Read over this carefully and pay attention to the fine print so you don’t find yourself short on the due date.
Compare payday loan providers in Cheyenne
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What do I need to apply?
Typically, you’ll need to have a regular source of income, be a US citizen or permanent resident and be at least 18 years old in order to qualify. However, most lenders require you to meet extra eligibility criteria — like making a certain amount per month — before you can be approved.
When you’re ready to apply for a loan, you’ll have to provide some basic information about yourself. This includes:
- Your full name, date of birth and Social Security number.
- Your employment status and income, including how frequently you get paid.
- Your bank account details, if applying online.
Many lenders will also ask for contact information and your address to confirm your identity.
Where to find short-term loan locations in Cheyenne
Short-term loan locations near me in Cheyenne, WY
- Check into Cash. Cole Shopping Center
- Thrifty Cash Services. E Lincolnway
- Loan Stop. S Greeley Highway
Must read: Be cautious of unlimited loan amounts
It can be tempting to borrow more than you need, especially when the state doesn’t set a limit on the amount you can borrow. However, the high fees lenders can charge make payday loans an expensive option — which means you shouldn’t borrow more than necessary so you can avoid paying those fees.
Most lenders do set their own limits and will base the amount you can borrow on your income. When you apply, read over your loan contract carefully to be sure you can repay what you borrow by the due date. And if you aren’t sure, you may want to consider a payday loan alternative instead.
What are my other short-term loan options in Cheyenne?
Unlike many states, Wyoming has regulations surrounding installment loans that limit the interest a lender can charge you. This can be handy — after all, you won’t have an APR higher than 36% when you borrow — but it also means you might not have as many options when searching for a lender in Cheyenne. Still, you may want to compare installment loan lenders to see if one offers terms that suit your budget.
Bottom line
Wyoming may put a few restrictions on payday loans in the state, but you’ll still have plenty of options when you’re looking for a lender in Cheyenne. Just be sure yours is licensed and follows all of Wyoming’s payday loan regulations.
And before you borrow, take the time to learn more about payday loans so you can make an informed decision that benefits you and your budget.
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