Getting a payday loan in Cheyenne can be easy if you know what to look for.
If you’re a resident of Cheyenne and are in need of a payday loan, you’ll need to learn about the laws regulating the industry in Wyoming. Find out how much you can borrow and what it will cost you in the guide below.
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- Min. Loan Amount: $500
- Max. Loan Amount: $10,000
- Loan Term: 90 days to 72 months
- Turnaround Time: As early as 1 business day
- Requirements: Must have a monthly income of $1,000+ after taxes and valid checking account.
How much can I borrow in Cheyenne?
All payday lenders that operate in this city 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, which can be the greater of either 20% per month or $30.
Loan terms last one calendar month and lenders aren’t permitted to charge collections fees if you miss a payment or default.
How much will it cost to borrow a payday loan in Cheyenne?The costs of a loan entirely depend on how much you borrow. Since Wyoming law doesn’t specify a limit to the amount of money you can borrow, it’s up to you to determine how much you need and what you can afford.
For any amount under $150, you will be charged 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. When you borrow $200, for instance, you will be charged $40. On your due date, you’ll be expected to pay back $240.
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.
A selection of cash advances you can apply for
What are some positives to borrowing a payday loan in Cheyenne?
- Restriction on repeat loans and rollovers. You won’t be able to use the money from one payday loan to pay for another. This is to prevent a buildup of costly fees. Instead of refinancing your loan, talk to your lender about a payment plan.
- Bad credit is OK. Although traditional loans tend to use your credit history as the main factor when determining your approval, payday lenders are more likely to consider your entire financial situation when you apply..
- Multiple options. If you don’t live or work near a payday lender’s store, you can compare your online options. You can find a lender that offers you the best terms when you shop around, so keep an open mind when you’re looking for a loan.
Money for bills after a bike crashNancy fractured her foot and damaged her bike in an accident. With the money she spent on treatment and bike repairs, she has little left to pay for her everyday bills. She doesn’t have a credit card and because of her low credit score, she isn’t sure she can get a personal loan.
She applied for an online payday loan of $400. Since she has a steady income from her job, she was approved. The loan contract stated she would have to repay the loan by her next payday in 26 days. The lender charged her $80 in loan fees.
On the due date, the lender debited $480, the entire amount due, via an electronic transfer from her bank account. As she paid the entire amount due, Nancy didn’t have to pay any additional costs.
How to apply for a payday loan in Cheyenne
If you’ve decided to take out a payday loan, follow these steps to increase your chances of getting approved.
- Find a lender on the table above.
- Click Go to Site or visit the lender’s storefront.
- Provide some personal information, like your name and Social Security number.
- Enter your employement details and income information.
- Enter your bank account information.
- Submit your application when you’re ready.
How long you’ll have to wait depends on if you apply online or in-store. If you’re approved, be sure to read your loan contract carefully before you agree so you know how much the loan will cost.
Payday loans in Cheyenne, Wyoming
Where to go for a payday loan in Cheyenne
- Check into Cash. Cole Shopping Center
- Thrifty Cash Services. E Lincolnway
- Loan Stop. S Greeley Highway
- Advance America. E Lincolnway and Greeley Highway
- Advance Cash Services. W 17th Street
- Cash Express. Logan Avenue