Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Long repayment terms
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If you have less-than-perfect credit and find yourself in a financial emergency, you might be looking for an alternative to a traditional bank loan. A payday loan could get you through a rough patch, but you’ll need to understand how they work before you apply. If you’re thinking about applying for one, take some time to read our guide.
Payday lenders have to abide by the Wisconsin statutes that regulate the industry whether they offer loan in-store or online. You can borrow the lesser of $1,500 or 35% of your gross monthly income for a period of 90 days or less. Wisconsin doesn’t limit the amount you have out at once provided it totals less than the maximum amount, and there is no limit on how much a lender can charge you in interest.
Luke had to travel out of town, but since he’d already paid all his bills and wasn’t going to get his paycheck for another two weeks, he decided to opt for a payday loan. Luke only needed $250 for his travel expenses so he visited a local store and applied with the help of a lender. After filling out the application, Luke was approved.
He read over the loan contract and found that he would need to pay $62.50 in fees, bringing his total up to $312.50. Luke left a check for the total amount. It was cashed on the due date two weeks later and went through without a problem so Luke didn’t have to pay the $15 non-sufficient funds (NSF) fee.
If you want to apply for a payday loan, you’ll need to have a regular source of income, be at least 18 years old and be a citzen or permanent resident of the US.
Once you’re ready to fill out the application, be prepared to submit some personal information. This includes your Social Security number, your date of birth and information about your employment. This is so lenders can confirm your identity when they issue you a loan.
Because so much of the cost is dependent on the person getting the loan, the best way to know how much a loan will cost is to read your loan contract carefully. If you don’t like what you’re offered, compare other lenders to find a deal better suited to your needs and income.
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