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.
What do I need to know about payday loans in Madison?
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.
What to consider before applying for a payday loan in Madison
Long loan terms. You have up to 90 days to repay your loan. If your lender offers you less, try and negotiate a longer term so you have more time to repay and are less likely to need to roll over your loan or go on a payment plan.
You can roll over your loan. If you can’t make the payment deadline set by your lender, you can roll over your loan once. This will likely incur extra fees, but it will give you more time to pay off your debt.
Payment plans available. Once every 12 months, you are able to request a payment plan. This breaks the remaining loan balance into four equal chunks that you pay over installments, making it easier to handle large amounts of debt.
Luke's unexpected travel expenses
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.
Ready to apply for a payday loan in Madison?
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.
Check ‘N Go. 512 Grand Canyon Dr, Madison, WI 53719, USA
Citizens Finance. 1765 Thierer Rd, Madison, WI 53704, USA
Loanmax Title Loans. 3066 E Washington Ave, Madison, WI 53704, USA
National Quik Cash. 2925 E Washington Ave, Madison, WI 53704, USA
PLS Check Cashing & Transportation Services. 1907 S Park St, Madison, WI 53713, USA
PLS Check Cashing & Transportation Services. 2722 E Washington Ave, Madison, WI 53704, USA
Rehabilitation Loans. 215 Martin Luther King Jr Blvd, Madison, WI 53703, USA
Wisconsin Auto Title Loans, Inc. 3059 E Washington Ave, Madison, WI 53704, USA
How much will a payday loan cost me?
How much a loan ends up costing depends on how much you borrow and what the terms of the loan contract are. Because Wisconsin sets the limit you can borrow at either $1,500 or 35% of your gross monthly income, total loan costs vary from person to person. In addition to these variables, Wisconsin doesn’t set a limit on how much a lender can charge you in financing fees and interest. This means one lender could charge 10% and another could charge 25%.
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.
Frequently asked questions
If you don’t think you’ll be able to pay back your loan in less than 90 days, then an installment loan might be a good option. With installment loans, you have more time to pay back what you owe, meaning it won’t be a struggle to meet a payment deadline set on your next payday.
While most lenders are likely to check your credit, they usually don’t base their decision solely on your score. Instead, your approval is based on your current financial situation and your ability to repay the loan. If you meet these criteria, your credit score won’t play a huge role in whether or not you get a loan.
If you apply at a store, you may be able to walk out with your loan as cash or a check. If you opt for an ACH transfer or go through an online lender, you will have to wait at least one business day. Bank transfers take time to process, so the quickest a lender can get you your loan is the next business day.
Matt Corke is Finder's head of publishing for rest of world and New Zealand. He previously worked as the publisher for credit cards, home loans, personal loans and credit scores. Matt built his first website in 1999 and has been building computers since he was in his early teens. In that time, he has survived the dot-com crash and countless Google algorithm updates.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.