Here’s what you should know before you apply for a payday loan in Madison, Wisconsin.
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.
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
- Minimum loan amount: $500
- Maximum loan amount: $5,000
- Turnaround time: 1 business day
- Loan term: 9 to 36 months
- Must have direct deposit and meet minimum income requirements
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.
Online lenders offering payday loans in Wisconsin
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.
Payday loan stores in Madison, Wisconsin
Where you can get a payday loan around Madison
- Advance America. 2616 E Washington Ave, Madison, WI 53704, USA
- Advance America. 2831 Parmenter St Ste. #165, Middleton, WI 53562, USA
- Cash Store. 1111 N Sherman Ave, Madison, WI 53704, USA
- Cash Store. 1515 Madison Ave, Fort Atkinson, WI 53538, USA
- Cash Store. 2083 McCoy Rd, Sun Prairie, WI 53590, USA
- Cash Store. 2401 W Broadway, Monona, WI 53713, USA
- Check Advance. 2372 Jackson St, Stoughton, WI 53589, USA
- Check Into Cash. 3046 Fish Hatchery Rd Suite A, Fitchburg, WI 53713, USA
- Check ‘N Go. 2103 Zeier Rd, Madison, WI 53704, USA
- 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.