Editor's choice: OppLoans Installment Loans
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Payday loans are permitted in Wisconsin, but the state regulates how much lenders can fund and what fees they can charge.
Payday loans are legal in Wisconsin. Wisconsin Statutes 138.14 controls payday lending.
Under Wisconsin law, you can’t borrow more than $1,500 or 35% of your gross monthly income, whichever is less. All loan terms are limited to 90 days, but you are able to refinance (roll over) your loan one time. After this, you’ll be required to pay back the total amount of both loans.
You can have any amount of payday loans at once provided the total is less than $1,500 or 35% of your monthly income. However, it’s important to note that the more payday loans you have out at once, the more you may have to pay in interest.
There is no limit to the maximum finance rate, meaning Wisconsin lenders can charge however much they’d like in the form of fees and interest.
If you default on your loan, a lender can charge you 2.75% per month in interest until you fully repay your loan. Lenders can’t charge any fees if you pay your loan early, default or make a late payment.
A lender can only attempt to cash a check or withdraw money from your bank account once. If you don’t have enough money in your account, a lender can charge a $15 non-sufficient funds (NSF) fee.
Before you sign a contract, read the terms carefully. Your loan contract will list the total cost so you’ll know exactly how much you’ll have to pay for what you borrow.
Although all lenders have different applications, you’ll need to meet some basic eligibility requirements before you apply. You should have a regular source of income, be a US citizen or permanent resident and be at least 18 years old.
Most lenders will ask for
This is to confirm your identity and make sure you have the ability to repay a loan.
If you’re having trouble paying for everyday bills, Wisconsin has programs to help when you’re facing financial hardship. For instance, the Wisconsin Home Heating Assistance Program or the Home Weatherization program can help you when your energy bills are too high.
Look for other assistance programs that will help you handle expensive everyday expenses so you can pay down your debts.
When you’re in need of cash, a payday loan could be a way to afford an unexpected bill or a gap in your budget. These are short-term options designed to get your through to your next payday, not long-term financial solutions. As long as you know the whole cost of the loan and can afford it, a payday loan can be a solution to a money problem.
You won’t be able to apply for a new loan unless you’re a returning customer.
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