Here’s all the information you need if you’re considering applying for a payday loan in Wisconsin.
A payday loan may be an option if you’ve found yourself short on cash and are looking to borrow a small amount of money. If you’re a resident of Wisconsin, going through this guide will help you find out what’s involved in the lending process and how payday loan laws will affect your experience.
Get a convenient payday loan, installment loan or line of credit with fast funding, depending on your state of residency.
- Loan Amount: Varies by state
- Turnaround Time: As soon as 1 business day
- Simple online application
- No hidden fees or paperwork
- Dedicated customer service
- Confidential and secure
What are the payday loan laws in Wisconsin?
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 importnt to note that the more payday loans you have out at once, the more you may have to pay in interest.
Here are some lenders you might want to look into
Check the websites of any providers you’re interested in to confirm they operate in Wisconsin.
How much will a payday loan cost me?
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.
How do I apply for a payday loan?
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
- Your name
- Your date of birth
- Your email and phone number
- Your address
- Your Social Security number
- Your employment status and income
- Your bank account numbers
This is to confirm your identity and make sure you have the ability to repay a loan.
Are there other options besides payday loans?
Of course. If you’re having trouble paying for everyday bills, Wisconsin does have 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.
What else should I know about payday loans in Wisconsin?
Can I get a repayment plan if I can’t repay my payday loan by its due date?
Yes. Once every 12 months, you can get a repayment plan where you’ll be able to pay the outstanding balance of your loan in four equal installments.
Where can I go to file a complaint about a payday lender?
You should contact the Wisconsin Department of Financial Institutions if you have a problem with a lender or the terms of your loan.
Can a lender pursue criminal action against me?
No, but Wisconsin lenders may be able to sue you for debts owed. This won’t result in jail time, just court-mandated fees.
How long do I have to wait between loans?
Wisconsin law requires that you wait at least 24 hours between payday loans.