Compare your loan options in Wisconsin

Wisconsin State Building ImageHere’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.

CashNetUSA Loan

CashNetUSA Loan

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.

    Rates last updated November 19th, 2017
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    $2,500
    Varies by lender
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $4,000
    9 to 36 months
    1 business day
    Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit to demonstrate sufficient monthly income.
    MoneyKey-arranged or MoneyKey Installment Loan
    *Apply for money when you need it and receive your funds in as quickly as one business day.
    $1,000 (unless otherwise stated)
    Varies by state
    1 business day*
    You must be a permanent US resident or citizen, at least 18 years old, and have regular income.
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    $2,500
    Varies by lender
    As soon as one business day
    Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
    NetCredit Installment Loan
    Build a positive credit history with on-time payments and flexible repayment terms. Check your rate without affecting your credit score.
    $10,000
    Varies upon state
    1-3 business days
    Must be 18+ years old, a legal resident of the US and have a Social Security number. Minimum credit score of 550.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $2,000
    6 months
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.

    Compare up to 4 providers

    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.

    And there are other, cheaper credit options for you to consider here

    Bottom line

    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?

    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.

    You should contact the Wisconsin Department of Financial Institutions if you have a problem with a lender or the terms of your loan.

    No, but Wisconsin lenders may be able to sue you for debts owed. This won’t result in jail time, just court-mandated fees.

    Wisconsin law requires that you wait at least 24 hours between payday loans.

    Was this content helpful to you? No  Yes

    Ask an Expert

    You are about to post a question on finder.com:

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • finder.com is a financial comparison and information service, not a bank or product provider
    • We cannot provide you with personal advice or recommendations
    • Your answer might already be waiting – check previous questions below to see if yours has already been asked

    Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and our Privacy Policy.

    2 Responses

    1. Default Gravatar
      RbakerJuly 26, 2017

      I am trying to find a loan for $1000 I have bad credit and no checking account

    US Payday Loans Offers

    Learn about our information service
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.