Here’s all the information you need if you’re considering applying for a payday loan in Wisconsin.
A payday loan, or a short term loan or cash advance, may be an option you’re considering if you’ve found yourself short on cash and looking to borrow a small amount. If you live in Wisconsin, going through this guide will help you find out what’s involved in the lending process and how the laws around payday loans will affect your experience.
LendUp Payday Loans
Apply for a payday loan conveniently online and borrow between $100 and $250.
- Min. loan amount: $100
- Loan term: 7–30 days
- Total costs: Depends on your state, loan product, loan amount and the term of the loan.
- Must be 18+ (19+ in Alabama)
- No security deposit needed
- Confidential and secure
- Visit the site to see if available in your state
Are payday loans legal in Wisconsin?
Yes, payday loans in Wisconsin are legal. Wisconsin Statutes 138.14 governs the functioning of all payday lenders. Under Wisconsin laws, the maximum payday loan term is limited to 90 days.
You cannot have an outstanding aggregate liability of more than $1,500 or 35% of your gross monthly income, whichever is less, through all your existing payday loans. This includes the principal and interest as well as all applicable fees and charges.
You can repay a payday loan by using the proceeds of a subsequent payday loan made by the same lender or another one. If you do so you cannot repay the subsequent payday loan using proceeds from yet another payday loan.
Consider these lenders for short term loans in Wisconsin
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
How a Wisconsin short term loan might benefit you
People commonly refer to payday loans as cash advances. Here’s why you might think about getting one:
- Multiple options. There are numerous payday lenders in Wisconsin. While some of them have physical locations you can visit, others are conveniently available online. If you don’t want to do extensive research on your own, you can get a loan matching service to do the legwork for you.
- Easy process. Whether you apply online or at a storefront, the process takes no more than five to 10 minutes. Some lenders let you verify your identity online, so you don’t have to worry about scanning your documents or sending them over by fax.
- Get cash quickly. A Wisconsin payday loan tends to give you quicker access to funds when compared to traditional loans. Storefront applicants can walk out with cash in hand almost immediately after approval, and if you apply online you can usually expect the money in your account by the next business day.
- Bad credit is okay. If poor or bad creditworthiness is limiting your chances of getting a conventional loan or credit card, you can think about applying for a payday loan. This is because payday lenders tend to look at your current financial situation and ability to repay, rather than your credit score.
What fees and charges do Wisconsin payday loans come with?
Wisconsin payday loan laws don’t impose any limits on the interest lenders may charge before maturity dates of payday loans. If you don’t repay a payday loan by its due date your lender may charge, after the due date, interest not exceeding 2.75% per month, except if you take a subsequent loan to pay off the original one.
If you take a subsequent loan from the same lender to repay the original loan and don’t repay the subsequent loan on time the lender may charge, after the due date, interest not exceeding 2.75% per month. Payday lenders in Wisconsin cannot impose any penalties owing to prepayments, defaults, or late payments.
A payday lender can present your check for payment no more than once. This applies to electronic funds transfer authorizations as well. In the event of a payment dishonor, the lender can charge a non-sufficient funds (NSF) fee not exceeding $15.
How can I apply for a Wisconsin payday loan?
You can apply for a cash advance in Wisconsin by visiting a storefront or online. Applying for a payday loan requires that you meet these eligibility criteria:
- You should be at least 18 years of age
- You should be an American citizen or a permanent resident of the US
- You should have a regular source of income
To complete your application successfully, prepare to submit some basic information:
- Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Important information about payday loans
While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.
Have any more questions about Wisconsin payday loans?
Can I get on a payment plan if I can’t repay my payday loan by its due date?
Yes, you can get an extension on your payday loan. In such a scenario you’ll have to repay the amount owed in four equal installments, in line with your pay frequency.
Is there a limit on how often I can get on a payment plan?
Yes. Once you get on a payment plan, no payday lender is allowed to offer you a repayment plan offer in the following 12 months.
Is there a limit on the maximum number of payday loans I can take in Wisconsin?
No, there is not. However, the total amount you owe through payday loans at any time cannot exceed $1,500 or 35% of your gross monthly income, whichever is less.
Where else are payday loans available?
I am trying to find a loan for $1000 I have bad credit and no checking account
Hi Rbaker,
Thank you for your inquiry.
With you current circumstance you may want to consider the following options.
1. Loans that don’t require a bank account
2. Bad credit short term loans
I hope this information has helped.
Cheers,
Harold