When you’re struggling to make ends meet, a payday loan can be a good way to get through a financial slump. If you’re a resident of Wyoming, you should learn about the costs of a payday loan before borrowing so you can be sure you’re getting the best terms possible.
How does payday lending in Wyoming work?
All payday loans fall under Wyoming Statutes 40-14-362. A payday lender should have a valid post-dated check casher license obtained from the Department of Audit, Division of Banking under the Wyoming Uniform Consumer Credit Code.
A payday lender should make available its fees schedule along with borrowers’ rights and obligations when requested. Wyoming payday loan laws don’t specify the maximum amount you can borrow through a payday loan. You cannot use the proceeds of a payday loan to repay, refinance, or consolidate another payday loan.
Here are the terms and costs of payday loans:
Maximum loan amount: None
Maximum loan term: One calendar month
Finacing fees: Either 20% per month or $30, whichever is greater
APR: A 14-day $100 loan has an APR of 780%
Collection fees: None
You can have any number of payday loans out at once, but remember that the more loans you have, the higher the costs will be. Wyoming law doesn’t permit borrowers to roll over or refinance a payday loan, meaning if you can’t afford to repay, you’ll likely accumulate even more debt.
Always read the terms of your loan before you sign to be sure you can afford to borrow.
Take a look at these lenders when you’re comparing payday loans
Check the websites of any providers you’re interested in to confirm they operate in Wyoming.
Whether you’re applying in-store or online, you’ll need to be at least 18 years old, a US citizen or permanent resident and have a regular source of income.
When you’re ready to get started on your application, you’ll need to give some personal information about yourself so the lender can verify your identity and ability to repay the loan. This includes
Your name, date of birth, address, email and phone number
Your Social Security number and a valid form of ID
Your employment status and gross monthly income
If you choose to apply online, you’ll likely have to provide access to your checking account. This is so the lender can deposit your loan and debit the payment when it’s due.
Are there other options besides payday loans?
If you don’t want to take out a payday loan and don’t need cash immediately, Wyoming has a few assistance programs that could be helpful when you’re trying to pay your everyday bills. Things like the Wyoming Supplemental Nutrition Assistance Program (SNAP), Heating Assistance program and the Unemployment Insurance Division can help you when you’re in a tight place financially.
Other options for quick cash include taking out a credit card cash advance, applying for an installment loan or finding a way to make money on the side.
If you’re struggling to make ends meet and need a little boost, a payday loan can be a good way to get by. You’ll need to be sure you can pay it back, but if you have bad credit and need just a little bit of money, applying for a payday loan could be the difference between paying your bills and dealing with late fees.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).
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