Wisconsin Payday Loan Laws and Regulations
Find out if short-term Payday Loans are legal in Wisconsin and what amounts, interest rates and repayment terms are set by the state's Legislation.
Ad
wisconsin payday loans Rates and Terms
|
Legal Status
▲
Legal Status The status of a loan type according to the Federal laws and regulations. What concerns Payday Loans some states consider them legal, some – illegal and some restrict them in terms of amounts and interest rates. |
Legal |
|
Maximum Loan Amount
▲
Maximum Loan Amount It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements. |
$1500 |
|
Maximum Loan Term
▲
Maximum Loan Term It’s the maximum period of time within which you are to allowed to pay off your loan. |
90 day(s) |
|
Maximum APR
▲
Maximum APR The maximum percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan. |
574.00% |
|
Finance Charges
▲
Finance Charges All the payments you’re going to be charged for the loan including APR and other fees. |
2.75% a month |
Make yourself safe by studying the laws, rules and regulations concerning Payday Loans and other short-term cash advance in Wisconsin. Apply for a Safe Payday Loan from a legit direct lender.
Compare top legit Payday Lenders in Wisconsin:
LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.
- MIN Loan Amount: $100
- MAX Loan Amount: $35000
- Terms: Varied
- Rates and fees: Starting at 4.99% APR
- Turnaround Time: 1 business day
- $100 - $1000 Payday Loans
- $1000 - $5000 Installment Loans
- $5000 - $35000 Personal Loans
- 18 years of age or older
- U.S. citizenship
- Valid checking or savings account with direct deposit
- Minimum regular income of $1,000 per month
- Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
- Pros
-
- High up to $15,000 loan amounts.
- Minimal restrictions on how you can use your loan.
- No collateral or guarantor.
- Bad credit is OK.
- Cons
-
- It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with.
Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment.
- MIN Loan Amount: $50
- MAX Loan Amount: $3000
- Terms: Vary by state.
- Rates and fees: 261% to 782% APR
- Turnaround Time: 1 business day
|
|
|
- Active checking account open for 90+ days
- US citizen or permanent resident
- Personal and work phone number
- Valid email address
- 21+ years old (19+ in Alabama)
- Social Security number (for Indiana residents only)
- Pros
-
- You can get even as low as $50.
- Quick funding on the next business day.
- Money can be used for any personal needs.
- Cons
-
- Not available in every state.
- APR can be more than 153.73% depending on your state.
- High late payment fees.
Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.
- Payday Loans
- Installment Loans
- Personal Loans
- be a legal U.S. resident
- be at least 18 years old
- have a stable source of income
- be currently employed
- have an active bank account
- Pros
-
- Unrivaled flexibility and accessibility.
-
Predictable monthly payments
-
Quick and simplified borrowing process
- Any credit is welcome
- Cons
-
- Not a direct lender.
GoGoPaydayLoans offers Payday Loans at affordable rates with convenient repayment terms.
- MIN Loan Amount: $100
- MAX Loan Amount: $1000
- Terms: Vary by state.
- Rates and fees: 261% to 782% APR
- Turnaround Time: 1 business day
$100 - $1000 Payday Loans
- Active checking account open for 90+ days
- US citizen or permanent resident
- Personal and work phone number
- Valid email address
- 21+ years old (19+ in Alabama)
- Social Security number (for Indiana residents only)
- Pros
-
- You can get even as low as $100.
- Quick funding on the next business day.
- Money can be used for any personal needs.
- Cons
-
- Not available in every state.
- APR can be more than 153.73% depending on your state.
- High late payment fees.
PaydayloansUSA.online offers Payday Loans, Installment Loans, Personal Loans and other money products at affordable rates with convenient repayment.
- MIN Loan Amount: $100
- MAX Loan Amount: $35000
- Terms: Vary by state.
- Rates and fees: 4.99% to 1386% APR
- Turnaround Time: 1 business day
- Payday Loans
- Installment Loans
- Personal Loans
- Active checking account open for 90+ days
- US citizen or permanent resident
- Personal and work phone number
- Valid email address
- Pros
-
- Quick - no driving, waiting, faxing, paperwork.
- More than 300 direct lenders.
- High approval rate even for bad credit Payday Loans.
- Online Payday cash advance with no collateral.
- 24 / 7 online service.
- No hard credit check Payday Loans.
- Cons
-
- High interest rates.
- Available not in all the states.
- Not many financial products offered.
Indyloan.com offers Personal Loans online at affordable rates with convenient repayment.
- MIN Loan Amount: $100
- MAX Loan Amount: $5000
- Terms: Vary by state
- Rates and fees: Varied
- Turnaround Time: 1 - 2 business day
Personal Loans
- Active checking account open for 90+ days
- US citizen or permanent resident
- Personal and work phone number
- Valid email address
- Pros
-
- Quick - no driving, waiting, faxing, paperwork.
- High approval rate even for bad credit borrowers.
- Online Payday cash advance with no collateral or co-signer.
- 24 / 7 online service.
- Cons
-
- High interest rates.
- Available not in all the states.
- Only loans up to $5000 are available.
Table of Contents:
Are Payday Loans legal in Wisconsin?
Wisconsin Payday Loan Terms and Amounts
Wisconsin Payday Loans online laws
Wisconsin Payday Loans interest rates, fees and other finance charges
Wisconsin Payday Loans direct lenders regulations
Wisconsin Payday Loans consumer information
Legitimate Payday Loans online with NO credit check in Wisconsin
Does Wisconsin law allow Payday Loans for bad credit borrowers?
Legit Payday Loans in Wisconsin collection practices
Wisconsin Payday Loans news - latest changes
Are Payday Loans Legal in Wisconsin?
Short-term Payday Loans are Legal in the state of Wisconsin according to Wis. Stat. 138.14..
Chapter 138 Money and Rates of Interest.pdf
The Payday Lending legislation covers all the parts of the process concerning:
- Payday Loan amounts
- Payday Loan repayment terms
- Payday Loan online direct lenders
- Payday Loan stores near you
- Payday Loan interest rates and other fees
- Payday Loan collecting practices
- Payday Loan default penalties
- The number of outstanding Payday Loans as well as a cooling-off period in-between etc.
Read more: Payday Loans in Wisconsin
The main eligibility criteria to get approved for a Payday Loan in Wisconsin are:
- A proof of income
- At least 18 years of age
- Wisconsin residence
- An active bank account
- A valid phone number, or e-mail
Wisconsin allows maximum 90 day(s) Payday Loan amount. It should be repaid in maximum 90 day(s) days. The maximum APR of cash advance is 574.00%. For other details read further to find out how many Payday Loans you can borrow, whether rollovers or extensions are allowed, etc.
Wisconsin Payday Loan Terms and Amounts
Wisconsin residents who are eligible for a Payday Loan can get $1500 cash advance per contract. The repayment term is capped by maximum 90 day(s).
However, there are no limits on the purpose of loan usage. Any urgent expenses, unforeseen bills, car repair, home repair, etc. may seem a sound reason to apply for a Payday Loan in Wisconsin.
If $1500 is not enough, there are always other options to receive the necessary funds in Wisconsin:
- Unsecured Installment Loans,
- Bad credit Personal Loans,
- Title Loans,
- Check Cashing,
- Pawn Shops, etc.
Wisconsin Payday Loans online laws
Cash advances (payday loans) from both storefront and online lenders are legal in the state of Wisconsin pursuant to the Wisconsin Department of Financial Institutions. Reputable online lenders operating in accordance with all relevant state and federal laws can be applied to and compared on our platform using a simple online application form.
You state the necessary amount, fill in your personal information and get suitable offers from legit direct lenders. It takes only a few minutes and doesn't affect your credit score.
Wisconsin Payday Loans interest rates, fees, and other finance charges
The main part of payday loan payment is mostly made up of the interest rate, or APR. The maximum APR that may be charged for short-term cash advance in Wisconsin is 574.00%. It means that if you borrow $100 Payday Loan for 14 days the finance charges will be 2.75% a month.
Besides, the total cost of a Payday Loan includes some additional fees. Wisconsin lending rules allow to charge:
$15 NSF fee
The law obligates Wisconsin Payday Loan lenders to provide you with a written disclosure of all the rates and fees in the understandable language. You should read them carefully and if you agree acknowledge the notification by signing the contract.
Wisconsin Payday Loans direct lenders regulations
According to Wisconsin payday loan laws all direct lenders are obliged to register their companies which will allow issuing payday loans contract. It concerns both Online Payday Loans and Payday Loans Near Me.
Wisconsin requires lenders to be licensed or registered and to comply with a range of provisions, including maximum loan size, duration, and terms.
The main rules regarding Payday loan lenders in Wisconsin are:
- Essential state license.
- Complete disclosure of all the information concerning the loan such as its repayment terms, rates, fees, etc.
- Besides, Wisconsin direct lending companies are recommended to educate the customers on the possible issues related to payday loans. Borrowers must be aware of possible risks, default penalties, other consequences of short-term loans and their alternatives.
- Wisconsin laws prohibit offensive collecting practices connected with the due loans. Criminal action threats are banned and the lender is required to send a mail notification before starting any legal proceedings against expired contracts.
Nevertheless, you should be careful not to come across any scams. Some unfair lenders can operate without license or under a different license and offer too expensive ‘payday loans’ under illegal conditions. Always check that the lender you are going to apply to works under Wisconsin state law.
Wisconsin Payday Loans consumer information
Besides amounts, rates and fees, consumers must be also well aware of other details of Payday Loans in Wisconsin. They include the availability and number of rollovers, extensions and repayment plan, a cooling-off period, any default penalties or additional fees, etc. Check out the table below to find the most essential information:
| Rollovers or extensions | 2 rollovers |
| Cooling-off period | 24 hours |
| NSF fee | $15 NSF fee |
| Other default penalties | Wisconsin has collection restrictions in cases when payday loans were delayed or were not entirely repaid. The licensee may not collect any fees under AS 06.50.400. |
| Criminal actions | Prohibited |
Look for more detailed information on the official Wisconsin state regulator website - https://compacom.com/go.php?t=aHR0cDovL3d3dy53ZGZpLm9yZy8%3D&time=0.
Legitimate Payday Loans Online with NO credit check in Wisconsin
Looking for a legal Payday Loan with No credit check in Wisconsin? You must understand the meaning of this phrase correctly at first. No credit check implies that a lender will not inquire about your credit history information from or send your borrowing data to any of the three major credit bureaus Equifax, Experian and TransUnion.
If you don’t want to damage your credit history Wisconsin law allows you to apply for a Payday Loan with No credit check. But you should understand that a lender needs to check your creditworthiness at least in some way. He can perform a soft credit check when a lender pre-approves you for a loan and this inquiry will not appear on your credit report. Or there’re other ways to prove you can afford the cash advance. Payday Loan lenders use the tracking system to verify your debts, check your income, etc. And generally, they charge higher interest to lessen the risks.
Wisconsin Payday loans online no credit check are one of the easiest options of getting quick cash to cope with emergency financial requirements, especially for the people with poor credit.
Does Wisconsin law allow Payday Loans for bad credit borrowers?
The average credit score in Wisconsin is 696, which is good. But it doesn't mean that those who have a worse credit can't apply for a Payday Loan in Wisconsin.
- First of all, there're a lot of legit direct lenders in Wisconsin providing Payday cash advance to borrowers with both good and bad credit score.
- Secondly, you can always find a cosigner to increase your chances of being approved for a bad credit Payday Loan.
- Find out how to improve your credit score and do your best to do it fast.
- Or consider taking out a bad credit Installment Loan, or bad credit Personal Loan.
Legit Payday Loans in Wisconsin collection practices
If you can’t repay the loan amount plus interest on a due date it means you default the loan. Wisconsin has collection restrictions in cases when payday loans were delayed or were not entirely repaid. The licensee may not collect any fees under AS 06.50.400.
The major laws that protect Wisconsin residents from debt collecting are:
- The Bankruptcy Abuse Prevention & Consumer Protection Act,(BAPCPA).
- The Wisconsin Consumer Act.
- The Fair Debt Collection Practices Act.
According to them any criminal actions against borrowers in Wisconsin are entirely prohibited.
If you think that your payday lender violates the Wisconsin Payday Loans law, you may file a written complaint with Wisconsin Department of Financial Institutions. The supervisor from that office interviews witnesses, reviews the payday lender’s business records and documentation, and determine whether to pursue civil or criminal charges
Wisconsin Payday Loans news - latest changes
Wisconsin is one of the states that has practically no caps on Payday Loans. Still, the governors consider them really expensive and dangerous to the people who are in need of money.
That's why it's discussed and planned to limit the interest charged for short-term loans. A new bill in Congress would cap those interest rates at 36 percent. It has the backing of Democratic lawmakers in the House and Senate and a conservative Republican from Wisconsin.
One reason lawmakers are getting involved now is the rise of online services that offer short-term loans.
Alabama Payday Loans historical background
| 2010 | The first Payday Loan regulations were introduced. The loan amount to $1,500 or 35% of the borrower’s gross monthly income, whichever is less. |
|---|---|
| 2006 | Payday loans to the military were capped at 36% APR. |
| 2011 | Payday Loans were defined as cash advance with the maximum 90 days of repayment term. Lenders started to offer longer term Installment Loans. |
| 2011 - 2015 | Too many Payday Loan consumer complaints resulted in 20 enforcement actions on the part of the government of the state. |
| June 2, 2016 | A Payday Loan Rule was proposed but still under consideration. |
Wisconsin Payday Loan alternatives
If you're looking for instant cash advance in Wisconsin but not a Payday Loan, consider other alternative ways to get the necessary funds:
- Apply for a Wisconsin Installment Loan - $1000 - $5000 cash advance repaid over several months or years in equal installments.
- Take out a Car Title Loan if you own a vehicle to use as collateral.
- Sell some of your valuable stuff online or at a pawn-shop.
- Consider borrowing from a bank or credit union - Central Wisconsin Credit Union, Superior Credit Union, etc.
- Qualify for one of Federal or Wisconsin government assistance programs: Debt Consolidation, Help with Credit, and Budgeting Advice, FoodShare Wisconsin, Government Assistance and Cash, The Emergency Food Assistance Program (TEFAP), etc.