In Wisconsin, payday loans are legal for people who need them quickly to cover their unexpected expenses. There is no minimum amount they can borrow, but the maximum amount of payday loans in Wisconsin is $1500, with one condition: not exceeding 35% of their monthly income. The state code is WI. If you are a WI State resident, you are welcome to get payday loans of up to 1500 dollars.
- Legal Status of Payday Loans in Wisconsin
- Payday Loans Restrictions in Wisconsin
- Wisconsin Finance History
- State Cities
- Payday Loans History
- How Do Online Payday Loans Work in Wisconsin?
- Payday Loans Requirements in Wisconsin
- Regulator: Complaints and Information
- Payday Loans in Wisconsin for Unemployed People
- Reasons to Choose Us
- All States
Get a Payday Loan in Wisconsin Today!
Legal Status of Payday Loans in Wisconsin
According to Wis. Stat. 138.14., payday loans are legal in Wisconsin. People with all types of credit scores are eligible to take payday loans of up to $1500. Residents can borrow on a maximum term of 90 days, but the minimum term is not stated. Also, the maximum APR doesn’t exceed 574%. The collection fees are $25. Borrowers can have two rollovers. According to the WI Law, the cooling-off period is 24 hours, but the number of simultaneous loans isn’t stated.
Payday Loan Restrictions in Wisconsin
The cost of your credit at a yearly rate is 290.89%. The dollar amount of the credit will cost you $1,012.83. The amount of credit provided to you on your behalf will be $550.00. The amount you will have paid after you have made all payments as scheduled is $1,562.83.
|MAX amount||$1500, not exceeding 35% of your monthly income|
|MIN term||Not stated|
|MAX term||90 days|
|Extra fees||Not stated|
|Nr. of simultanous loans||Not limited|
|Cooling-off period||24 hours|
A for Bad Credit
|MIN term||90 days|
|MAX term||36 month|
A for Bad Credit
|MIN term||90 days|
|MAX term||60 month|
A for Bad Credit
Wisconsin Finance History
In Wisconsin, the laws are less severe and allow a great deal of freedom for lenders compared to other states. In some ways, payday lenders can charge here as much APR as they want. Historically, Wisconsin was the last to introduce any industry regulations. The authorities are not showing interest in making changes in the payday loans industry.
Wisconsin State Cities
Payday loans in WI cities are available for all kinds of borrowers. If you are looking for “Wisconsin payday loans near me”, you can find it with the help of ZIP codes. All the cities have local direct lenders that may provide you payday cash advances.
Alternatives for Short-Term Payday Loans in Wisconsin
Before taking a payday loan, you should consider the following alternative solutions. There are:
- Installment Loans and Personal Loans online (from $1,000, $1,500, $2,000, $2,500, $3,000, $5,000 installment loans with a maximum 36-months term and up to $35,000 personal loans with a maximum 60-months term)
- Credit Cards, Debt Consolidation Loans, Credit Builder Loans
- Local assistance programs & Social Services
- Additional part-time jobs or some side gigs and freelance opportunities to earn extra cash
- Recycling for money
- Help from your family, friends, employer, or creditors
- Credit unions or traditional banks.
You have to be very careful and responsible when applying for payday cash advances. We recommend you avoid rollovers, renewals, or extensions as much as possible. So, you’ll be able to repay your loan fast and easy.
Wisconsin Payday Loans History
2006 – The Military Lending Act effectively set payday loans offered to the military at 36% APR. This federal law has no exceptions. Thus, no lender in Wisconsin can provide loans to the military over 36% APR.
2009 – Wisconsin was the last to introduce payday loan regulations concerning the APR and the amount. For years, payday lenders in the state had a very frivolous life and offered various cash advances that were not regulated by the law. Many of these financial products had no rollover limits. Neither lending companies were required to perform credit checks.
2010 – A bill was passed that introduced zoning restrictions for payday loan companies in Wisconsin. Also, it set the loan amount to $1,500 or 35% of the borrower’s gross monthly income.
2011 – Payday loans definition changed and started to include only the loans with the maximum loan term of 90 days. At once, payday lenders began offering new financial products (installment loans) with longer terms (from 91 days and longer) in order not to comply with the payday loan laws.
2011 – 2015 – 308 borrowers sent complaints about payday lenders in Wisconsin to the Department of Financial Institutions. The government made 20 enforcement actions to regulate payday loan services.
June 2, 2016 – The Consumer Financial Protection Bureau (CFPB) proposed a Payday Loan Rule that has fully come into effect in November 2020.
Wisconsin remains to be the state with the softest law regarding payday cash advances with all of these.
How Do Online Payday Loans Work in Wisconsin?
Payday Loans both online and in-store, are available for Wisconsin residents. But, nowadays, online payday lending is becoming more and more popular among borrowers as it has a lot of benefits:
- An opportunity to compare a lot of different offers at once;
- Avoid driving, doing paperwork, and waiting in infinite lines;
- Free and simple application process;
- High rates of approval even with a bad credit history;
- A trusted network of lenders that perform no hard credit check;
- 24/7 availability.
The online application process is fast and simple:
- First Step: compare the lenders and choose the one with the suitable rates and fees;
- Second Step:fill in the application form with the necessary information;
- Third Step:get the money into your account on the next business day;
- Fourth Step:repay the loan with your next paycheck.
Payday Loan Requirements in Wisconsin
Alternative lending services, like direct lenders, may have special requirements that a borrower should meet, but typical minimum requirements include:
- Wisconsin (US) residence;
- Regular income (minimum $1,000 per month);
- Valid checking or savings bank account with direct deposit;
- Active phone number and e-mail address;
- If you’re a veteran or military, you should have served 90 consecutive days of active service during wartime, OR you have served 181 days of active service during peacetime, OR you have six years of service in the National Guard or Reserves;
- If applying Online, you must provide a valid Social Security Number;
- If applying at Lending Store, you must bring a valid government-issued photo ID. A Social Security Number might not be required;
- If applying in-store, you must bring proof of income and evidence of a bank checking account.
Regulator: Complaints & Information
Wisconsin Department of Financial Institutions
Mailing Address: Department of Financial Institutions Bureau of Consumer Affairs, P.O. Box 8041 Madison WI 53708
Address: 4822 Madison Yards Way, North Tower, Madison, WI 53705
Phone: 608-264-7969 or 800-452-3328
File a Complaint: https://www.wdfi.org/#p7APMc1_5
Payday Loans in Wisconsin for Unemployed People
In Wisconsin, payday loans are available for people on SSI (Supplemental Security Income), unemployed residents, those who have child alimony, single mothers, disabled borrowers, and other job-related minorities. But the main rule is that they must have a minimum (unofficial) income of $1,000. If you’re one of them, find out that you have the chance to get approval, too.
Be sure that anti-discrimination rules are applied for these types of borrowers. If you’re unemployed but have unofficial incomes, direct lenders may offer payday cash advances to cover your unexpected expenses.
There are some common requirements for people with disabilities or those who live from benefit payments. They should show the disability policy or benefits statement from the benefits payer (typically, it is an insurance company or former employer).
Some lenders may require an Award Letter from Social Security Administrators or proof of current receipt concerning people on SSI. It is a frequent requirement from lending companies that should meet borrowers with disabilities.
It is important to know that direct lenders make maximum efforts to provide payday loans for unemployed and/or disabled people.
Reasons to Choose Us
Among many online cash advance lenders and platforms, our vision of lending is different. We work with a trusted network of direct payday lenders.
Find out other benefits when choosing us:
- You get immediate access to competitive loan offers with no third party, with no hidden fees.
- You can use payday loans in Wisconsin as you wish. Lenders don’t set restrictions for spending your money.
- Our lenders don’t perform hard credit checks for payday cash advances in WI. They just run a general review of your financial situation.
- The online application process is quick and easy, especially for short-term loans in Wisconsin.
- No paperwork and faxing! Just an online application form available 24/7.
Yes, consumers with all types of credit rates are welcome to apply for payday loans in Wisconsin. There is a high rate of approval for people with poor credit history.
There are only soft credit checks. These kinds of assessments aren’t provided through those three traditional credit bureaus but only by alternative companies. Also, this check won’t affect your actual credit score.
No, you can get only an instant approval decision. You’ll receive it as a notification at your email address. Commonly, it takes 5 – 10 minutes to get a decision from your lender.
No, you can get a guaranteed approval decision from the direct lender for your payday loan in Wisconsin. But there is a high rate of approvals, so don’t worry about getting the money you need.
Yes, you may get 1-hour payday cash advances in Wisconsin. If qualified, 1-hour payday loan may be approved in less than 60 minutes. But you should know that by providing 1-hour payday loans, lenders give you access to funds on the next business day or even sooner. Pay attention to the cut-off times of lenders.
It depends on the cut-off times. If you apply for payday loans in WI before noon, your cash advances may be approved faster, and you’ll receive the money in your bank account the same day. But if applied in the afternoon, you’ll get them on the next business day.
The number of simultaneous loans is not limited in Wisconsin, but you can ask your lender to provide you information about this regulation.
The easiest way to get payday loans in Wisconsin is to apply on online platforms that help you to connect with direct lenders. You have to fill in the single application form, and the partners will send it to dozens of direct lenders who will decide to get you a loan.
Payday loans in Wisconsin have many advantages for borrowers with bad credit. Also, the fact that you can borrow the maximum amount of $1500 won’t allow you to get into large debt. Besides, the online application process is fast and simple.
If you need more money for your emergencies, direct lenders also provide installment loans ($1,000 – $5,000) and personal loans ($5,000 – $35,000). The minimum term for these loans is 90 days, and the maximum is 36 months and 60 months.
To qualify for payday loans in Wisconsin, you need to be a Wisconsin (US) citizen, be at least 18 years old, have a steady income, and have a valid phone number, email address, and active bank account.
To apply for payday cash advances in Wisconsin, you need to access the Internet from a PC, Laptop, or even smartphone. Also, you need to provide valid information about yourself while filling in the application form.
You may borrow up to $1500 as payday loans in Wisconsin, but it should not exceed 35% of your monthly income. There is no minimum amount in Wisconsin.
The minimum term for payday loans in Wisconsin is not stated, but the maximum term is 90 days.
The law states a $25 collection fee and a $15 NSF fee.
Once you receive your next paycheck, the lender will withdraw it from your bank account. You don’t need to go in-store to repay your payday loan in Wisconsin.
If you cannot pay your payday cash advances in WI when it is due, lenders will apply legal penalties. The amount of penalty percentage depends on the lender and on the amount you borrowed.
You’ll receive a notification about the application result at your email address. Make sure it is active and not full.
It depends on the cut-off times. If you apply before noon, you may get your payday loan in WI on the same day. But if used in the afternoon, you’ll get your money on the next business day on your bank account.
The finance charges are 2,75% per month, plus collection and NSF fees.
Yes, you need to have a steady income to get a payday loan in Wisconsin. But it doesn’t need to be official. Commonly, direct lenders don’t request income proof, but you should be ready to give exact answers about your regular incomes when borrowing money.
The maximum APR for payday loans in Wisconsin doesn’t exceed 574%, but you should ask your lender for more information about the Annual Percentage Rate.
Wisconsin Law does not state the extra fees.
Two rollovers are allowed in Wisconsin.
The extensions and repayment plans are not stated in Wisconsin. So, ask your payday lending services about this regulation.
Wisconsin State Legislature: https://docs.legis.wisconsin.gov/statutes/statutes/138/14
Military Lending Act: https://www.fdic.gov/resources/supervision-and-examinations/consumer-compliance-examination-manual/documents/5/v-13-1.pdf
Consumer Financial Protection Bureau: https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-rule-stop-payday-debt-traps/
You can get suitable payday loans in the US online with a quick and easy application form. Just fill it in and wait 5 – 10 minutes for a loan decision.
US residents can apply for online payday loans even with poor credit. Most direct lenders guarantee instant decision and Payday Loans with soft or no credit checks. Get the necessary emergencies as soon as the next business day if you borrow online or even the same day if you apply in-store.
PaydayLoansM is an information service designed as a comparison platform providing you with the tools you need to make better decisions.
We make efforts to provide current and accurate information on this site, but it may differ from what you may find on other companies’ websites. So, ask for any details with the loan before you sign the contract.
ZIP Codes of Wisconsin