Wisconsin Payday Loans

If you’re struggling to pay your upcoming bills, Wisconsin payday loans could help tide you over until your next payday. In Wisconsin, payday loans are permitted but the state regulates how much lenders can fund and what fees they can charge. This state sets borrowing limits as a percentage of your monthly income.

Can I get a Payday Loan in Wisconsin?

Yes, you can! 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.

  • Loan Term: 90 days or less
  • Loan Amount: Lesser of $1,500 or 35% of your gross monthly income
  • Rollovers Permitted: Yes, one renewal

All loan terms are limited to 90 days, but you are able to refinance (rollover) 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 important to note that the more payday loans you have out at once, the more you may have to pay in interest.

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.

Alternatives to payday loans in Wisconsin

If you’re having trouble paying for everyday bills, Wisconsin has programs to help when you’re facing financial hardship. Look for other assistance programs that will help you handle expensive everyday expenses so you can pay down your debts.

However, if you’re looking for an alternative to getting a payday loan, there are always easy options. You could always ask your friends and family, if they are able to loan you some funds. This may be an awkward conversation but it is an easy way to accumulate short term money. Asking for a cash advance at work could help out, but unfortunately, it isn’t as likely that you’ll get it. Also, if you get a side job, then you could come up with the extra funds at a steady pace.

How do I apply?

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 and date of birth
  • A valid email and phone number
  • Your Social Security number
  • Current 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.

Get Started!