Wyoming Payday Loans
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. Wyoming payday loans are available for all residents.
Can I get a Payday Loan in Wyoming?
Yes, you can. 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. Here are the terms and costs of payday loans:
Maximum loan amount: None
Maximum loan term: One calendar month
Financing 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.
How do I apply for Wyoming Payday Loans?
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.
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. This includes:
- 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.