Payday loans in Wisconsin are both safe and simple, giving almost any resident of the state the ability to pay their bills on their own time. Flat tires or fender benders can come out of nowhere, leaving many Americans breaking the bank just to make ends meet. Don’t let surprise bills leave you behind, apply for a payday loan today.
Wisconsin payday loans are accessible to almost anyone. So long as an applicant is at least 18 years of age with both proof of income and an active checking account, they can apply for up to $1,500 in cash! Some loans can even be funded the same day as they are submitted. Don’t wait, go online or into a store and get your quick cash injection now!
Available Loan Packages in Wisconsin
Payday loans are the quickest and easiest loan to obtain of the three being covered, allowing for a short-term cash injection in between pay periods. Payday loans also have the lowest requirements, allowing for just about anyone to get their approval. There are several types of payday loans achieving the same goal through different means. There are same-day payday loans, where the bank may be able to both approve and fund the loan on the same day as the application. Another popular payday loan in Wisconsin is the no credit check payday loan, where credit history is not a factor in the decision. Perfect for any applicant who doesn’t want their credit to affect their future!
|MIN Loan Amount||N/A|
|MAX Loan Amount||$1,500 or 35% of the gross monthly income, whichever is less|
|MIN Loan Term||N/A|
|MAX Loan Term||90 Days|
|Additional fees||No greater than 2.75% monthly|
|NSF fee||The lender may charge one $15 NSF fee if it was in the contract|
|Collateral or guarantor||Not required|
|Number of simultaneous loans||Multiple so long as the total dollar amount does not exceed the maximum of $1,500|
|Cooling off period||24 Hour|
|Extension, repayment plan||Two Allowed|
|Credit score requirements||N/A|
Installment loans are meant to work differently than payday loans. While they are similar in their core features, installment loans are designed to be much larger than payday loans and are supposed to be paid back over several different installment periods. While payday loans may not necessarily change your credit score, installment loans are more likely to. Along with more funds comes more requirements, most financial institutions will like to see either collateral or a guarantor depending on the desired amount. Installment loans are a great middle option for a prospective client who may want more time and more funds for a more substantial project.
|MIN Loan Amount||$700|
|MAX Loan Amount||$3,000|
|MIN Loan Term||45 Days|
|MAX Loan Term||24 Months|
|Collateral or guarantor||Recommended, not required|
|Credit score requirements||580 minimum|
Personal loans are the largest type of loan of the three, allowing for borrowers to pursue their largest projects and giving them ample time to repay their debts. Personal loans function like installment loans in that regard. Again, with higher dollar amounts comes higher barriers to push through. Most banks require both collateral and a decent credit score to consider an application. Personal loans are a great option for a client with a little more cash and credit history available, certainly a stark contrast to the speed and ease of payday loans.
|MIN Loan Amount||$1,000|
|MAX Loan Amount||$50,000|
|MIN Loan Term||3 Months|
|MAX Loan Term||36 Months|
|Collateral or guarantor||Required|
|Credit score requirements||580 minimum|
5 Key Elements Of Payday Loans in WI
Payday loans in Wisconsin are legal. They are regulated by many statutes and regulations, namely Wis. Stat. 138.14. So long as the hopeful borrower is a resident of the state with an active checking account and proof of income, they can apply for a loan up to $1,500.
While a payday loan is a great solution to quick and unforeseen expenses, there are some alternatives. For example, many charities or non-profits offer bill assistance, if someone in need can find one of these organizations and present them with a current bill they may be able to cover some or even all of it. Many different credit cards allow their customers to do a cash advance, sometimes at very high interest rates. Another option would be to turn to friends or relatives who may be able to loan you the funds themselves. This is certainly not an option for everyone as some do not have wealthy people they can turn to or they may choose not to. When it comes to a rapid money influx into your account to cover emergency expenses, payday loans are a surefire option.
How it works
Getting a payday loan is an easy and straightforward process that can be done in just a few short steps. First, any customer must understand the requirements and gather all necessary documents and identifications. Once that portion has been completed the client can then go ahead and search for a lender. Many banks have their rates online, allowing anyone to view their own unique payday journey through a payday calculator. These calculators show both how much a loanee may receive and what the repayment process could look like, given the client’s information. If the client has found a banker they choose to do business with, they can fill out the application. Most applications can be filled out in just minutes, asking simple and honest questions. Once the application has been successfully received and processed it may be approved! Modern-day bankers can even go ahead and deposit the funds directly into your checking account, removing any and all hassle from the process!
As stated previously, there are some requirements to being eligible for a payday loan in Wisconsin. Every applicant must be at least 18 years old and a current resident in Wisconsin, out of state residents may not apply. Said eligible resident also needs to provide a valid checking account, proof of income, a social security number and proper identification. Proof of income is usually the most important factor in the approval process, lenders usually want to know how much a loanee earns before they decide how much to loan out. Some banks also ask for contact information such as an email address or a phone number. Once all the requirements have been met and the documents have been collected the process is about finished!
An example of a loan fee
Payday loans in Wisconsin are not regulated like other states in that there is no true limit to the interest rate a lender can charge so long as it is charged during the loan. Doing some research, it seems to be that if someone were to request a loan of $400, they would be looking to repay somewhere around $480. Not too different from most other states. If a loanee is late on the repayment, the lender is allowed to charge one $15 one time fee as well.
How to Get Payday Loans in Wisconsin
Getting a payday loan has truly never been easier. With the popularity of the internet, borrowers can compare several different loans from the comfort of their own homes! Long gone are the days of twisting and winding lines in stores, now modern-day loanees can have access to all the numbers and information from the solace of their sunrooms! Brick and mortar buildings are always an option for customers who prefer a classical face-to-face experience. After looking through several choices, hopeful applicants can go ahead and collect all the required information. The application process does not take very long and it takes even less time with all the particulars together! The application should ask you trouble-free questions, basic things about income and addresses. Once the application has been successfully filled out it should be ready for submission! Most lenders operate quickly, allowing you to not only see the progress of your application online but usually see a decision on the same day! With the correct bank account and routing numbers, most bankers can deposit the funds directly into a checking account. Having funds quickly and securely can be a life saver for anyone who has found themselves caught by an unexpected expense.
Are payday loans legal in Wisconsin?
Yes, payday loans are legal in Wisconsin. Any resident of the state can apply for up to $1,500 so long as they meet the requirements and provide the necessary documents, including proper identification like a driver’s license and a physical address within Wisconsin.
What is the statute of limitations on a payday loan in Wisconsin?
The statute of limitations on debt in Wisconsin is 6 years. When a debt has a statute of limitations, it means there is only a certain time period in which collectors or prosecutors may go after you. In Wisconsin, this period is 6 years meaning if there is unpaid debt after that time frame debtors may still hold you in their books but they may no longer pursue legal action. Once the 6 years have passed, the debt is to remain frozen until the debtor makes another payment, restarting the whole cycle.
What will stop you from getting a payday loan?
While payday loans are incredibly easy and accessible to just about anyone in a pinch, there are a few factors that may prevent a hopeful borrower from getting their money. First, every borrower needs to meet the standard requirements. Namely they must be at least 18 years of age, a resident of Wisconsin and an owner of an active banking account. The applicant will need proof of income as well, but that does not necessarily mean said applicant will be approved. Having too little or too inconsistent income is a likely way to get denied. Another key factor that may stop anyone from getting approved is having too many payday loans already. While Wisconsin does not stop anyone from getting several payday loans at once, they will not allow any borrower to receive more than the maximum of $1,500.