Payday Loans in Wisconsin

Payday Loans
Explore our list of payday loan providers in Wisconsin. Whether you're looking for $255 payday loans online, same-day options, or no credit check loans in WI, we provide detailed information to assist your decision. Learn about the regulations, limits, and most reliable online payday loans in Wisconsin.
Offers: 6
Updated:
11.06.2024
15:38
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100.00 – 20000.00 $
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from 0.05 %
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Loan term for the financial product

5 days – 3 months
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3.09
(20 Ratings)
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from 4.00 %
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Loan term for the financial product

to 1 months
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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100.00 – 1000.00 $
Term
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Loan term for the financial product

1 days – 1 months
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4.06
(20 Ratings)
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50.00 – 1500.00 $
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Interest rate

208.04 – 782.14 %
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Loan term for the financial product

14 days – 31 days
Moneytree
Payday loan
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3.138
(13 Ratings)
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$100-$500
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Interest rate

up to 482.32%
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Loan term for the financial product

up to 14 days
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3.23
(41 Ratings)
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100.00 – 445.00 $
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Interest rate

to 0.92 %
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Loan term for the financial product

to 24 days

A payday loan in Wisconsin is a short-term, high-interest loan typically used to bridge the gap between paychecks. These loans are sometimes called cash advances, paycheck advances, or deferred deposit loans.

In Wisconsin, payday loans are regulated by state law, which limits the amount that borrowers can borrow and sets requirements for lenders. Specifically, lenders in Wisconsin can only offer loans of up to $1,500, and the loan term cannot exceed 90 days. The real average APR on payday loans is 338%.

To qualify for a payday loan in Wisconsin, borrowers must typically have a steady source of income, such as a job or government benefits. They may also need to provide proof of income and identification, such as a driver's license or state ID.

Payday Loans in Wisconsin

What is the Payday Loan Limit in Wisconsin?

In Wisconsin, the maximum payday loan amount that a lender can offer is $1,500. This amount is set by state law and applies to both online and in-person payday lenders.

In addition to the loan amount limit, Wisconsin also has a cap on the interest and fees that lenders can charge on payday loans. The interest rate is not limited to a certain annual percentage rate. In April 2021, Republican lawmakers in Wisconsin proposed a bill to limit payday loan interest rates to 36 percent and render higher interest rates for loan repayments unenforceable. However, the proposed bill did not pass before the end of the legislative session.

How To Borrow a Payday Loan in Wisconsin?

Apply for a loan

  1. Find a payday lender. You can search for a payday lender online or ask for recommendations from friends or family.
  2. Check the lender's requirements. Each lender may have different eligibility requirements, but in general, you will need to be at least 18 years old, have a steady source of income, and provide proof of income and identification, such as a driver's license or state ID.
  3. Apply for the loan. To apply, you will typically need to provide your personal and financial information, such as your name, address, income, and banking information.
  4. Review and sign the loan agreement. Before accepting the loan, be sure to read and understand the terms and conditions of the loan agreement. This will include the loan amount, interest rate, and repayment terms.
  5. Receive the loan funds. If you are approved for the loan, the funds will typically be deposited directly into your bank account. In some cases, you may be able to receive the funds in cash if you apply in person.

Pros and Cons

Pros

Quick access to cash. Payday loans can be processed quickly, and borrowers can receive the funds within a day or two.

No collateral required. Payday loans are unsecured, which means that borrowers do not need to put up any collateral, such as a car or house, to secure the loan.

Easy to qualify. Payday lenders typically have more lenient eligibility requirements than traditional lenders, and borrowers with poor credit may still be able to qualify.

Can help in emergencies. Payday loans can be helpful in emergencies where borrowers need immediate cash to cover unexpected expenses.

Cons

High-interest rates and fees. Payday loans can be costly, with interest rates that can exceed 500% APR. This can make it difficult for borrowers to repay the loan and can lead to a cycle of debt.

Short repayment terms. Payday loans typically have a repayment term of two weeks to a month, which can be difficult for some borrowers to meet. This can result in additional fees and interest charges if the borrower is unable to repay the loan on time.

This can lead to a cycle of debt. If borrowers are unable to repay the loan on time, they may be forced to roll over the loan or take out a new loan to cover the outstanding balance. This can lead to a cycle of debt that can be difficult to break.

Not a long-term solution. Payday loans are designed to be a short-term solution to a financial problem. They should not be relied on as a long-term source of credit or used to cover ongoing expenses.

Requirements

  1. Age. You must be at least 18 years old to be eligible for a payday loan in Wisconsin.
  2. Steady source of ncome. You must have a steady source of income, such as a job or government benefits. Some lenders may require that you have been employed for a certain amount of time or have a minimum income level.
  3. Proof of income. You will likely need to provide proof of income, such as a recent pay stub or bank statement, to show that you can repay the loan.
  4. Checking account. You will typically need an active checking account in your name to receive the loan funds and repay the loan.
  5. Identification. You will need to provide identification, such as a driver's license or state ID, to verify your identity.

Interest Rates

Wisconsin payday loan interest rates are not currently limited by state statutes. Still, in April 2021, the proposed legislation would have capped payday loan interest rates at 36 percent and made repayments with higher interest rates unenforceable. However, the resolutions failed to pass by the end of the legislative session. According to a Pew issue brief, Wisconsinites pay an average of $395 in fees when repaying $500 loans over the course of four months, equating to an average interest rate of 338 percent. The report also notes that borrowers in states without adequate regulatory safeguards often face high APRs that can be difficult to repay.

Lenders in Wisconsin

  • Check City is an online lender that provides payday loans, installment loans, and other financial services. They offer an online application process and claim to provide quick funding.
  • Leap Credit is an online lender that offers short-term loans, including payday loans, to Wisconsin residents. They provide an online application process and state that they can provide funding within one business day.
  • Integra Credit is an online lender offering personal, installment, and payday loans. They provide an online application process and claim to offer quick funding.
  • Check `n Go is a brick-and-mortar lender that offers payday loans, installment loans, and other financial services. They have multiple locations throughout Wisconsin and provide in-person loan applications.
  • Cashstore is a lender with physical locations in Wisconsin that offers payday loans, installment loans, and other financial products. They provide in-person loan applications and claim to provide same-day funding.
  • Check Into Cash is a lender with multiple physical locations throughout Wisconsin that offers payday loans, installment loans, and other financial services. They provide in-person loan applications and claim to provide quick funding.

Alternatives

  1. Personal loans. Banks, credit unions, and online lenders typically offer personal loans. They can be used for a variety of purposes, such as debt consolidation, home improvements, or unexpected expenses. Personal loans may have lower interest rates and fees than payday loans and usually have longer repayment terms.
  2. Credit cards. They can be a good alternative to payday loans if you need to make a large purchase or cover unexpected expenses. Some credit cards offer low-interest rates or 0% APR promotional periods, which can be helpful if you need to borrow money for a short period of time.
  3. Installment loans. They are similar to payday loans in that they provide quick access to cash but typically have longer repayment terms and lower interest rates. Some online lenders offer installment loans to borrowers with poor credit, although the interest rates may still be high.
  4. Local assistance programs. Some local assistance programs, such as community action agencies, may offer financial assistance to help with expenses like rent, utilities, and medical bills. These programs typically have income requirements and may require you to provide documentation of your financial need.
  1. Loan amount. Wisconsin's maximum payday loan amount is $1,500 or 35% of gross monthly income, whichever is less.
  2. Interest rates. The interest rate on payday loans in Wisconsin is not capped.
  3. Repayment terms. Payday loans in Wisconsin must have a repayment term of no more than 90 days.
  4. Rollovers and renewals. According to Wisconsin payday loan regulations, borrowers are allowed up to two renewals of their payday loans. There is no limit on the number of loans a borrower can take out, but there must be a 24-hour cooling-off period between each loan. In addition, the state prohibits payday lenders from charging more than $15 for non-sufficient funds (NSF) fees, and criminal actions against borrowers are strictly prohibited.
  5. Database. Payday lenders in Wisconsin are required to use a statewide database to track loan activity and ensure compliance with state regulations.
  6. Consumer protections. Wisconsin law prohibits payday lenders from engaging in unfair or deceptive practices, such as misrepresenting the terms or costs of the loan or threatening or harassing borrowers who are unable to repay the loan.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Other Loans

FAQ

Are online payday loans legal in Wisconsin?

Yes, online payday loans are legal in Wisconsin. The state of Wisconsin allows licensed lenders to offer online payday loans to residents of the state. However, online payday lenders must comply with the same regulations that apply to brick-and-mortar lenders, including the maximum loan amount, interest rates, and repayment terms. In addition, online payday lenders operating in Wisconsin must be licensed and follow all applicable state and federal regulations.

How many payday loans can you get in Wisconsin?

In Wisconsin, the state has no limit on the amount of interest that payday lenders can charge. However, the total amount of outstanding payday loans cannot exceed $1,500 or 35% of the borrower's gross monthly income, whichever is less. Borrowers are allowed to renew their payday loans twice, and there is no limit on the number of loans they can take out as long as there is a 24-hour cooling-off period between each loan. Non-sufficient funds (NSF) fees charged by payday lenders cannot exceed $15 in the state, and criminal actions against borrowers are prohibited.

What do you need for a payday loan in Wisconsin?

To obtain a payday loan in Wisconsin, you typically need to provide the following information and documents:

  1. Identification: To verify your identity, you must provide a government-issued ID, such as a driver's license or state ID.
  2. Proof of income: You must provide proof of income, such as a recent pay stub, to show that you have a steady source of income and can repay the loan.
  3. Bank account information: You must provide your bank account information, including your account number and routing number, so the lender can deposit the loan funds directly into your account and withdraw repayment.
  4. Contact information: You must provide your contact information, such as your phone number and email address, so the lender can communicate with you about the loan.

It's important to note that the specific requirements may vary by lender, and some lenders may have additional eligibility criteria. Before applying for a payday loan, be sure to carefully review the lender's terms and conditions, including the interest rate, fees, and repayment terms. Additionally, borrowers should carefully consider the potential risks and costs associated with payday loans before taking them out.

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