Payday loan laws in Wisconsin
Wisconsin is the 23rd largest state in the United States and its 20th most populous. It is among the nation’s leading dairy producers, which is why many refer to it as “America’s Dairyland”. As in many other states, you can apply for a Wisconsin payday loan.
Are payday loans legal in the state of Wisconsin?
Payday loans are completely legal in Wisconsin. All payday lenders function under the Wisconsin Statutes 138.14. The maximum payday loan term under Wisconsin payday loan laws is limited to 90 days.
You can’t have an outstanding aggregate liability of more than $1,500 or 35% of your gross monthly income through all your existing payday loans. This includes the principal and interest as well as all applicable fees and charges.
You can repay a payday loan by using the proceeds of a subsequent payday loan made by the same lender or another one. If you do so, you can’t repay the subsequent payday loan using proceeds from yet another payday loan.
Payday loan fees and charges in Wisconsin
Wisconsin payday loan laws don’t impose any limits on the interest that lenders may charge before maturity dates of a Wisconsin payday loan. If a payday loan is not repaid before its due date, the lender may charge interest not exceeding 2.75% per month after the due date, except if you take a subsequent loan to pay off the original one.
If you take a subsequent loan from the same lender to repay the original loan and don’t repay the subsequent loan on time, the lender can charge interest not exceeding 2.75% per month after the due date. In Wisconsin, payday lenders can’t impose any penalties owing to prepayments, late payments or defaults.
A payday lender can’t present your check for payment more than once. This applies to electronic funds transfer authorizations as well. In the event of a payment dishonor, the lender can charge a non-sufficient funds (NSF) fee that doesn’t exceed $15.
How to apply for a payday loan in Wisconsin
You can apply for a payday loan in Wisconsin by visiting a store or online. Applying for a payday loan requires the following:
- You’re over 18 years of age
- You’re American or a permanent resident of the U.S.
- You have a regular source of income
To complete the application successfully, prepare the following information:
- Your name, email address, residential address and phone number
- Your social security number and a valid form of ID such as your passport or driver’s license
- Your employer’s name and contact information
- Details about your income
You can find payday loan lenders in Milwaukee, Madison, Green Bay, Kenosha, Racine, Appleton and many other cities in the state of Wisconsin.