Payday loan laws in the state of Wyoming (overview)
In Wyoming, payday loans are legal according to the Wy. Stat. 40-14-362 et seq. Wyoming residents can easily apply for them and enjoy the benefits that payday loan services offer. In the state there are about 77 locations where you can get access to payday loans or you can simply do it online. Actually, Wyoming payday loans laws do not restrict the cash amount that can be borrowed in any way. However, the laws put certain restrictions on the time that the loan should be paid back.
Interest rate and loan limit
The annual percentage rate of Wyoming is one of the highest in the whole of United States. The APR goes up to 700%, so getting a loan in this state is definitely very expensive. In addition, unlike other payday loans in the country, the state of Wyoming does not have any loan limit so lenders are the ones that actually imposed the limit.
In Wyoming, lenders usually charge about 20% interest per $100 loaned or about $30 on a loan with rates based on the calendar month. For example, when a borrower applies for $200 loan in 30 days, the charge is around $200 for 20% interest rate. So the total payable is $240 per month even if the loan is just 14 days, or the charge is $30.
How to apply for a payday loan in Wyoming?
If you want to apply for a payday loan in person, you simply have to walk into a payday lender’s store. You can also apply online. Whichever the case, you have to meet some eligibility criteria:
- You’re at least 18 years of age
- You’re an American citizen or a permanent resident of this country
- You have a regular source of income
For your application to be successfully, you’ll have to provide some basic information:
- Your name, date of birth and contact information
- Your social security number along with a valid form of ID such as your driver’s license or passport
- Details about your employment, income and pay schedule
- Your bank account details, in case you’re applying online
Wyoming payday loans rollovers
Rollover is a loan that is taken to pay off a previous loan, which is seen as a disadvantage to borrowers. Wyoming prohibits rollovers and the borrower cannot refinance or consolidate the loan when it is not settled on time.
- You can find Wyoming payday loans lenders in all the big cities in Wyoming, including Cheyenne, Casper, Laramie, Gillette, Rock Springs, Sheridan and others.