Find Payday Loans in Wisconsin
Cash advance loans are legal in Wisconsin. Payday loan companies must conform to the state's small loan act. Before disbursing the funds, check cash advance creditors are required to provide borrowers with the following information: that this short-term loan should not be utilized to address long-term monetary needs; that consumers should only resort to cash advance loans in times of emergency; that customers may have to pay refinance fees if the payday loan is not fully paid; and that loan refinancing may result in economic hardship. Payday loan businesses must also disclose a notice listing all the charges and fees. Wisconsin law does not set a limit on the number of outstanding cash advance loans that a customer may have at a given time. Check cash advance lenders are prohibited from bringing a criminal action against a defaulting borrower.
Wisconsin does not specify a limit on the amount that cash advance companies can lend.
Wisconsin law does not prescribe any term limits on check cash advance loans.
It is not specified how many rollovers or extensions a borrower may request.
Payday loan businesses may charge any fee or interest that the consumer is willing to pay. Loan fees are not capped in Wisconsin. For instance, there is no restriction on the finance charge that a cash advance lender may impose on a two-week loan in the amount of $100. Additionally, payday loan stores may charge a $15 NSF (non-sufficient funds) collection fee if the borrower's check was returned because of insufficient credit or funds or because of a closed bank account.
Wisconsin does not place any limits on the APR that payday loan businesses may charge for a two-week loan in the amount of $100.