Payday advance loans are legal in Wyoming. Among the requirements that cash advance lenders operating in the state must comply with are the following: They must be licensed; They must display in a conspicuous location a list of their fees; and They must inform borrowers of their rights in clear and comprehensible language. A borrower has the right to cancel the cash advance loan, and the creditor must refund the borrower's payment within 20 days. Under Wyoming law, a payday loan business may allow a consumer to repay initial finance fees in installments; however, it may not impose an additional fee for this service. It is not specified how many outstanding loans a check cash advance creditor may lend at one time. Lenders are prohibited from instituting criminal proceedings against delinquent borrowers; however, Wyoming law grants them a private right of action.
Wyoming does not set a limit on the loan amount that a payday loan company may charge its clients.
The loan term is 30 days.
Extensions or rollovers are prohibited in Wyoming.
Cash advance loan stores may not charge borrowers interest or fees that are more than the greater of $30 or 20% per month of the loan amount. The finance charge for a two-week loan in the amount of $100 is $30.
The APR for a two-week loan valued at $100 is 780%.