The laws and regulations covering pay day loans differ from state to state. They include the maximum amount of money a person can borrow, how much time the borrower has to repay the loan, and the number of extensions or roll-overs you can receive if you are not able to repay it on the due date.
In Wisconsin, maximum amount of a pay day loan is currently $1,500. However, the borrower’s income is also taken into consideration. You cannot borrow more than 35% of your monthly gross income. One roll-over or extension is the maximum allowed in Wisconsin.Wisconsin does not regulate either interest rates or repayment periods for pay day loans. Without regulations for a “cap” on interest rates, pay day loan companies in Wisconsin have the ability to decide interest rates on their own. Companies also have considerable leeway in deciding when pay day loans must be repaid.
In this state, the amount a lender can charge in loan fees is regulated by law. A person who receives a pay day loan can expect to pay $20. for each $100 he borrows. Borrowers are not allowed to take out a second loan for the purpose of paying off an existing pay day loan. An additional point of interest covers prepayment of loans. When borrowers choose to prepay their loans in advance of the due date, any unearned interest must be returned to the borrower.
Wisconsin allows an additional benefit for borrowers who cannot pay their loans on the due date. Borrowers must be provided with the option of paying the balance due by four installments of equal amounts. The dates must coincide with the borrower’s pay dates.
The annual percentage rate for pay day loans in Wisconsin depends on the term of the loan. For a loan term of 14 days, the annual percentage rate is 521.43%. A loan term of 31 days has an annual percentage rate of 235.48%.
Wisconsin Pay Day Loan Laws
Maximum Loan Amount: $1,500.
Minimum Loan Amount: $200.
Maximum Interest Rate: No current cap on interest rates
Annual Percentage Rate: APR is based on the term of the loan
Minimum Payoff Time: Not specified by state law
Extensions Allowed: Borrowers are allowed only one rollover. However, the borrower must make a payment on his loan to reduce the balance by 50%. A borrower also has the option of making four installment payments. These payments must be equal amounts, and be paid on his regular pay dates.
Top 5 Wisconsin Payday Loan Companies
241 East Mason Street
Milwaukee, WI
(888) 800-4314
cashadvancemilwaukee.com
Cash Advance Milwaukee is a relatively new company that provides loans of up to $1500 if you qualify. This company focuses on speedy service and you can typically receive the money within an hour. This is very handy if you need money immediately to handle time-sensitive issues such as getting a prescription or paying a bill before the establishment closes leaving you waiting until tomorrow.
130 N Koeller St # B
Oshkosh, WI
(920) 232-0465
mistermoney.com
Mister Money is a well-established personal finance business that has offices in a handful of states. In Wisconsin, there are locations you can visit in person in most major cities. If you like alternatives, you can also use their website to use most of their services, including payday loans, online. This company offers quite a few services to make it a one stop shop. They have new and used merchandise in their pawn/retail area, check cashing services and of course, payday loans.
2401 West Broadway
Monona, WI
(608) 226-8800
cashstore.com
Cash Store offers Wisconsin residents the ability to get a cash advance, title loan or installment loan in one simple stop. They currently have over 270 locations spread over seven states to meet all of your individual finance needs, even while traveling. This company works with a free membership system and once you’re a member you become eligible for various kinds of discounts, referral programs and incentive programs.
920 Greenwald Court #500
Mukwonago, WI
(262) 363-1340
cashworksllc.com
Cash Works is part of the Green Machine franchise of payday loan stores located across the US. This company also requires you to join as a free member to become eligible to use their payday loan services and receive special offers occasionally. They have a $20 refer-a-friend promotion at all times and you’ll get coupons by e-mail that you can use to save fees on payday loans. A typical borrower will see the money directly deposited in their bank account within one business day.
7800 W Appleton Ave # J
Milwaukee, WI
(414) 462-5626
moneyinminutes.com
Northstar Loans operates in a few ways that make it a very appealing payday loan company. You can apply in person or on their official website like most payday companies but this one also allows you to simply e-mail them, explain your situation and what you need, and they’ll try their best to get you a very personalized loan and repayment plan that way. Not many payday loan companies offer this particular personalized service.