Payday Lenders in Wisconsin
Payday Loan Laws
Wisconsin laws surrounding payday loans are designed to protect consumers by requiring they be licenced and limiting the loan terms. The state also requires that borrowers be offered a chance to sign a repayment plan that is paid back in 4 equal payments once every 12 months Under this repayment agreement, lenders must reduce the finance charge to 2.75%..
Payday loans are regulated by Wisc. Stat. Ann. §138.14, also known as the Wisconsin Consumer Act, which sets the loan term limits, debt collection limits. This statue also allows for one rollover and establishes a 24 hour cooling off period between loans that have been renewed.
Loan Terms and Conditions
Maximum loan amount: $1500 or 35% of monthly income (whichever is less)
Maximum Interest Rate: 863%
Minimum loan term: no minimum in regulation
Maximum loan term: 90 days
Number of rollovers allowed: 1
Finance Charge: no limit specified in regulation
Legal action: 6 Years
Certified Payday Lenders in Wisconsin
|Company Name||Company score||License Status|
|ENOVA INTERNATIONAL, INC.||Valid|
|CURO Intermediate Holdings||Valid|
|CNG FINANCIAL CORPORATION||Valid|
|Cottonwood Financial Ltd.||Valid|
|AmeriCash Holding LLC.||Valid|
History of Wisconsin Payday Loans
How to file a complaint
Wisconsin Payday Loans Debt Relief
How to Get out of Payday Loan Debt?
Types of Quick Loans in Wisconsin
Alternatives to Payday Loans in Wisconsin
Wisconsin Income Information
United States Census Bureau. “Poverty in the United States: 2021.” Accessed on May 8, 2023.
United States Census Bureau. U.S. Census Bureau QuickFacts: Wisconsin. Accessed on May 8, 2023.
|ENOVA INTERNATIONAL, INC.||21|
|CURO Intermediate Holdings||16|
|CNG FINANCIAL CORPORATION||14|
|Cottonwood Financial Ltd.||11|
|AmeriCash Holding LLC.||9|
Consumer Financial Protection Bureau. Consumer Complaint Database. Accessed on May 8, 2023.
|Charged unexpected interest or fees||54|
|Received a loan you never applied for||33|
|Can’t contact lender||26|
|Struggling to pay loan||17|
|Problem with payoff process||12|
Payday loans are typically used for nonnegotiable everyday expenses like your rent, utilities, and groceries. Per data reported by Pewtrust, the percentage of reasons described below
|Regular Expenses (Utilities, car payment)||53%|
|Did not answer||2%|