Payday Loans in Catawba, Wisconsin: Everything You Need to Know
If you’re looking for quick access to cash in Catawba, Wisconsin, payday loans may be one option you’re considering. In this comprehensive guide, we’ll go over what payday loans are, how they work, the laws governing them in Wisconsin, and the benefits and drawbacks of using them.
What are Payday Loans?
Payday loans are short-term loans typically used when a borrower needs quick access to cash for unexpected expenses. These loans are usually due on the borrower’s next payday and require the borrower to repay the total amount borrowed, plus a fee.
How do Payday Loans Work?
To apply for a payday loan, a borrower must provide proof of income, a valid ID, and a checking account. The lender then determines the maximum loan amount the borrower is eligible for. If the borrower agrees to the terms, the loan is deposited directly into their checking account. When it’s time to repay the loan, the lender automatically withdraws the total amount borrowed plus the fee from the borrower’s account on the due date.
Payday Loan Laws in Wisconsin
In Wisconsin, payday loans are legal and regulated under Wisconsin Statutes 138.14. These laws limit the amount payday lenders can charge for fees and interest rates. Borrowers can only take out one payday loan at a time with a maximum loan amount of $1,500.
The Pros and Cons of Payday Loans
While payday loans may provide quick access to cash, there are both benefits and drawbacks to using them.
Pros:
- Quick access to cash when needed
- No collateral required
- No credit check required
Cons:
- High fees and interest rates
- Can perpetuate a cycle of debt for borrowers unable to repay the loan on time
- Limited loan amounts
Interesting Facts and Statistics about Payday Loans in Catawba, Wisconsin
- According to a report by the Center for Responsible Lending, the average payday loan borrower in Wisconsin takes out 12 loans per year, resulting in an average of $520 in fees paid.
- In Wisconsin, there are around 400 payday lending storefronts, with several located near military bases, where payday loans can be especially harmful to military members experiencing financial stress.
- In 2020, Wisconsin payday lenders made over 80,000 loans, with an average annual interest rate of 528%.
Apply Now
If you’re considering a payday loan in Catawba, Wisconsin, TheGuaranteedLoans can help connect you with potential lenders. Our online application process is simple and easy to use. Keep in mind that we are a connector service and not a direct lender, and that fees and interest rates vary depending on the lender. Apply now and get the cash you need, when you need it.