Payday Loans in Cleveland, Wisconsin: What You Need to Know
Payday loans are short-term, high-interest loans designed to help people bridge the gap between paychecks. In Wisconsin, payday loans are legal, but they are regulated by state law. If you’re in Cleveland, WI, and considering a payday loan, here’s what you need to know.
How Do Payday Loans Work?
Payday loans are designed to be a quick and easy solution to short-term financial needs. Typically, they are structured to be repaid in full on your next payday. To qualify, all you need is a valid ID, proof of income, and a checking account. You’ll write a post-dated check for the amount borrowed plus fees, and the lender will hold on to that check until the loan is due.
Payday loans are marketed as a way to borrow money for emergencies, but they often come with very high interest rates and fees. Because of this, it’s important to use them only as a last resort and to repay them on time to avoid further fees and potential damage to your credit.
What Are the Laws Governing Payday Loans in Cleveland, WI?
Wisconsin state law regulates payday loans to protect consumers from predatory lending practices. Here’s what you need to know:
- The maximum loan amount is $1,500 or 35% of your gross monthly income, whichever is less.
- The maximum loan term is 90 days.
- The maximum finance charge is $15.50 per $100 borrowed.
- You can only have one outstanding payday loan at a time.
Additionally, lenders are required to disclose all terms and fees upfront, and they cannot charge more than one finance charge per payday loan.
Why Might You Consider a Payday Loan?
While payday loans might not be the best option for everyone, there are some situations where they can be helpful. Here are a few reasons you might consider getting a payday loan:
- You have an unexpected medical expense.
- Your car breaks down and needs expensive repairs.
- You have an urgent bill that needs to be paid.
- You need to pay for a necessary repair or replacement of an important appliance.
Again, it’s important to remember that payday loans should be a last resort option. Make sure you’ve exhausted all other options, including negotiating a payment plan with your creditor, before turning to payday loans.
Important Facts About Payday Loans in Cleveland, Wisconsin
Here are some facts and statistics about payday loans in Wisconsin that you should be aware of:
- In 2019, Wisconsin residents took out 1.6 million payday loans, totaling $656 million.
- The average interest rate on payday loans in Wisconsin is 574%.
- The average payday loan amount in Wisconsin is $350.
- The average borrower in Wisconsin takes out 10 payday loans per year.
Apply Now
Need a payday loan in Cleveland, WI? TheGuaranteedLoans can help connect you with a lender. Apply online today and get the cash you need to cover unexpected expenses. Please keep in mind that we are not a direct lender, but we work with a network of lenders who can provide you with the funds you need. We make the process fast and easy, so you can get the money you need when you need it.
Remember to use payday loans wisely and always repay them on time to avoid additional fees and potential harm to your credit score.