Payday Loans in Gleason, Wisconsin: Everything You Need to Know
Payday loans are a type of short-term loan that can be used to cover unexpected expenses. These loans are typically due on the borrower’s next payday and can come with high interest rates and fees. Payday loans are legal in Wisconsin, including in the town of Gleason. In this article, we’ll take a closer look at payday loans in Gleason and what you need to know before you apply.
How Payday Loans Work in Wisconsin
In Wisconsin, payday loans are regulated by the state Department of Financial Institutions. These loans are typically for amounts ranging from $100 to $1,500 and are due on the borrower’s next payday, usually within two weeks to a month. Lenders can charge up to $15 for every $100 borrowed, which can result in interest rates of up to 400 percent APR.
If a borrower is unable to repay the loan on the due date, they can roll the loan over for an additional fee. However, Wisconsin law limits the number of rollovers to one, and lenders must offer an extended repayment plan for borrowers who are unable to repay the loan on time.
It’s important to note that payday loans are not a long-term solution to financial difficulties and should only be used as a last resort. Borrowers should also be wary of predatory lending practices and interest rates that can trap them in a cycle of debt.
Applying for a Payday Loan in Gleason
Applying for a payday loan in Gleason, Wisconsin is similar to applying for a payday loan in other parts of the state. Borrowers will need to provide personal information such as their name, address, and social security number, as well as proof of employment and income. Lenders may also require a post-dated check or electronic access to the borrower’s bank account to secure the loan.
Before applying for a payday loan, borrowers should also consider alternative options such as personal loans, credit cards, or borrowing from friends and family. These options may come with lower interest rates and fees and can help borrowers avoid the debt trap associated with payday loans.
Interesting Facts about Payday Loans in Gleason, Wisconsin
- According to a 2019 report by the Wisconsin Department of Financial Institutions, there were 1,344,150 payday loans issued in the state, totaling $375,867,360 in loan volume.
- The average loan amount in Wisconsin was $279, and the average fee was $37 per loan.
- The report also found that 24 percent of borrowers in Wisconsin took out 12 or more payday loans in a year.
- Wisconsin is one of 32 states that allow payday lending. However, some states have stricter regulations on payday loans than others.
Apply Now
If you find yourself in need of a payday loan in Gleason, Wisconsin, TheGuaranteedLoans can help. We are a connector service that can help you connect with potential lenders who can provide the funds you need. Our online application process is quick and easy, and you can get the money you need in as little as 24 hours.
Remember that TheGuaranteedLoans is not a direct lender and does not make credit decisions. Instead, we facilitate your connection with potential lenders and provide you with the information you need to make an informed decision about borrowing money.
Don’t let unexpected expenses catch you off guard. Apply for a payday loan in Gleason, Wisconsin today and get the funds you need to stay on top of your finances.