Payday loans are a kind of short-term loan that can provide consumers with quick access to cash they may need in emergencies. In Malone, Wisconsin, payday loans are legal, but it’s important to understand how they work and what some of the potential risks are before deciding whether to take out one.
How Payday Loans Work in Malone, Wisconsin
In Malone, anyone who wants to take out a payday loan can borrow up to $1,500, or 35% of their gross monthly income — whichever is less. Borrowers can choose loan terms ranging between 90 days and 180 days. Lenders in Wisconsin are required to provide borrowers with loan disclosures that outline the terms and fees associated with the loan, including any origination fees or interest rates.
The interest rate on payday loans is higher than many other types of loans, sometimes as high as 500% depending on the lender and the borrower’s credit score. Because of the high interest rate, these types of loans can be risky, leading to a cycle of debt for those who take out a loan and are unable to repay it on time. However, payday loans can be helpful for people who need immediate cash and have no other options.
Applying for a Payday Loan in Malone, Wisconsin
To apply for a payday loan in Malone, Wisconsin, borrowers need to provide some basic personal information, such as their name, address, and employment status. Lenders will also require borrowers to provide their bank account information, so they can deposit the loan funds directly into the borrower’s account.
After providing the necessary information, the lender will review the borrower’s application, including the borrower’s income and credit score, to determine whether to approve the loan. If approved, the funds will be deposited into the borrower’s account, usually within a few hours.
The Risks of Payday Loans
While payday loans can be a helpful financial tool, they also come with risks that borrowers need to consider before taking out a loan. As mentioned earlier, the interest rates on payday loans can be very high, often reaching 500%. This can lead to a cycle of debt, where the borrower takes out a loan to pay off the previous loan, but is then unable to repay the new loan on time, and so on.
Another potential risk with payday loans is the risk of fraud. Some lenders may take advantage of vulnerable borrowers by promising them easy access to cash, only to charge high fees or deny the loan once the borrower has provided personal information.
Interesting facts about Payday Loans in Malone, Wisconsin
- In 2019, there were 320 licensed payday lenders operating in Wisconsin.
- Wisconsin consumers took out more than 310,000 payday loans in 2019, totaling about $128 million in borrowed funds.
- The average payday loan term in Wisconsin is 14 days, and the average loan amount is $350.
Applying for a Payday Loan with TheGuaranteedLoans
If you are considering taking out a payday loan in Malone, Wisconsin, TheGuaranteedLoans can connect you with potential lenders in our network. We are a connector service, which means that we don’t provide loans directly, but instead facilitate connections between borrowers and lenders.
TheGuaranteedLoans process is easy and straightforward. Simply fill out our online application form with your personal and financial information, and one of our team members will connect you with potential lenders in our network. If you are connected with a lender, you will receive loan offers from them, and you can choose the one that best fits your needs.
It’s important to remember that payday loans should only be used in emergencies and never as a long-term financial solution. If you are struggling with debt or need help managing your finances, there are resources available to help you.
Apply Now
To apply for a payday loan with TheGuaranteedLoans, simply fill out our online application form on our website. Our team is available to answer any questions you may have and to help you find the best loan options for your needs.
Remember, payday loans can be risky, so it’s important to understand how they work and what the potential risks are before taking out a loan. It’s always a good idea to explore all of your options and to seek advice from financial professionals before making any financial decisions.