Payday Loans in Marquette, Wisconsin
If you are in a financial bind and need cash quickly, a payday loan might seem like a good solution. Payday loans are small, short-term loans that you can use to cover unexpected expenses like car repairs or medical bills. While payday loans can be a helpful resource when used responsibly, they can also be dangerous if you don’t borrow wisely.
How do payday loans work in Wisconsin?
In Wisconsin, payday loans are legal and regulated by state law. Payday lenders must have a valid license to operate in the state, and they are required to follow certain guidelines when making loans to consumers.
The maximum loan amount for a payday loan in Wisconsin is $1,500 or 35% of your gross monthly income, whichever is less. The maximum term for a payday loan in Wisconsin is 90 days, and there is no minimum term.
Wisconsin law also limits the amount of fees that a payday lender can charge. The maximum fee for a payday loan in Wisconsin is $15.50 for every $100 borrowed. This means that if you borrow $100, you will have to pay back $115.50.
What are the risks of payday loans?
While payday loans may seem like an easy solution to your financial problems, they can be risky if you don’t borrow responsibly. Some of the risks of payday loans include:
- High fees and interest rates: Payday loans can be expensive, with interest rates and fees that can add up quickly.
- Debt cycle: Because payday loans are short-term loans, you may find yourself taking out multiple loans to cover your expenses, which can lead to a cycle of debt.
- Default: If you can’t repay your payday loan, you could face default and collection activities, which can harm your credit score and lead to further financial problems.
To avoid these risks, it’s important to only borrow what you can afford to pay back and to have a plan to repay your loan on time. Before taking out a payday loan, consider other options like borrowing from a friend or family member or using a credit card with a lower interest rate.
Interesting Facts and Statistics about Payday Loans in Marquette, Wisconsin
- In Wisconsin, the average payday loan customer takes out 12 loans per year and spends an average of 21 days in debt.
- The average payday loan amount in Wisconsin is $320.
- In 2018, Wisconsin payday lenders made more than 1.5 million loans, totaling more than $435 million.
Apply Now
Are you in need of a payday loan in Marquette, Wisconsin? TheGuaranteedLoans can help connect you with potential lenders who can provide you with the cash you need. Simply fill out our online application, and we will match you with a lender who can offer you a payday loan that meets your needs.
It’s important to remember that TheGuaranteedLoans is a connector service and not a direct lender. We work with a network of trusted lenders who can provide you with the cash you need, but we do not make lending decisions or control the terms of your loan.
If you’re ready to get started, click here to fill out our online application and get connected with a lender in Marquette, Wisconsin today.