When unexpected expenses arise, it can be tough to come up with the cash to cover everything, especially if your paycheck is a week or more away. One option available to residents of Mattoon, Wisconsin, is payday loans. These loans can be a helpful way to get fast cash when you need it, but they may not be the right choice for everyone.
What are payday loans?
Payday loans are a type of short-term loan that typically needs to be paid back within a few weeks. These loans are often used to cover unexpected expenses, like car repairs, medical bills, or utility bills.
The way payday loans work is simple: you borrow money from a lender, and then pay it back with interest and fees when you get your next paycheck. The amount you can borrow depends on your income, and the fees and interest rates vary depending on the lender and the state you live in.
Are payday loans legal in Wisconsin?
Yes, payday loans are legal in Wisconsin. In fact, Wisconsin is one of the few states that does not have a cap on interest rates for payday loans. This means that lenders can charge as much interest as they want.
However, payday loans in Wisconsin are regulated by the state Department of Financial Institutions (DFI). The DFI requires all payday lenders to be licensed and to follow certain rules, including:
- Lenders cannot loan you more than $1,500 or 35% of your gross monthly income, whichever is less
- Lenders cannot charge more than $15 in fees for every $100 borrowed
- Lenders must give you at least 24 hours to cancel the loan without penalty
It’s important to note that while payday loans are legal in Wisconsin, they may not be the best option for everyone. The high interest rates and fees can make these loans costly, and it’s important to make sure you can pay the loan back on time to avoid further financial trouble.
How to apply for a payday loan in Mattoon, Wisconsin
If you decide to apply for a payday loan, there are several lenders in Mattoon that can help. One option is TheGuaranteedLoans, which is a connector service that can match you with potential lenders based on your needs and qualifications.
When you apply for a payday loan through TheGuaranteedLoans, you’ll need to provide some basic information like your name, address, and income. You may also need to provide proof of income and a copy of your ID.
Once you’ve been matched with a lender, you’ll need to review and sign a loan agreement. Make sure to read the agreement carefully and understand the terms and fees before signing.
Interesting facts and statistics about payday loans in Mattoon, Wisconsin
- The average payday loan amount in Wisconsin is $382
- Wisconsin residents take out an estimated 440,000 payday loans each year
- The average interest rate for a payday loan in Wisconsin is 582%
- The average fee for a payday loan in Wisconsin is $53 per loan
While payday loans can be a helpful option for those in need of fast cash, it’s important to be aware of the high interest rates and fees associated with these loans. Make sure to do your research and consider all your options before applying for a payday loan.
Apply now
If you’re in need of a payday loan in Mattoon, Wisconsin, TheGuaranteedLoans can help. Click the “Apply Now” button below to start your application. Remember, TheGuaranteedLoans is a connector service, not a direct lender. We’ll help you connect with potential lenders who can meet your needs and qualifications.
Disclaimer: TheGuaranteedLoans is not a lender and does not make credit decisions. We are a loan connecting service where we connect consumers with independent third party lenders. By submitting an application through our website, you agree that TheGuaranteedLoans will perform a credit check and verify your personal and financial information. The content on this website is for informational purposes only, and not to be construed as legal, financial, or professional advice. Please do your due diligence and consult with a qualified professional before making any decisions.