Payday Loans in New Munster, Wisconsin
If you’re in need of extra cash to meet an unexpected expense, payday loans may be a viable option. Payday loans are high-interest short-term loans that are typically due on the borrower’s next payday. In Wisconsin, payday loans are legal and regulated under state law.
How payday loans work
The payday loan process is relatively simple. The borrower writes a post-dated check for the loan amount plus fees, and the lender agrees to hold the check until the borrower’s next payday. When the loan is due, the borrower can either pay off the loan, including fees, or roll it over for another period, usually two weeks. Rolling over the loan incurs additional fees and interest.
Loan amounts and fees
Wisconsin state law limits payday loans to $1,500 or 35% of the borrower’s monthly gross income, whichever is less. Lenders may charge up to $15 per $100 borrowed in fees, subject to state regulation. The maximum allowable annual percentage rate (APR) for Wisconsin payday loans is 540%.
Benefits and drawbacks of payday loans
Payday loans can be a quick solution to unexpected expenses, such as car repairs or medical bills. Unlike traditional loans, payday loans do not require a credit check, making them accessible to borrowers with poor credit or no credit history. However, payday loans come with high interest rates and fees, which can trap borrowers in a cycle of debt if they are unable to repay the loan on time.
Payday loans in New Munster, Wisconsin
While payday loans are legal in Wisconsin, some municipalities have imposed additional regulations on payday lending establishments. New Munster, a town in Kenosha County, does not currently have any local ordinances regulating payday loans.
Applying for a payday loan
Applying for a payday loan in Wisconsin is a straightforward process. Potential borrowers can apply online or in-person at a payday lending establishment. However, it’s important to be aware of the high interest rates and fees associated with payday loans, as well as the potential for a cycle of debt.
Interesting facts and statistics about payday loans in Wisconsin
- The average payday loan borrower in Wisconsin takes out eight loans per year.
- Wisconsin residents paid over $37 million in payday loan fees in 2019.
- The average APR for a Wisconsin payday loan is 485%.
- Wisconsin is one of 32 states that allow payday lending.
Apply now for a payday loan
If you’re in need of extra cash to cover an unexpected expense, TheGuaranteedLoans can help you connect with potential lenders. Our online application process is quick and easy, and we’ll work to match you with a lender who fits your financial needs. Remember, we are a connector service, not a direct lender. Apply now and take a step towards financial security.