Payday Loans in Rochester, Wisconsin

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No payday loan companies in Rochester, WI. Consider companies in other cities:

Company nameAddressZip codePhone number
Landmark Credit Union S74W17042 Janesville Rd, Muskego, WI 53150 +1 (262) 796 - 4500
United One Credit Union 2122 Superior Ave, Sheboygan, WI 53081 +1 (920) 451 - 8222
Check Advance - Closed 2692 Cranston Rd, Beloit, WI 53511 +1 (608) 365 - 9450
E-Ways Sales & Pawn of Marshfield 1004 S Central Ave, Marshfield, WI 54449 +1 (715) 650 - 7773
BMO Harris Bank 401 E State St, Mauston, WI 53948 +1 (608) 847 - 6000
Associated Bank S76W17655 Janesville Rd, Muskego, WI 53150 +1 (262) 679 - 2800
Valley Communities Credit Union Marshfield 2011 S Central Ave, Marshfield, WI 54449 +1 (715) 384 - 2867
WaterStone Bank 1233 Corporate Center Dr, Oconomowoc, WI 53066 +1 (414) 761 - 1000
BMO Harris Bank 1964 Dickinson Rd, De Pere, WI 54115 +1 (920) 336 - 0044
Peoples State Bank 133 N Main St, Patch Grove, WI 53817 +1 (608) 994 - 2136

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Rochester, WI, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in New Berlin, WI, Same Day Loans in Oak Creek, WI, Payday Loans in Oshkosh, WI, 24-Hour Loan in Racine, WI, Payday Loan Without a Credit Check in Sheboygan, WI, Payday Loans in Sun Prairie, WI, Short-term Loans in Waukesha, WI and Payday Loans in Wausau, WI. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Rochester, WI.

Beautiful sights of Rochester, WI

Payday Loans Available in Rochester, WI By The Following ZIP Codes:

53167

Are Payday Loans Legal In Rochester, Wisconsin?

Loan Rates and Fees, Laws and Regulations in Wisconsin.

Wisconsin Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)574
Maximum Loan Amount$1,500 (or 35% of the gross monthly income)
Minimum Loan TermNot Specified
Maximum Loan Term90 days
Number of Rollovers Allowed1
Finance Charges2.75%/mo

Rochester, WI payday loan calculator

Understanding Payday Loans in Rochester, Wisconsin: A Comprehensive Guide

Payday loans are short-term loans that are designed to cover unexpected expenses or bridge the gap between paychecks. These loans are typically small-dollar amounts and are meant to be repaid quickly, usually within one to two weeks. In Rochester, Wisconsin, payday loans are legal, but it is important to understand the terms and conditions before taking out such a loan.

How Payday Loans Work

Payday loans are often marketed as a quick and easy way to get cash when you need it most. The application process is relatively simple, and you can typically receive your money within a day or two. However, payday loans come with high interest rates and fees, making them an expensive form of credit.

When you apply for a payday loan, you typically need to provide proof of income, such as a pay stub, and a valid ID. You also need to have an active checking account and a phone number. Once you are approved for the loan, the lender will either give you cash or deposit the funds directly into your account.

Repayment terms vary, but most payday loans are due on your next payday. If you cannot repay the loan in full, the lender may offer an extension, but this will come with additional fees and interest charges.

Are Payday Loans Legal in Rochester, Wisconsin?

Yes, payday loans are legal in Rochester, Wisconsin. However, the state has set limits on the amount of interest and fees that lenders can charge. The maximum loan amount is $1,500 or 35% of your monthly gross income, whichever is less. The maximum finance charge is $15.50 for every $100 borrowed, and lenders cannot charge more than $25 for a returned check or electronic payment.

Pros and Cons of Payday Loans

Like any form of credit, payday loans have both advantages and disadvantages. Here are some things to consider:

Pros:

  • Quick access to cash when you need it most
  • No credit check required
  • Easy application process
  • Can help you avoid late fees or overdraft charges

Cons:

  • High interest rates and fees
  • Short repayment period
  • Risk of falling into a cycle of debt
  • May not be a long-term solution to financial problems

Interesting Facts and Statistics About Payday Loans in Rochester, Wisconsin

  • In 2020, there were over 260 payday lenders operating in Wisconsin
  • The average annual percentage rate (APR) for a payday loan in Wisconsin is 573%
  • Over 80% of payday loans in Wisconsin are taken out by borrowers who take out seven or more loans per year
  • In 2019, Wisconsin borrowers paid over $15 million in fees and interest on payday loans

Apply Now

If you are considering a payday loan in Rochester, Wisconsin, TheGuaranteedLoans can help connect you with potential lenders. Our service is free and easy to use. Simply fill out our online application, and we will match you with lenders who may be able to offer you a loan. Please note that we are a connector service and not a direct lender.

With that in mind, we encourage you to use payday loans responsibly and to always read the terms and conditions carefully before signing any agreement. Make sure you understand how much you will be paying back and when the loan is due. If you are unable to repay the loan on time, contact your lender to discuss your options.

F.A.Q.

Is there a cooling-off period for payday loans in Rochester, Wisconsin?

Yes, Wisconsin law requires a cooling-off period of 24 hours between payday loan applications. This means that borrowers must wait 24 hours after repaying a payday loan before applying for another one.

Can I be sued or arrested for failing to repay a payday loan in Rochester, Wisconsin?

No, it is illegal for lenders to sue or arrest borrowers for failing to repay a payday loan in Rochester, Wisconsin. Borrowers who are unable to repay the loan may be eligible for an extended payment plan or other forms of assistance. However, failure to repay the loan may result in additional fees and charges, and may damage the borrower's credit score.