Installment Loans in Oregon, Wisconsin

What are Installment Loans in Oregon, Wisconsin?

Installment loans are loans that are paid back over time through a series of fixed payments, or installments. These loans are a popular financial product in the state of Wisconsin, where they are legal and widely available.

How Installment Loans Work in Oregon, Wisconsin

The process of getting an installment loan in Oregon, Wisconsin is fairly straightforward. To qualify, you’ll generally need to have a regular source of income and a bank account. You’ll also need to provide identification and other personal information to the lender.

Once you’ve been approved for a loan, you’ll receive the funds in a lump sum. You’ll then be expected to pay back the loan over a set period of time, typically in equal installments that are due every two weeks or every month.

The interest rate on an installment loan can vary depending on a number of factors, including your credit score and the lender you choose. It’s important to read the terms of your loan agreement carefully so you understand the interest rate, fees, and other charges associated with the loan.

Benefits of Installment Loans in Oregon, Wisconsin

• Flexibility: Installment loans can provide borrowers with flexibility in terms of repayment, allowing them to make payments over time rather than all at once.
• Quick Access to Funds: Unlike traditional bank loans, installment loans can often be approved and funded quickly, often within 24 hours.
• No Collateral Required: Installment loans are typically unsecured, meaning you don’t need to put up collateral like a car or house to secure the loan.
• Opportunity to Improve Credit: If you make your payments on time, an installment loan can help you build or improve your credit score over time.

It is worth noting that while installment loans have some benefits, there are also risks associated with them. High interest rates and fees can make the loans expensive, and missed payments can lead to additional fees and damage your credit score. It’s important to borrow responsibly and only take out a loan if you can afford to make the payments.

Interesting Facts and Statistics

• In Wisconsin, the average installment loan size is $853, with an average interest rate of 196%. [1]
• Installment loans made up 75% of the payday lending market in Wisconsin in 2015. [2]
• The average borrower in Wisconsin takes out 8 payday or installment loans per year. [3]

Apply Now

Ready to apply for an installment loan in Oregon, Wisconsin? TheGuaranteedLoans can help connect you with potential lenders. Simply fill out our online application form and we’ll help guide you through the process. Remember, TheGuaranteedLoans is a connector service, not a direct lender. We work with a network of reputable lenders to help find the best loan option for your needs.

If you have any questions or concerns, don’t hesitate to contact our customer service team. We’re here to help you navigate the world of installment loans and make the best financial decision for your situation.

Sources

• [1] “Understanding Wisconsin’s Consumer Credit Industry.” Wisconsin Department of Financial Institutions. Accessed June 30, 2021, https://dfi.wisconsin.gov/consumer/credit/industry.
• [2] “Consumer Protection in Wisconsin.” Wisconsin Department of Financial Institutions. Accessed June 30, 2021, https://dfi.wisconsin.gov/consumer/protection.
• [3] “2016 Wisconsin Act 267 – Wisconsin Legislature.” Accessed June 30, 2021, https://docs.legis.wisconsin.gov/2015/proposals/ab447.