Payday Advance Wisconsin
Access to fast cash before your paycheck arrives can make all the difference in the world when it's needed to get you through unpleasant situations. These situations include the breakdown of vehicles, malfunction of home appliances or systems, sudden illness, or an accident. If you are going through a tough financial situation, or simply want to know where to turn to in the case that such a situation arises, you will find that your financial needs can be met through Wisconsin payday advance loans.
When cash is low, Wisconsin residents have quite a bit of flexibility when it comes to obtaining funds to overcome unexpected situations and emergencies. Wisconsin payday cash advances only have a few regulations, which give you greater flexibility in obtaining what you require to meet financial situations.
Payday Loans Defined
Payday loans, also called payday advances, help people overcome unexpected situations that require immediate cash. Although payday loans are designed to provide funds for emergencies, they can also be used for less dire situations like spur of the moment getaways or buying a much wanted item.
Payday short-term loans offer small amounts of cash that are obtained quickly and through a brief process. Payday loan lenders usually tack on high interest rates and fees, but the loans are paid off quickly; normally within a month or on the following payday, so they don't place a great burden on budgets if used wisely. Credit checks are seldom made by payday lenders so Wisconsin payday loans are available to almost everyone.
How to Obtain Wisconsin Payday Loans
Obtaining cash via Wisconsin payday advances is quite easy. First, you will need to select an in-state provider or an online payday loan lender with whom to apply. Interest rates and fees can vary widely between lenders so it is advisable to do some research in order to locate one who offers the best rates.
After selecting a lender, you will fill out a short payday loan application form, which you will submit for approval. Along with the application, you will also need to submit proof of income, a form of identification, and your bank account information. The approval process is quite fast, usually occurring within a couple of hours to a full business day.
When approved, the requested loan amount will be deposited in your account for you to use. Repayment is made by electronic withdrawal, paying in person, or supplying the lender with a personal post-dated check during the application process.
Wisconsin Payday Loan Laws and Specifications
Payday advance Wisconsin laws and restrictions are quite lax. Most states restrict payday advances by limiting loan amounts, interest rates and fees, tenure dates, etc. However, Wisconsin allows for quite a bit of room to maneuver in these areas.
Normally, the maximum amount that can be acquired through a payday loan is $1,000, but this number is often lower. Wisconsin allows for cash advances up to $1,500 or 35% of your gross monthly income, whichever is the lesser amount. The tenure for loan repayment is also more flexible with residents having up to 90 days to repay their loan.
You can also have as many outstanding Wisconsin payday loans as you want at any one time. However, you can only have one rollover or extension of a payday loan, and there is a 24-hour cooling off period between loans.
What borrowers will need to beware of are the financial charges and fees, which also do not have limits under Wisconsin payday loan laws. Therefore, online and regular payday loan lenders can charge as much interest and fees as they desire which can easily run up into the high hundreds, if not over 1,000% interest. That is why it is important to shop around for the best deals from lenders.
Wisconsin Payday Loan Information
You can contact the following department to obtain more information on Wisconsin payday loans or Wisconsin payday loan laws.
Wisconsin Department of Financial Institutions
Wisconsin Consumer Act Section
P.O. Box 8041
Madison, WI 53708