Payday Advance Wyoming
Having the available cash to handle unexpected situations in life is a key part of avoiding stress and life's disruptions. It's bad enough having to deal with an unanticipated illness, surprise due date on a bill, or the breakdown of home systems, appliances, or a vehicle, but not having the finances at hand to overcome such problems just adds fuel to the fire. The good new is there is help for those living in Wyoming in the form of payday loans. Payday advances can be obtained almost immediately through payday loans, which you can use against any situation that catches you off guard. This is particularly helpful should the incident occur before your payday and when your available funds are at their lowest.
What Are Payday Loans?
Payday loans are small loans that are readily available by using your next paycheck as collateral, thus the term "payday" loan. Because such cash advances are guaranteed through your next payday, they are easy to get and provide cash to cover your emergency almost immediately.
Payday loans are a good option for meeting financial emergencies, even though they come at high interest rates and fees, because they must be repaid quickly. Many people choose to take out traditional bank loans, which are long-term and require making monthly payments for an extended time period. Payday cash advances however, are repaid usually within 31 days so they only cause limited stress on your budget.
How Wyoming Payday Loans Are Obtained
The first step in acquiring Wyoming payday loans is to shop around and select the provider with whom you want to work with. Interest rates and service fees can vary from lender to lender so researching various companies is recommended. You can research both in-state and online payday loan lenders. Internet cash advance providers allow for more convenient and sometimes faster ways of obtaining funds for emergencies.
Your selected lender will require you to fill out a brief loan application form, as well as provide bank account information, proof of employment or some other type of regular income, and a current form of personal identification. Your application and attached information will go through an approval process. Wyoming payday loans are usually approved and available within a couple of hours, but can take as long as 24-hours or until the next business day before the loan amount is deposited into your account.
When it's time to repay your loan, plus added interest and fees, you can choose between several repayment options. You can go directly to the office that holds your loan and repay it in person, you can pay via a post-dated check provided during the application process (some companies require this), or you can allow the loan amount to be deducted from your bank account (which most online payday loan lenders prefer).
Wyoming Payday Loan Laws and Specifications
The state of Wyoming is fairly generous in their specifications concerning payday advances. No maximum amount of the loan is specified and borrowers have one month to repay the loan, which is normally paid out of the following paycheck. There are also no specifications for how many payday advance Wyoming loans that can be outstanding by one person at any given time.
Service fees and finance charges are either capped at 20% of the loan amount or $30, whichever is higher. A 14-day loan of $100 at $30 equates to an APR amount of 780%. There are no extensions or rollovers on Wyoming payday loans so they must be repaid within a month, which is the specified loan tenure period. Collection fees are also not specified under Wyoming law, but criminal prosecution is prohibited.
Additional Information on Wyoming Payday Loans and Laws
Further information pertaining to Wyoming payday advance loans and the laws surrounding them can be obtained by contacting the following source.
Wyoming Division of Banking
Herschler Building, 3rd Floor East
122 West 25th Street
Cheyenne, WY 82002