How Long Can You Take a Loan For in Wisconsin?
The maximum payday loan term in Wisconsin is 90 days, with minimum payday loan term unspecified.
There are no limits on the number of loans that can be renewed, but there is a 24-hour cooling-off period between them.
Payday Loan Amount You Can Get in Wisconsin
While the minimum loan amount is not regulated, the largest amount of loan one can borrow should not exceed 35% of his/her monthly gross income or $1,500 plus charges.
What’s the Charge of Interest Rate and Fees in Wisconsin?
As per 138.14(10)(a)1., there is no limit to the interest rate that may be charged, unless stated in sub. (12) (b), as long as it is imposed prior to the loan's maturity date.
A licensed lender may charge an interest rate of no more than 2.75% per month if and when a payday loan is not repaid in full before the loan's maturity date, with the exception of licensed lenders who have made subsequent loans to the borrower.(138.14(10)(a)2.)
Cost of a $100 Payday Loan in Wisconsin:
With a 14 days term:
Loan cost: $100*574%*(14/365) = $22
To return: Principal + Loan cost = $100+$22 = $122
- NSF fee exceeding $15 is not allowed.
- In the state of Wisconsin, any criminal action against the borrower is forbidden.
To inquire or complain about payday loans within the state of Wisconsin, visit Wisconsin Department of Finance.