Is There a Specified Maximum Amount in Wyoming?
No. Wyoming does not put a ceiling on the loan amount people can borrow. Also, there is no limit to how many loans a person may apply for.
How Wyoming Regulates Rates, Fees and Other Charges?
Interest rates in Wyoming aren't subject to any restrictions. Payday loans in Wyoming can come with an APR of 261%. The maximum payday loan charges in Wyoming have been capped at $30 or 20% per month.
How Is the APR Calculated For a $100 Payday Loan in Wyoming?
If the term is 14 days
Interest Rate (APR): 261%*
Loan Cost: $100*261%*(14/365)=$10
To Return: Principal+Loan Cost=$100+$10=110
What Are the Maximum Term for a Payday Loan in Wyoming?
A payday loan can be taken for a maximum of 10 weeks. Loans can be rolled over if the term does not exceed 10 weeks.
Since July 2020, as permitted by the Consumer Financial Protection Bureau (CFPB), lenders are no longer required to verify if a borrower can repay the loan. Before taking out payday loans,
- access your current financial situation to see if you have the ability to meet your financial obligations. Default payment penalties can throw you into a never-ending cycle of debts.
- Lenders are prohibited to take any criminal actions against borrowers.
- Borrowers are forbidden to secure a payday loan from another lender to repay the loan to the previous lender.
- Lenders must provide a repayment plan every 12 months that allows borrowers to repay the loans in 4 installments over 60 days, if the borrower requests one.
- Borrowers cannot refinance a payday loan into another payday loan.
If you want to find more details about payday lenders in Wyoming, visit the Wyoming Division of Banking.
To file a complaint online, go to the page of the Attorney General’s Consumer Protection Unit.