Online Payday Loans in Wisconsin
We've all found ourselves there a time or two, where some unforeseen expense occurs be it vet costs, utility shutoff notices, or possibly an expense that we forgot about. In times such as this, you should apply for a payday loan in Wisconsin.
The process of applying for a cash advance loan is fast and effortless. However, you do need to satisfy specific criteria to make sure you're eligible.
What Exactly is a Payday Loan And Why Is It Needed?
A cash advance loan is when an individual borrows a small amount of cash on a short-term basis that they're obligated to repay with their next paycheck. This kind of loan doesn't require collateral, therefore it's considered an unsecured loan.
Having access to a payday advance loan will help pay for surprise expenses that pop up like car costs, medical costs, eviction notices, outstanding utility fees, and a lot more.
What Are The Guidelines For Cash Advance Loans in the State of Wisconsin?
To be able to get a payday loan in Wisconsin there are a handful of standards the borrower has to satisfy in order to qualify, such as:
- Be 18 years of age or older
- Be able to provide a social security number
- Have proof of being a resident of Wisconsin
- Have proof of a stable income of at least $1,000 per month
- Submit an email address and phone number
- You may not be bankrupt or in debt
The failure to meet the criteria above will result in an automatic denial of your request. Always ensure that you have the right documents on hand when requesting a loan.
Payday Advance Loan Rules and Laws in the State of Wisconsin
With payday loans come certain rules and regulations particular to the city. We've outlined a couple of these, specific to the state of Wisconsin:
- The maximum loan amount is $500 for a single payment back and $1,000 for multiple repayments
- The annual percentage rate is 304%
- The state of Wisconsin does not agree to rollovers therefore the loans have to be repaid within the agreed upon time frame
There are distinct time frames for one-time payment loans and multiple installment loans.
- The borrower has 7 days to remit payment for a single-payment loan
- For multiple installment loans, the borrower has 60 days to remit payment
- The borrower will receive no more than 31 days to repay a single-payment loan
- 90 days will be allotted to the borrower for repayment on a multiple installment loan
Do Payday Loan Lenders Check Credit History?
Lenders will perform a credit inquiry, but it's not the usual credit inquiry you may be familiar with. They will perform what's called a soft credit check which looks into your general details in addition to your entire credit history.
The soft credit pull will not affect your credit, whereas a hard credit inquiry will. However, this needs your permission and is usually only used for rental applications, credit cards, car loans, and more.
Can I Receive a Payday Advance Loan with Bad Credit in Wisconsin?
If you're concerned due to the fact that you have dismal credit; there's no need! You can still be approved for a payday loan with bad credit or no credit, in Wisconsin. If you have proof that you can repay the loan, lenders typically aren't worried about your credit rating.
Irregardless of if you request a loan online or at a payday advance lender storefront near you, always have your proof of income available as well as other documents proving that you're able to repay the loan. With additional evidence, you raise the chances of approval.
When Will The Cash Appear In My Bank Account?
Generally, most borrowers can expect that their money will appear in their checking account the following business day. However, this relies upon a few things such as:
- The time and day you apply
- Who your bank is
As long as you apply before 10:30 AM when you are trying for a same-day payday advance loan in Wisconsin, it will strengthen the chance that you receive your deposit on the same day you apply. Obviously, only if you're approved.
Bear in mind that banks, as well as a lot of other businesses, close during the weekends, and on holidays. Meaning, if you request a loan the day leading up to a holiday, or before the weekend, there's a chance your deposit will be postponed.
Who Do You Do Your Banking With?
Something else you'll want to be cognizant of is who you bank with. Financial institutions have their own procedures concerning releasing funds. Some may be okay with releasing them the same day whereas others will rely on a 3 to 5 day holding period.
You have the option to tell your banker that you are applying for a cash advance loan so that they might make an exception on when to transfer the funds to your checking account. If they won't offer an exception, you can ask them what their policy is so that you're informed.
Cash Advance Application Process In the State of Wisconsin
The payday loan application process in Wisconsin is straightforward. It doesn't matter if you have no credit or even bad credit, you can still get approval. You don't need to go somewhere if you want to apply through us online. Or, you can locate your nearest lender's storefront.
Regardless, whatever you pick, all you must have is your basic information like your email address, phone number, social security number, etc.
Should you decide to visit your nearest lender at their storefront, ensure you have your government ID or passport to prove your identity. They might also require verification of address to show you live in Wisconsin, as well as verification of income.
Think About Working With Us
We are an online service that provides payday loan applications online in Wisconsin. We are partnering with over a hundred direct lenders who also provide services online. Plan to receive your deposit by the next business day.
If you would rather, you can always locate the nearest payday loan storefront and apply there. This may strengthen the likelihood that you receive your deposit on the same business day as long as you apply before 10:30 AM.
To find a payday loan storefront close to you, locate your city on the list below:
If you need cash as soon as possible, consider applying in person instead of online. If approved, you will get your money almost immediately. Please find the list of cities in California to find the nearest payday loan storefront.