Wisconsin Payday Loan Rules and Regulations
Payday loans in Wisconsin were largely unregulated until new legislation passed last year. The new payday loans in Wisconsin make the lending industry fair for both lenders and consumers while protecting customers from fraud, dishonesty, and predatory practices.
Wisconsin payday lenders may issue payday loans up to $1500 or 35% of the borrowing customer’s monthly income, whichever is less. Lenders may charge any interest rate they see fit. The average cost of a payday loan in Wisconsin is $20 per $100 borrowed. Consumers can compare lenders online to find the best affordable rate from lenders licesned in the state.
Payday loan laws in Wisconsin permit one rollover per customer. Each customer may only have one active payday loan at a time, and lenders must check a statewide database to ensure that a customer does not have any outstanding payday loans with other lenders before approving a new cash loan.
Wisconsin also protects a consumer’s right to rescind a payday loan. If you’ve changed your mind about borrowing a payday loan, you must let your lender know before 5 p.m. To cancel your loan after signing the paperwork.
You can search online for affordable payday loans in Wisconsin. Many [...] Continue Reading…

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