Payday loans are legal in Wisconsin.
The minimum loan amount is not set. The maximum loan amount is $1,500 or 35% of the customer’s gross monthly income. The borrower can get 2 renewals, there is no limit to the number of payday loans online in Wisconsin but there should be a 24-hour cooling-off period between them.
NSF fee does not exceed $15; criminal actions against borrowers are prohibited in WC.
In-store and online payday loans in Wisconsin (Milwaukee, Madison, Kenosha, Hudson) are regulated by Wis. Stat. 138.14.
In order to operate in the state payday lenders (in-store or online) are required to have a license.
The maximum loan term is 90 days.
Wisconsin Payday Loan Regulations:
|Minimum Loan Amount||Not Specified|
|Maximum Loan Amount||$1,500 (or 35% of the gross monthly income)|
|Number of Rollovers Allowed||1|
|Interest Rate (APR)||574% APR|
|Minimum Loan Term||Not Specified|
|Maximum Loan Term||90 days|