Payday loan laws in Wisconsin
Status: Legal (Wis. Stat. 138.14)
For Lenders
Lending specifications:
- Maximum loan amount: $1,500 including fees or 35% gross monthly income; which is lesser
- Loan tenure: 90 days or less
- Fees and finance charges: No limit
- Finance charge on a 14-day $100 loan: No limit
- APR on 14-day $100 loan: No limit
Collection restrictions:
- Collection fees: $15 NSF fee
- Criminal procedures: Prohibited
For Borrowers
Debt limits:
- Maximum no. of outstanding loans at a time: No limit
- Rollovers allowed: One
- Cooling-off period: 24 hours after paying renewed loans
- Repayment plan: Available (4 equal installments at no additional cost)
Complaint cell:
- Regulator: Wisconsin Department of Financial Institutions
- Address: Wisconsin Consumer Act Section, P.O. Box 8041 Madison WI 53708
- Phone: (608) 261-9555
- Fax: (608) 261-7200
- Regulatory contact: Paul Egide, Consumer Act Director
- Website: www.wdfi.org
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File complaint: www.wdfi.org/wca/consumer
_credit/complaints_and_questions.htm
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Please consult a qualified attorney for advice on your specific situation.
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