Payday Loans Wisconsin

Access quick cash in Wisconsin through zaving's user-friendly online application process for payday loans.

Last updated by Zaving Editorial Team, on April 15th, 2024

Zaving offers payday loans in Wisconsin, providing a straightforward solution for your financial needs. Apply online, whether you're in Milwaukee, Madison, Green Bay, or any other city in Wisconsin. Get started today with zaving!

What are payday loans and can I get them in Wisconsin?

Payday loans offer people facing urgent financial needs quick access to cash, which typically must be repaid in a short timeframe. In Wisconsin, payday loans are legal, with relatively relaxed regulations compared to other states. This means that while payday loans are easily accessible in the state, available from both storefront locations scattered throughout the state or online platforms, they can come with substantial fees and high-interest rates, making them an expensive form of borrowing.

Eligibility requirements for payday loans in Wisconsin are include:

  • Age: Applicants must be at least 18 years old.
  • Income: Proof of a steady source of income, such as employment or regular benefits like Social Security or disability payments, is required.
  • Residency: Borrowers must be US citizens or permanent residents and live in Wisconsin.
  • Bank account: An active checking account is generally necessary, as it is where the loan funds are deposited and repayment is withdrawn.
  • Identification: Applicants are often required to provide a valid government-issued photo ID for identity verification.


The high fees and interest rates associated with payday loans make them a risky option for borrowers, potentially trapping them in a cycle of debt if not managed carefully. Therefore, before considering a payday loan in Wisconsin, it's crucial for borrowers to thoroughly understand the terms and conditions of the loan and ensure they are able to pay back their loan on time. 

What are the rules for payday loans in Wisconsin?

In Wisconsin, payday loans are governed by specific regulations.

These include:

  • Maximum loan amount: The maximum loan amount is either $1,500 or 35% of the customer's gross monthly income, whichever is less.
  • Loan term: Payday loans must have a maximum term of 90 days or less.
  • Interest: There is no limit on the interest that a lender may charge. In reality, this can lead to APR rates in excess of 500%.
  • Fees: If a payday loan is not paid in full by the due date, the lender may charge interest up to 2.75% per month until it is paid.
  • Rollovers: One rollover is permitted.
  • Cooling-off period: A 24-hour cooling-off period is required after repaying a renewed loan.


Wisconsin's regulations provide limited consumer protections, so it's important for borrowers to be aware that there is no limit to the maximum finance rate or fees that lenders can charge. Therefore, they should ensure they can make repayments on time to ensure they don’t get trapped in a cycle of debt.

What are the pros and cons of payday loans in Wisconsin?

Before applying for a payday loan in Wisconsin, it's crucial to carefully weigh the advantages and disadvantages to make an informed financial decision.

Pros:

  • Fast and easy access to cash: Payday loans are known for their quick approval process, which can be appealing for individuals facing an emergency expense and needing immediate cash.

  • Relatively high loan amount: Compared to payday loans in some other states, the maximum loan amount in Wisconsin is higher, offering more flexibility for covering larger expenses.

  • Convenience: Payday loans are readily available from storefront locations and online platforms, providing convenient options for borrowers who need immediate funds without lengthy application processes.

  • Minimal requirements: Compared to traditional loans, payday loans usually require minimal documentation, making the application process quick and straightforward.

Cons:

  • Extremely high interest rates: Without a cap on interest rates, payday loans in Wisconsin can incur APRs exceeding 500%, significantly increasing the total repayment amount and trapping borrowers in a cycle of debt.

  • Additional fees: Beyond high interest rates, rollovers and late payment fees can further add to the financial burden for borrowers struggling to repay the loan.

  • Risk of debt trap: Due to the combination of high costs and short repayment terms, payday loans can easily lead to a debt trap, where borrowers are forced to take out new loans to repay old ones, perpetuating the cycle of high fees and interest charges.

  • Limited regulations: Compared to other states with stricter regulations, Wisconsin's loose restrictions on payday lending leave borrowers more vulnerable to predatory practices and unfair terms.

More of your frequently asked questions about payday loans in Wisconsin

Can I take out multiple payday loans in Wisconsin?

Yes, it is possible to have multiple outstanding payday loans in Wisconsin as the state does not set any limits on the number of loans you can have at any one time. However, the total amount of outstanding loans should not exceed $1,500 or 35% of your monthly earnings, whichever is less.

What happens if I can't repay my payday loan in Wisconsin?

If you're unable to repay your payday loan in Wisconsin, it's crucial to communicate with your lender as soon as possible to discuss your situation and explore possible solutions. If you default on your loan, a lender can charge you 2.75% per month in interest until you fully repay your loan, potentially increasing the total amount owed significantly. Additionally, if the lender attempts to cash a check or withdraw money from your bank account and you don't have sufficient funds, they can charge a $15 non-sufficient funds (NSF) fee. However, borrowers have an option to request a repayment plan once every 12 months, allowing them to pay off the outstanding balance in four equal installments. By reaching out to your lender and discussing your situation, you may be able to negotiate a more manageable repayment plan, reducing the risk of additional fees and penalties.

Can I get a payday loan in Wisconsin with bad credit?

Yes, individuals with bad credit can potentially qualify for a payday loan in Wisconsin. Payday lenders typically focus less on credit scores and more on the borrower's ability to repay the loan based on their income. Therefore, as long as you have a steady source of income, such as employment or regular benefits, you may still be eligible for a payday loan regardless of your credit score. However, it's essential to note that payday loans in the state can come with extremely high interest rates and fees, so borrowers should carefully consider their ability to repay the loan on time before proceeding.

What are some alternatives to payday loans in Wisconsin?

In Wisconsin, alternatives to payday loans include seeking assistance from credit unions, which often provide small-dollar loans with more favorable terms, such as lower interest rates and longer repayment periods. Additionally, individuals can explore personal installment loans from banks or online lenders, which allow for repayments over a longer term. Nonprofit credit counseling services offer financial advice and may provide debt management plans to help individuals better manage their finances. Emergency assistance programs from local community organizations and government agencies can also provide financial support in times of need. Lastly, borrowing from family or friends may offer a more flexible and affordable option, but it's essential to establish clear terms and repayment plans to avoid potential strain on relationships.