What are payday loans, essentially?
Payday loans are a kind of short-term credits given under the condition of a relatively high interest. Even though some people consider an interest rate of 15-25% unfair, payday loans mostly are the only kind of credit available to individuals who, for one reason or another, are not eligible for bank credits. Also, as payday loans are often given without much paperwork and to the least creditworthy individuals, they are associated with a significant degree of risk for the lender themselves.
What reasons for taking a payday loan you meet most frequently in Wisconsin?
According to our statistics, nearly 70% of people borrow money to meet recurring expenses. This includes buying a laptop or phone, paying for gasoline for their car, organizing a party, as well as other consumption needs and convenience reasons. The other 30% cited an emergency need, such as unplanned medical expenses or a temporary income reduction.
What papers will I need?
Online loans usually require less paperwork; still, there is the necessary minimum of financial and personal information you must provide. Remember, that as a borrower you get subjected to those affordability checks for your own protection.
How much will I be able to receive as a Wisconsin resident?
The upper loan limit equals 25% of your gross monthly income, which reaches up to $1,500.
Can I apply and what are my chances to get a payday loan if I live in another state?
Only residents of Wisconsin can take loans in accordance with the state law.
How much will I get if I’m not a Wisconsin resident?
You need to have a legal Wisconsin residence to borrow money in any amount.
How much do you charge for your services?
Our services are completely free for any borrower. Primarily, our source of payment lies with lenders, whom we charge for each successful connection with a client.
Will my payment and personal data be secure with you?
We protect our resources and your data with McAfee Guard and encrypt it with the 256-bit SSL algorithm. Furthermore, we never share our data with unauthorised persons and third parties.
Will I have to take the credit if I send an application?
Whether you borrow the money or not is completely up to you. No one can force you to take a loan, especially if none of the offers is to your liking.
What happens if I have a bad credit history?
In most cases, nothing bad happens. Your credit score, of course, will be lower; however, this still gives you more than decent odds to borrow the required sum if it is not too large.
Do you need my fax?
We do not and never will. You can give us all the necessary information through the online form and this does not include scanned copies of any documents.
Can I get more than one payday loan?
No, getting more than one loan is forbidden. Any user trying to create a fake or duplicate account will be banned.
Will you be contacting my employers while processing the application?
No, we will not; in all our deals, confidentiality is strictly maintained.
What loan interests do lenders usually impose?
Loan interest rates are regulated by the state legislative norms. In Wisconsin, lenders are permitted to calculate the monthly interest rate at one-thirtieth for each day the loan remains unpaid. However, after the loan is due, they must lower the rate to no higher than 2.75% per month.
Therefore, if your loan sum amounts to $1,000 with a loan term of 8 days (the minimal possible), your lender’s interest cannot be higher than 1,000/30 x 8 = $266,6. Please mind that actual rates are usually lower due to a certain level of competition between lenders.