Applying for Wisconsin Payday Loans
What is a Payday Loan?
A payday loan or payday advance is a small financial loan; typically up to $1000, that can be used to help resolve short term financial emergencies. Payday loans can be an excellent short term source of emergency funds, but the loan needs to be repaid when you get your next paycheck. The loan payment date will be clearly spelled out in the signed loan agreement.
What is the APR?
We are not the lender. Only your lender can provide you with information about your specific loan terms and APR and the implications for non-payment of your loan. The terms of the loan will be clearly spelled out in your loan agreement, please review the loan agreement and related documents before signing. If you do not find the terms of the loan acceptable, you can refuse to sign the loan agreement. You are under no obligation until you sign the loan agreement. Ask your lender for their current rates and charges and their policies for non-payment.
Our lenders may offer you a loan with an APR between: 200% and 2281%. Loans on the lower end of the APR range may be for a larger loan amount and for a longer term. Loans on the higher end of the APR range may be for a smaller loan amount and for a shorter term. Depending on your credit needs and desire to pay your loan off quickly, your lender may only offer you loans with an APR near the high end of the range displayed.
What if I don't pay (implication of non & late payment)?
If you do not pay your loan according to its terms, your lender may:
-Charge you late fees
-Send your account to a collection agency
-Report your information to a consumer reporting agency, which may negatively affect your credit score
-Offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest
More on payday loans in Wisconsin
Obtaining payday loans in Wisconsin
is not at all difficult. Unlike other states, Wisconsin does not limit how much a person is allowed to borrow from a payday loans company. However, the state also places no limits on the fee or interest rate that a lender is allowed to charge for such a loan. There are also no state mandated limits on the time frame for repaying the loan. In essence, it is up to the lender just how much money to lend out, how much interest to charge and what repayment time frame to set on the loan. The consumer will always want to check with the latest rules and regulations, as payday laws are constantly evolving. Allow Bridge Payday Loan to help you get a payday loan in Wisconsin today.
While a person could technically apply for a large payday loan, it is important to realize that all payday loans companies charge a fee and/or interest rate. A wise individual will assess just how much he or she can actually afford to borrow before applying for a loan. Making a repayment plan before borrowing the money is also a wise idea. One should keep in mind that most payday loans companies do not allow more than a month for the loan to be repaid in full. Furthermore, many companies impose a hefty fee if one does not repay the loan on time and in full.
What are the Requirements?
There are not many requirements that one will have to meet in order to take out a loan, but there are a few. First of all, a person must be of legal age in order to take out a loan. Secondly, he or she will need a bank account where the loan can be deposited once the application has been approved. A person will also need to show proof of employment in the form of paycheck stubs. Getting a loan without such proof is difficult but not impossible. A number of payday loans companies are willing to grant payday loans for entrepreneurs and self employed individuals who can show proof of regular income in the form of check stubs or bank account statements.
One will need to fill out a loans application and turn it in to the lender. Thankfully, nearly all payday loan companies have a website with online application forms. All a person has to do is fill out the application form and send it in online. The answer is delivered to the email address that one puts down on the form.
Avoiding Common Mistakes
There are two common mistakes that people make when applying for a payday loan. One mistake is failing to re-read the form before sending it in. A person should have all of his or her vital information on hand when filling out a loans application. The application should then be double checked before it is sent in, as it is all too easy to make a small mistake that can result in an application being delayed or even denied.
Another common mistake is failing to read all the terms and conditions set forth by the lender. These should be read carefully before sending the application in. Check and see if there is a penalty fee for repaying a loan too early, what the deadline for repaying the loan is and what the fee is if the loan is not paid on time.
Taking out payday loans in Wisconsin is not at all difficult. However, it is important to understand how the process works and it is especially important to read all the lenders terms and conditions before taking out such a loan. A wise individual will also carefully consider how much money to ask for and make a realistic plan for repaying the loan on time.