Wisconsin

Requirements: Before dispersing funds, a payday lender in Wisconsin must disclose a notice that states the following information: payday loans are not intended to meet long-term financial needs, applicant should only use payday loans for emergency purposes, applicant may be required to pay refinancing fees if not paid in full, and that refinancing loans may cause financial hardship. In Wisconsin payday lenders are also required to provide a notice with an itemization of fees and charges.

Wisconsin law also requires that the Department of Finance provide educational materials to lenders about the dangers of refinancing payday loans. These books are meant for consumers. Under Wisconsin law, the Department of Finance can charge a small fee for these materials.

Fees: Currently cap limits on loan fees do not apply in the state of Wisconsin. Wisconsin is one of the only states that do not put restrictions on the amount of interest payday loan lenders can charge. According to one study most lenders in Wisconsin charge as much as 438% APR. The Senate is currently working on a bill (SB 96) to limit the interest rates to 26%.

Terms: There are no term limits on payday loans in Wisconsin. A payday lender can defer a loan as long as they like.

Loans: Wisconsin does not limit the amount that payday loan companies can lend.