Wyoming

License: In order for a payday loan lender to operate in the state of Wyoming they must be licensed and in accordance with W.S. 40-14-634. Each applicant is required to pay an application fee of $500 and supply administer within 30 days of commencing business the following information: name of the applicant, name of the business, and the address of the payday loan store.

Fees: In Wyoming payday loan lenders can charge up to $30 or 20 percent per month interest on the principle balance of the loan.

Loan amount: Wyoming is one of the only states that do not have a limit on how much a lender can loan their customers.

Terms: The maximum term for payday loans in Wyoming is one calendar month.

Requirements: In Wyoming a payday lender is required to post in a conspicuous place their schedule of fees. The payday lender must also disclose the borrower’s rights in clear understandable language. Under Wyoming law a debtor has the right to rescind their payday loan. The lender then has 20 days to refund the borrower’s money.

Prohibited: No proceeds from a payday loan can be refinanced, or consolidated by proceeds of another payday loan.