Wisconsin payday loan laws

Legal Status: Legal

Citation: Wis. Stat. 138.14

Loan Terms:

Maximum Loan Amount: Lesser of $1,500 including fees or 35% gross monthly income
Loan Term: 90 days or less
Maximum Finance Rate and Fees: No Limit
Finance Charge for 14-day $100 loan: No Limit
APR for 14-day $100 loan: No Limit

Debt Limits:

Maximum Number of Outstanding Loans at One Time: No Limit
Rollovers Permitted: Yes, one renewal
Cooling-off Period: 24-hours after paying renewed loans
Repayment Plan:  Yes (4 equal installments; one payment plan offer per 12 months.)

Collection Limits:

Collection Fees: $15 NSF fee, check presented once
Criminal Action: Prohibited

Where to Complain, Get Information:
Regulator: Wisconsin Department of Financial Institutions
Address: Wisconsin Consumer Act Section, P.O. Box 8041 Madison WI 53708
Phone: (608) 264-7969
Fax: (608) 264-7968

Sourced from paydayloaninfo.org

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