Best Payday Lenders in Milwaukee, WI

How to get a payday loan in Milwaukee

For a payday loan in Milwaukee, the borrower trades an upcoming paycheck and pays service fees in exchange for a cash advance. Because payday lender rates are high — in 2017 the average annual percentage rate was 495.5 percent in Wisconsin — these loans should never be used as a long-term financial strategy.

Before taking one out, consider payday loan alternatives, like borrowing from a bank or credit union, getting a loan from a relative or friend, asking for an extension from a creditor or using a credit card cash advance.

Payday lenders in Milwaukee are licensed and regulated by the Wisconsin Department of Financial Institutions. According to state statutes, these rules apply:

• You cannot borrow more than $1,500 or 35 percent of gross monthly income, whichever is less.
• Terms must be 90 days or less.
• There is no maximum interest rate.
• If you fail to repay a loan in full by the end of the term, the lender must offer the opportunity to repay in four equal installments; the interest rate after the maturity date lowers to 2.75 percent per month.

There are different ways to get a payday loan in Milwaukee. Online payday loans allow you to complete the entire process over the web and get funds electronically. Some companies with brick-and-mortar locations ask that a borrower visit in person to complete an application.

Payday loan requirements in Milwaukee usually include:

• Government-issued ID
• Social Security number
• Income information
• An open and active checking account
• Contact information

Before signing a payday loan agreement, read it carefully and make sure you understand the terms. If you have any questions, ask the lender. Only borrow what you can afford to repay. If you are unable to pay back a payday loan in Milwaukee, be aware that the lender or a collection agency may attempt to collect the debt through letters, phone calls, personal visits or small claims court. But it is illegal for a lender to threaten or pursue criminal charges for failure to repay a payday loan in Milwaukee.