Milwaukee is a city in the United States of America and lies in Wisconsin. Milwaukee is the largest city in the state. The economy here is guided by multiple industries and manufacturing industry is the major one. This city has an old relationship with beer and is famous for its brews and brewing culture. These breweries have also become a major part of tourism as most of them offer tours to tourists. Apart from that it also houses the famous Harley Davidson museum which attracts a lot of bike lovers.
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As a citizen residing in Milwaukee Wisconsin, you may come across the need for an instant cash loan for any financial emergency. Payday loans are the answer to your problems. A payday loan is simple to understand, the lender offers you a quick cash advance which you must repay as soon as you get your next salary.
You may wonder why you would need payday loans, and there may be various reason like:
- Sudden medical emergency you need to pay for, however, salary is still a few days away.
- You spent all your salary before the month ended and need a cash out till your next salary.
- You have a bad credit history which you want to improve, to have a good record for any future financial transactions.
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Payday loans in the past used to be considered as dangerous loans which could pull the borrower into a loan trap. To improve this and protect you from the pitfalls of these loans state governments define rules and regulations for lenders and borrowers both. Some states in the United States of America have even given an illegal status to these loans.
Payday loans are legal in Wisconsin. The state government regulates this industry with a set of rules and regulations through the Wisconsin Department of Financial Institutions. If any consumer finds that a lender does not comply with these rules they can file their complaint at this department. Some of the regulations described are:
- Loan amount – Maximum amount loaned can be $1500 or 35% of your monthly salary.
- Tenure – Maximum loan term can be 90 days.
- Cost – No limit is defined on the finance charges.
- Annual Percentage Rate – As there is no limit on the interest rates or other fees, there is automatically no limit on the APR.
- The Number of loans – A borrower can have any number of loans they need and the state does not define any limit on that.
- The Number of rollovers – You will be allowed only one renewal on your loan. There is also a 24 hour cool off period required after you have paid off the renewed loan.
- Repayment plan – A Repayment plan is required. You can repay in four equal installments or lender must give one payment plan offer for 12 months.
- Non-Sufficient Funds – Criminal action against the borrower is prohibited and as a collection fee, a one-time $15 fee can be taken.
As explained you understand why you may need to go for a payday loan, you also understand various rules for payday loans in Wisconsin. If you read the rules regarding cost or finance charges you will realize the government does not put any limit on that, and, because of that payday loans may turn out to be a very expensive option for a short-term cash advance.
As a consumer analyze your need and try to find out if there are any other options you can explore. Discussing your needs with a financial advisor can also help you get the right direction to solve your problems. If after exploring all other options you still think online payday loans no credit check instant approval are the way to go, find a good and licensed lender and understand all the terms and conditions of the loan agreement and only then go ahead.