Installment Loans in Wisconsin
It's time to learn about installment loans in Wisconsin if you're in need of cash in an affordable and fast way. There aren't many sources of funding out there that are quite as fast as this great option.
When you take out Wisconsin installment loans, you can get the funds you need on the same day in a lot of cases.
By reading more about what an online installment loan can do for you, you can find the best option for how to deal with your budget.
The steps to applying for this type of loan
There are certain steps you'll go through to be considered for installment loans Wisconsin. The first step is to learn about the product and decide if you want to apply.
You should know about what the requirements are before starting.
- Meeting the age requirement - One basic requirement is the age requirement. In order to be considered for Wisconsin installment loans, one has to reach the age of 18. Age will be verified in the application process because a copy of one's identification should be sent in.
- Having a checking account - The checking account is necessary because it is used to provide the funds to the consumer upon approval for the loan.
- Residing in the country full time - Only permanent residents and/or citizens can succeed in being approved for a loan.
- Being able to present evidence of documented income - Evidence of income like paystubs will be asked for as part of the application.
Biggest benefits consumers can take advantage of
There are numerous benefits to be had with installment loans Wisconsin. Probably the biggest benefit to installment loans online is that the funds are deposited so quickly. Funds for installment loans online can come on the same day as approval.
An online loan provides unprecedented convenience. In the past, prospective borrowers would have to apply in person and interview for a loan. This is not a requirement for an installment loan estimate. The process can take place entirely online.
The credit benefit to an online loan like this should be considered. For an online installment loan, credit requirements are not typically very strict. A high credit score is not always required for an online installment loan because other important considerations are factored into the equation like the income level of the applicant in question.
Key differences in comparison to other loan types
You don't have to take out a payday loan, title loan, or traditional personal loan from a bank with an online installment loan. You can take out an online loan that is quite distinct from these other common loan types.
One thing to consider that makes installment loans Wisconsin different is that they don't require collateral. Perhaps you don't have any collateral available. In this case, Wisconsin installment loans are perfect. No collateral is necessary to secure the loan. If you were to take out a car title loan, you would need to use your vehicle as collateral. That's not the case with these loans.
If you want to take out a payday loan, you need to have a paycheck. Having a paycheck is not a requirement to take out Wisconsin installment loans.
Another key different with this type of loan is that an installment loan online does not require you to apply at a financial institution. As long as you have an internet connection and a device you can use to connect to the internet, you can apply for installment loans in Wisconsin.
Requirements to Apply
- Age requirement: You have to be 18 years or older to be apply.
- A checking account: You must have an active checking account.
- Living in the USA: Only permanent residents and/or citizens of the USA can be approved for a loan.
- Documented income: Evidence of a documented income will be needed to be approved.
State Regulatory Agency
Wisconsin Regulatory Agency Contact Information:
- Wisconsin Department of Financial Institutions
- 201 W Washington Avenue, Suite 500
- Madison, WI 53703
- Phone: 608.261.9555
- Fax: 608.261.7200
Legal Regulations for Wisconsin Installment Loans
- Statute Citation: Money & Rates of Interest: Chapter 138
- Regulator: Wisconsin Department of Financial Institutions
- Interest and Permissible Fees: $9.50 per $100 per year on loans up to $1,000; $8 per $100 per year on remainder.
- Wisconsin Average APR: 89-449%
- Maximum Loan Amount: $3,000
Credit Counseling Information
Personal installment loans should not be used as a long-term financial solution. They are geared for short-term financial needs only. A customer with credit difficulties should look into credit counseling. For more information, please see below:
- National Foundation for Credit Counseling: www.nfcc.org
- Consumer Credit Counseling Services: www.credit.org/credit/
- The Credit Counseling Professionals: www.consumercredit.com
- Credit Counseling Services: www.consolidatedcredit.org
Example of Installment Loans Terms and Repayment
- Loan Amount - $500
- Biweekly Payment - $85
- Duration in weeks - 26
- Total Due - $1,105
- APR - 360%
- Loan Amount - $1,000
- Biweekly Payment - $132
- Duration in weeks - 52
- Total Due - $3,432
- APR - 328%
- Loan Amount - $2,000
- Biweekly Payment - $258.29
- Duration in weeks - 34
- Total Due - $4,390.93
- APR - 275%