Find the Best Payday Lenders in Green Bay, WI

Payday lending is illegal and unavailable to consumers in some states. Payday loans usually have very high interest rates and carry risk. As with any loan, consumers should have a clear understanding of the fees, terms and conditions of any payday loan before borrowing.

How to get a payday loan in Green Bay

Payday loans, usually between $100 and $1,500, are short-term, high-interest loans that give borrowers quick access to cash. This type of loan can be beneficial in Green Bay, where median household and per capita income is lower than the national average, and the percentage of people in poverty is 50 percent higher than across the U.S.

Payday lender rates are extraordinarily high, so they should not be used as a long-term solution. The average annual percentage rate (APR) of payday loans in Wisconsin in 2017 was almost 500 percent. But in circumstances where family, friends, banks or an employer are unable to help, payday loans can be an emergency fix.

In Wisconsin, payday loans are limited to the lesser of $1,500 or 35 percent of monthly gross income, with no cap on rates. Though the law allows lenders to take a number of different steps against borrowers who fail to repay a loan by the maturity date, Wisconsin prohibits these businesses from garnishing wages or threatening to pursue criminal charges. Lenders may, however, try to collect debt through phone calls, letters or personal visits; report the account as past due with a credit agency; assign the debt to a collection agency; or file a small claims action in court.

Although payday lenders may deny a loan for a number of reasons, they typically have more relaxed policies than banks when it comes to credit scores. Many times, people with bad credit or no credit can get approved for a payday loan.

It’s best to call a payday lender or check its website to ensure you bring everything necessary with you to apply. Most lenders have common requirements:

• Proof of regular employment
• A bank account
• Government-issued ID
• A personal check
• A valid Social Security number

The process of applying, getting approved and receiving your funds can vary depending on which company you use, but funds are usually available within one business day — and sometimes immediately. Before you sign any agreement, get multiple quotes, clear up any questions and understand any additional fees that may be charged. Above all, only borrow as much as you can afford to repay on the due date.