Features of Payday Loans in Wisconsin
Posted on Sunday, July 12th, 2009 at 2:58 pm in Cash Loan Info by State
Wisconsin can be termed as a virtual paradise for payday lending agencies. The US state of Wisconsin has legalized payday loans in the state. However, no restrictions or regulations on the interest rate, loan tenure or the number of payday loans has been made regarding extension of such loans within a period of time. Thus, as a resident of Wisconsin, if you need some emergency cash before your salary is due, then just drop into one of the payday loan outlets in your area in Wisconsin. There are payday lending agencies in galore in all the major cities of Wisconsin like Milwaukee, Kenosha, Appleton, Racine and Green Bay etc. Different surveys prove that currently there are nearly 600 payday lending agencies operating in Iowa.
Payday loans in Wisconsin are usually same-day loans which get approved within a period of 24 hours. These short term cash advance loans are usually extended for a period of 15-31days. You need not furbish any credit information to obtain a payday loan in Wisconsin. These payday loans also don’t require any collateral in exchange of the loaned amount and hence they don’t require any elaborate paperwork to be submitted to the lenders. However, since risk factor for the lender is quite high in case of payday loans that accounts for the high rate of interest rate of these payday loans of Wisconsin.
Thus, because there are no restrictions on payday loans in Wisconsin it is quite a cake walk to procure such a loan there. However, states like Wisconsin which has legalized payday loans but has not imposed any restrictions on them face another kind of problem. There are no restrictions on the number of payday cash advances that can be obtained within a certain period of time. This is why people opt for recurrent payday loans to tide over some trivial cash needs like paying the water tax or even for trips or tours.
This often leads to irresponsible borrowing trends, when people cannot pay off the existing payday loan with its high interest. They opt for another loan to pay off the existing one. This in turn results in a vicious circle of multiple payday loans and extensive debts which subsequently culminates in financial bankruptcy of the compulsive payday loan borrower. As citizen of Wisconsin you should act responsibly while you apply for a payday loan. Try to repay the loan as soon as possible by bringing down your overall expenses. If you can’t handle your payday loans and other debts alone, then you can also take the help of debt counselors or opt for effective debt consolidation system to take you out of your loan quandary.
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