Payday installment loan- WI

Hi,

Welcome to the Forums..!!!

Well you stay in WI and payday loan lending is legal there. Payday loan laws in Wisconsin do not specify any particular relaxation in the repayment plan even though you're going through financial hardship. As per the law, a check that is given as a security to a loan can never be considered "worthless" and therefore the lenders cannot take any criminal action against you. But inability to repay your loans may have an adverse impact on your credit score.

There is a way that you can opt for. This is known as payday loan consolidation. Here you have to make a single monthly payment to the consolidation company and your interest rates will also be lowered through effective negotiation with the lenders. You can repay the entire amount and also protect your credit score at the same time. To know more on payday loan consolidation, you may check,

http://www.debtconsolidationcare.com/paydayloan-consolidation.html

Hope this helps..!!

Lending of pdls is legal in the state of WI. You can know about legal and illegal pdl companies from the Wisconsin Department of Financial Institutions. You will be liable to pay both the principal amount and interests if they are licensed to operate in your state. Otherwise, you are required to pay only the principal amount. If you are in a financial crisis and can???t repay the bill, then you may negotiate with your lenders. You may try to settle the debts on your own. If the lenders don???t agree to negotiate with you, then you may get help from a reliable payday loan debt settlement company. If you default on your loan, then the lenders may sue you. The following links may help you in this regard:
http://www.debtconsolidationcare.com/paydayloan-settlement.html

Amy, you need to brush up on the laws for WI. Effective Jan 1, 2011, every PDL company is REQUIRED to offer an EPP that consists of 4 equal payment on the borrowers next 4 payperiods. There is also a cap on the amount that a lender can loan, which is 35% of adjusted gross monthly income.

To the OP, please supply the name of your lender, the amount and whether it is internet or storefront. Also, please clarify if this is a PDL or installment loan. There is a BIG difference since the beginning of 2011 as they each operate under seperate laws.