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I need to get rid of my payday debt. I have started by unauthorizing ach withdrawals with my bank. I am in WI, what is the max interest rate they can charge on an installment Loan? I'm not sure if Some of these are legal. One of them has charged me 700% interest.

As far as I know, there is no limit to an installment loan in Wisconsin. However, if it's an illegal loan, you're supposed to pay just the principal amount.

Sub: #1 posted on Fri, 07/13/2018 - 03:22

Craigh.terry Craigh.terry

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Installment loan or payday loan? See, if the loan you took out is payday loan and the lender is not legal in your state, then you just need to pay the principal amount. No need to worry about the interest rate.

But in case of other loans, the terms and conditions can be different.

Sub: #2 posted on Fri, 07/13/2018 - 03:48

Sanders Patricia Sanders Patricia

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700% interest rates!!! Jeez!!! I would have been dead long back. Who is this lender? I want to check him out. Really!!! Just tell me the names. The law states that payday loans shouldn't exceed 35% of your gross monthly income.

Sub: #3 posted on Mon, 07/16/2018 - 03:02

David Martin David Martin

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OMG!! 700% interest rate is absurd. Do not pay a single dollar extra rather than the principal amount. How much have you paid till now?
Can you please share the names of your lenders?

Sub: #4 posted on Thu, 07/19/2018 - 06:07

Barbara Delinsky Barbara Delinsky

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