Need info on Wisconsin laws for payday loans

Hi olive :)

Please check your private message inbox in a few minutes as I will be sending you some links regarding Wisconsin payday lender laws. :)

~Mary

I am sure Mary might have helped you in the best possible way. I will like to post the link to this WI legislature website which will give you very useful info.

http://www.legis.state.wi.us/lrb/pubs/wb/00wb7.pdf

Read the permissible interest rates and the maximum amount of loan lent in your state. The lenders should not charge more than the permissible amount. Apart they have to be licensed first.

Thank you John!! I appreciate you posting that link as I did not see it before. :)

~Mary

:)

so if a company is not licensed in my state wi. is that illegal right there? and do i have to pay these back?

The company must be licensed in a state before issuing any loan. A consumer must be aware of this fact before entering into any agreement. Now, that you have already taken the loan from them, there is a need to pay them back. But it has to be within the permissible interest caps. They can't charge you above the rates fixed in your state. If they do so, you can file a case against them. The company will come under serious problems for not being licensed in your state and over charging you.

What are the legal recoures on payday loans in the state of Wisconsin? Can they sue or have you arrested?

Please check the US payday loan laws of Wisconsin.

Please remember debt is a civil matter not criminal. There are no debtors prisons, we would all be there.

Karile, What is the name of the PDL? Some internet PDLs are illegal and even if you defaulted can not sue you.

Karlie you should start a new thread.

It all started with needing money to take a trip to texas to see my dad. I loaned $250 from a check advance. Then I went to get a laptop from a rent to own place for school I needed a down payment so I took out another loan. I just coudlnt seem to stop it became extremly addicting to me. I had all ententions on pay back every loan I took out. but then they all started collapsing down on me and I can't keep up with them. What do I do? Does anyone know the laws in wisconsin dealing with payday loans? Could I go to jail for this? Because I know that you can get into alot of trouble for nsf checks. What is going to happen to me if I can't keep paying these out ragous debt I put myself into!

ash,

I am brand new, but I am hoping to help. I am doing my own research right now on my situation.

From what I have read, you should not worry about going to jail and do not let anyone tell you different. It seems the problem with Wisconsin is that even if a company is not licensed in Wisconsin, they only have to be licensed somewhere in the US. Again, I am no expert and have only been researching this kind of thing for just a few days, but I am bound and determined to help anyone else that I can.

From what I have read, the best thing for you to do is to start a new thread detailing each loan place, the amount of the loan, and what you have paid them.


If anyone has a chance to read my information, I would appreciate it...

http://www.debtconsolidationcare.com/paydayloan/thread57355.html

Also, does anyone know how I become a member?

Best Regards,

SicknTired

Sickntired:

I have found myself in the payday trap, as of tomarrow I will begin defaulting on my loans. I have no Idea where to turn. I myself is looking for Wisconin pay day loan laws.

Do you know anything about the following PDL.

Paydayone
loanpoint
cashcentral
loanshack
inmyaccount
summit group
starcash
purpose cash
Elastic
paychecktoday

Yes, this is who I currently have loans with. I have no idea what to do. I thought about PDL consolidation but have not read real good reveiws about them.

Can anyone give me advice.

Is it true that as of Jan 2011 if you are a reciepiant of SSI you will no longer be able to utilize a payday loan with out a weekly or bi weekly payday from an actual job?

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