Wisconsin - OppLoans

Wisconsin

Wisconsin Financial Snapshot

At a Glance

Wisconsin

Nickname: The Badger State or America’s Dairyland
Population: 5.81 million
Capital: Madison
Website: www.wisconsin.gov

In 2015, America’s Dairyland experienced a growth in median household income for the first time in 8 years. Wisconsin families make an average of $60,773. According to Realtor Magazine, the average 2017 credit score in the Badger State was 696, putting it at #7 in the top 10 states with the highest average credit score in the nation – a full 21 points higher than the average national score of 675.

Average Credit Card Debt and Median Household Income in Wisconsin vs. the U.S.

Wisconsin

US

Average Credit Card Debt (Q2 2019)

Median Household Income (2018)

Payday Loans in Wisconsin

A payday loan is a short-term loan (generally for $500 or less) typically due to be repaid with interest within two weeks.

In 2016, Wisconsin payday lenders provided more than 115,000 payday loans (averaging just over $300 each) in the state (according to the Department of Financial Institutions). Even more recent data shows the following figures for 2017:

Payday Loans in Wisconsin (2017)

# of payday loans made by all licensees:96,974
Average principal amount for all payday loans:$329.85
Average interest, fees, and other charges for all payday loans:$74.16
Average APR for all payday loans:495.50%
# of payday loans paid in full by maturity date:32,792
# of payday loans that resulted in repayment plans:1,064
# of payday loans that were repaid with proceeds of a subsequent payday loan:20,533
# of payday loans that resulted in default:4,458

Source: Wisconsin Department of Financial Institutions, 2017 Annual Report to the State Legislature: Payday Lending

Consumer Protection in Wisconsin

How to Report a Lender in Wisconsin

Borrowers can file a complaint with the Department of Financial Institutions (https://www.wdfi.org/).

Wisconsin Consumer Act Section P.O. Box 8041 Madison, WI 53708
Phone: (608) 264-7969
Fax: (608) 264-7968
Website: http://www.wisconsin.gov/

Guides to Payday Loans in Wisconsin Cities

Check back soon for these payday loan guides for the following cities in Wisconsin…

Green Bay| Madison| Milwaukee

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Industry Insight:

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DE residents: Opportunity Financial, LLC is licensed by the Delaware State Bank Commissioner, License No. 013016, expiring December 31, 2020.

NM Residents: This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website http://www.rld.state.nm.us/financialinstitutions/.

NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

²OppLoans may use credit report information provided by Clarity Services and Experian as part of the application process to determine your creditworthiness. Neither credit inquiry will appear as a hard credit inquiry on your Experian credit report and therefore they will not affect your FICO score.

³ Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Ratings on third-party websites may periodically change; please check the third-party websites for up-to-date reviews and ratings. Check loan reviews.

⁴ Rates and terms vary by state. This is an expensive form of credit and you should determine whether our product(s) meets your financial needs.

⁵ According to the Consumer Federation America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums, and carry an average annual percentage rate (APR) of 400%. The maximum APR for a loan offered through and serviced by OppLoans is 199% and loan sizes range from $500 to $4,000. https://paydayloaninfo.org/facts

^† OppLoans reports customer payment history to the three major credit bureaus. On-time payments may improve credit score. Credit reporting not available for Texas customers.

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