Wisconsin

Payday Loans in Wisconsin

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