Wisconsin
Wisconsin Financial Snapshot
- 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.
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:
- # 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