Think You Need a Title or Payday Loan in Milwaukee?
An OppLoans Guide to Getting The Help You Need
Milwaukee, Wisconsin is a big Midwestern city with a lot to offer. From museums to tours of local breweries, there’s never a shortage of entertainment. But unfortunately there are many people in Milwaukee who can’t afford to enjoy everything the city has to offer. In fact, 21% of Milwaukee’s residents are struggling to get by every day.(1)
For these people it’s nice to know that there is help. There are many services available to assist the low-income families and individuals that call Milwaukee home.
Getting Help in Milwaukee
If you have a hard time paying the bills or finding affordable healthcare, you are not alone. These are just a couple of the issues facing Milwaukee residents. Some citizens of Milwaukee struggle with even more serious issues like homelessness, or lack of senior care. For these people, it’s good to know they can rely on the assistance of specialized programs and social services for help.
Having a roof to sleep under at night is something that most Americans take for granted. However there are thousands of people in America — and many in Milwaukee specifically — that are having a hard time finding shelter and food. The following list of resources can help the homeless, or anyone in danger of becoming homeless, find the help they need.
Hope House is an organization working to end homelessness in Milwaukee through several residential programs including an emergency shelter.
Milwaukee Women’s Center is a domestic violence shelter for women and children offering programs to help end violence, abuse and addiction.
The Cathedral Center works to remedy homelessness with an emergency shelter and case management services.
Milwaukee Wisconsin Women’s Shelters are listed in depth through WomenShelters.org. Here you can find housing and treatment services for women.
Homeless Shelter Directory offers a comprehensive list of available homeless resources throughout the city of Milwaukee.
Your situation may not be as serious as needing food and shelter, but having enough money for all of life’s twists and turns is not easy. Bills are known to stack up on people, leaving them wondering how to afford every day necessities. If you need assistance paying your rent, mortgage or utility bills, the programs and services below can offer some help.
The Wisconsin Temporary Assistance for Needy Families program offers cash assistance to families in Milwaukee struggling to make ends meet.
Benefits.gov offers a helpful list of available social services throughout Wisconsin to help pay for bills and food.
Wisconsin Works is a program available to parents of minors. Those eligible will meet with a financial and employment planner to develop an employability plan.
The men and women who volunteer to join the United States Military are a special breed. They’re the type of people that would sacrifice their own needs and desires for that of the country they love. It only seems fair then, that our country should provide for they love would provide for them once their tour of duty has ended. Many veterans needs mental health counseling, physical therapy and even shelter. The resources below can lend a helping hand.
Milwaukee County Veterans’ Services helps veterans and their dependents apply for state and federal benefits.
The Milwaukee Regional Benefit Office helps veterans obtain several types of benefits including compensation, education and life insurance.
Milwaukee Homeless Veterans Initiative works to empower homeless and at-risk veterans in order to help them achieve self-sufficiency.
Senior citizens in this country, often don’t get the care and assistance that they need. Many are lacking in-home care, physical therapy and healthy meals. Luckily, if you’re a resident of Milwaukee you have several options of senior centers and services that seek to better the lives of those in their golden years.
Milwaukee County Department on Aging helps provide information on public and private benefits available to adults in Milwaukee 60+.
Wisconsin Department of Health Services offers several helpful links to information on protective services, Alzheimer’s resources, aging offices and more.
Interfaith Older Adult Programs can offer support services for seniors as well as caregivers of seniors.
Borrowing Money in Milwaukee
Social services are great, but you may need help in the form of cash. Some people may not fall into the categories above, but still need assistance with everyday burdens. In times like these, many people turn to cash loans. But when you’re shopping around for a cash loan in Milwaukee, make sure to do your homework. There are a number of lenders out there that hope to tie you up in more debt with unfair and expensive loans. This is called predatory lending and it usually leads to a vicious cycle of debt.
Payday Loans in Milwaukee
Speedy loans might equal dangerous loans.
It may be true that payday loans are a very fast, and very easy way to get cash today. They can be found online, or at many storefronts within Milwaukee. Most people can get a payday loan, even if they have poor credit. But just because payday loans are fast and easy, does not make them safe. In fact, they’re one of the most dangerous personal loans you can get.
The process for getting a payday loan is fairly simple. To get one, you give the lender a check for the amount you want to borrow, plus all the interest and fees. You’ll most likely date the check for your next payday. Then you get a cash loan, and on your next payday the lender cashes your check to get the money back. The biggest problem is that they come with very high rates and fees making it unlikely you’ll be able to afford to return the amount on the due date.
Unfortunately, the state of Wisconsin has very little regulations for these costly loans. There are a number of states in the U.S. that don’t limit the amount of interest you can be charged, and Wisconsin is one of them. They also do not regulate the finance charges involved. On average, Wisconsin residents pay about 574% APR.(2) This is an outrageously high amount.
Make sure when you’re searching for the right loan, you avoid payday loans at all costs. You may feel like you’re in a tough position now, but a payday loan will undoubtedly make it worse. If you feel you’ve been taken advantage of by a payday lender, contact the Wisconsin Department of Financial Institutions Bureau of Consumer Affairs.
Title Loans in Milwaukee
Are you willing to lose your vehicle for a little cash?
If you’ve heard of an auto title loan, then you hopefully know that you should avoid them. These high-cost, risky loans prey on vehicle owners. When people are in need of quick cash and they own a car, truck or SUV they sometimes turn to title loans. But this could mean more debt and even losing your car.
To get an auto title loan in Milwaukee, you’ll be required to give your vehicle title to the lender. They will then assess your vehicle, and give you a cash loan based on a fraction of its value. In Milwaukee, the most money you can get is 50% of your car’s worth, with $25,000 being the maximum.(3) The lender will hold onto the title until you return the loan along with interest and fees.
If you aren’t able to pay off the loan, the lender can take your car away to settle the debt. And with extremely expensive interest rates, this is more likely than you may realize. In Wisconsin there aren’t very many laws to defend borrowers against high interest and fees. In fact, there is no cap on the interest rates lenders can charge. So you may be charged 200% APR, or even upwards of 500%.
If you’re a smart consumer you’ll avoid risking the loss of your vehicle for some easy cash. If you have questions about auto title lenders in your area, reach out to the Wisconsin Department of Financial Institutions Bureau of Consumer Affairs.
Pawn Shop Loans in Milwaukee
Probably not worth losing your valuables.
Pawn shops have been around for years. The idea of trading and bartering has been around for even longer. If you have items you don’t need any longer, a pawn shop can be a great place to sell them. You can even shop around and find fun items that others have sold. But if you’re looking for a cash loan in an emergency, you’d be wise to avoid pawn shop loans.
Getting a pawn shop loan, or “pawning” an item means giving the lender something of value and receiving a cash loan in exchange. It’s very similar to how title loans work, but the amount you get will be much smaller. The loan amount will be a fraction of the value of the item you bring in. So if you’re looking for emergency cash, you probably won’t get very much.
In Wisconsin, pawn shop lenders are allowed to charge you $12 for every $100 you borrow.(4) This might not sound like a lot compared to other costly personal loans. But you’re also risking the loss of a cherished belonging. Needless to say, there are much more manageable and safe loans available in Milwaukee.
- “Poverty Rate in Milwaukee.” City-Data.com. Accessed March 11, 2016. https://www.city-data.com/poverty/poverty-Milwaukee-Wisconsin.html.
- “States with Highest, Lowest Payday Loan Rates” USA Today Money. April 20, 2014. Accessed March 10, 2016. https://www.usatoday.com/story/money/personalfinance/2014/04/20/id-nv-ut-have-among-highest-payday-loan-rates/7943519/.
- “Car-Title Regulation” Consumer Federation of America. December, 2012. Accessed March 10, 2016. https://www.consumerfed.org/pdfs/Resources.CTL.StateLawTermChart12.2.12.pdf.
- “50 States Pawn Shop Interest Rates & Statutes” Online Pawn Shop Consumer Reports. Accessed March 10, 2016. https://www.pawnshopsonline.info/state-regulation-interest-rates-comparisons/.
*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.
See more local Wisconsin guides, and learn more about loan options in Wisconsin.