Loan Options in Wisconsin

You can borrow through payday loans or installment loans in Wisconsin, but only from lenders licensed by the Department of Financial Institutions (DFI). Payday loans fall under Wis. Stat. § 138.14, while installment lenders operate under separate DFI licensing rules.

Wisconsin has fewer rate caps than many other states. That means short-term loans here can cost considerably more. Focus on the total repayment amount before you commit, not just the monthly payment or advertised fee. The Rates & Fees page breaks down what lenders can charge.

If you're weighing your options, the payday loans and installment loans pages walk through how each product works.

• Licensing requirement. Every payday and installment lender in Wisconsin must hold a current DFI license. Operating without one is illegal. Before you hand over bank details or a Social Security number, search DFI's licensee lists to confirm the company is authorized.
• Written loan agreement. Payday lenders have to give you a written document showing the finance charge, APR, and total repayment amount before you finalize the loan. Read it carefully-this is your chance to catch surprises before you're locked in.
• One-day cancellation window. If you take out a payday loan under Wis. Stat. § 138.14, you can cancel by the end of the next business day without penalty as long as you return the principal.
• State complaint process. When a licensed lender violates the rules or treats you unfairly, file a complaint through DFI's consumer portal. The state can investigate and take action.

Before sharing personal information with any lender, review the LendUp scams and safety guide for warning signs and verification steps.