Loan Rates and Fees in Wisconsin

Wisconsin sets no fee cap on payday loans before the due date - there is no per-$100 limit or percentage ceiling in state law. The maximum loan amount is $1,500 or 35% of your gross monthly income, whichever is less, with terms up to 90 days.

On a $300 loan due in 14 days, a lender charging $15 per $100 would collect a $45 finance charge - labeled "finance charge" on your agreement - for a total repayment of $345. That works out to roughly 391% APR on a 14-day loan; federal law requires lenders to disclose this number.

• Rollovers: you may repay one payday loan with a new payday loan once, but you cannot repay that second loan with yet another payday loan from any lender; a new finance charge applies to each new loan.
• Returned payment fee: capped at $15 under the Wisconsin Consumer Act - confirm this amount appears in your agreement before you sign.
• Database: Wisconsin no longer operates a statewide payday loan database; each lender must maintain an internal database to verify eligibility.

Verify lender licensing with the Wisconsin Department of Financial Institutions (DFI).

Licensed lenders under Wisconsin's Licensed Lender law may charge up to 18% per year on any loan amount, computed on the declining unpaid principal balance using the actuarial method - there is no tiered rate structure under this license.

No separate origination fee is permitted for unsecured consumer loans; a loan administration fee of up to 2% of principal is allowed only on loans secured by real property or a manufactured home.

On a $1,000 loan at 18% annual interest for 12 months with equal monthly payments, you'd repay approximately $1,100 total - roughly $100 in interest plus $1,000 in principal, based on declining-balance simple interest.

• Refinancing restarts interest accrual on the new balance - compare your remaining balance against the new loan's total of payments before you agree.
• Returned payment fee: same $15 cap as payday loans under the Wisconsin Consumer Act.
• Late fee: capped at the greater of $10 or 5% of the unpaid installment, assessed after a 10-day grace period, charged only once per missed payment.
• Prepayment: you receive a rebate of unearned interest - no penalty for paying early. See the installment loans page for repayment details.

If an offer's rate exceeds 18% per year, verify the lender's license type with the Wisconsin DFI.

• Returned payment fee: capped at $15 under the Wisconsin Consumer Act for both product types.
• Total of payments: the single most important number on your agreement - this is what you'll actually pay back over the full term, including all fees and interest.
• Military households: if you or your spouse is active-duty, the all-in cost can't exceed 36% MAPR under federal law.