Wyoming Payday Loans

Thankfully, citizens of Wyoming are lucky because payday loans are legal in that state. In some states like Vermont, this type of loan is prohibited. And that is mainly because payday loans are typically abused by some. To make this legal in Wyoming, the Department of Audit enforces regulating laws to prevent exploitations of payday loans. With those laws, both lenders and loaners are protected from illegal activities that are related with payday loans. Also, these laws help the growing payday loan industry to prosper further.

Wyoming Payday Loan Process

Processing a payday loan is very easy. One can go to a payday loan office, and request for it. After that, he will need to fill up some form, and indicate how much money he needs to get. Then, the loan will be transferred to his account. On the other hand, the loaner has the option to get his loan online.

However, to get a payday loan, a loaner must be first deemed eligible for it. To become qualified for a payday loan, the loaner must be:

  • 18 years old or above
  • Employed with a monthly salary of $800 or more
  • A checking or savings account owner
  • A citizen of Wyoming

Wyoming Payday Loan Laws and Regulations

Wyoming is few of the states that do not enforce harsh standards when it comes to payday loans. As a proof to that statement, here are the regulations that govern payday loans in Wyoming:

  • Max Loan Amount: None
  • Max Loan Term: 1 month
  • Maximum Fees and Finance Rate: $30 or 20%, whichever is bigger
  • Finance Charge for 14-day $100 loan: $30
  • APR for 14-day $100 loan: 780%
  • Max Number of Outstanding Loans at One Time: None
  • Rollovers: None
  • Cooling-off Period: None
  • Repayment Plan: None
  • Collection Fees: Nothing Specified

On other states, payday loans are usually limited when it comes to:

  • Minimum and max amount loanable money
  • Max duration of payment of the loan
  • Max interest rates that are placed on top of the loan

In Wyoming, most of those things are not fully regulated. As you have already read, most of the common items found on payday loan regulations are empty or not specified.

Wyoming Consumer Protection

To file a complaint against payday loan lenders, one must visit Wyoming’s Department of Audit. You can visit DoA’s website at http://audit.wyo.gov/. On the other hand, you can just contact the department at (307) 777-6605.

On a different note, it is necessary that you always check if a lender is licensed by the state. To check if a lender is licensed by the DoA, you can visit this page: https://sites.google.com/a/wyo.gov/banking/home/areas-of-regulation/uniform-consumer-credit-code/licensees/post-date-check-cashers.

Wyoming Payday Loan Alternatives

In case the payday loan you will get will not be enough for you, you can try out other emergency money generating methods. The first one is to get a loan from your employer. Another method is to pawn valuables.

Payday Loans cities in Wyoming:

Payday Loans cities in Wyoming:

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