In Wisconsin, payday loans provide a fast opportunity for settling debts. The loan products offer a quick solution for medical expenses and overdue utility bills. The funding sources are available within one business day as well. A local lender could provide a payday loan for consumers who qualify.
Are Loans Available in Installment Plans?
Yes, most payday loan providers offer installment plans for their largest loan products. Typically, the service allows up to six payments to pay off the loan. However, select providers may offer loan renewals that will extend the maturity date of the loan. The borrower is required to pay the interest if the loan is renewed. The lender provides details about the interest when the loan starts.
What are the Requirements for Qualifying for a Loan?
Any prospective borrowers who want to start a payday loan must be at least eighteen years old. Evidence of a steading income and employment are required. A current bank statement is also needed to determine if the borrower had any overdrafts in the last thirty days. The borrower’s income must meet the minimum for some loan values. Any applicant that is in bankruptcy currently cannot apply for any loan products.
What Steps are Followed By the Application Submission?
After the application is received, the lender must verify all information provided by the borrower. The employer is contacted to determine if the borrower is still employed and to determine their current wages. The lender doesn’t conduct a credit assessment, however, the bank account must be verified as well. A representative contacts the borrower to verify their information and the submission of the application.
What is the Highest Value Available to Borrowers?
Most payday loan providers offer loans up to $2,000. However, the creditor’s income must qualify them for a larger loan first. The lender assesses the borrower’s income and provides the exact loan value that is available to the consumer.
In Wisconsin, payday loans are short-term funding options for consumers with less than stellar credit. The products enable the consumers to secure funds when they are facing financial hardships. Consumers who need to obtain a short-term loan can contact Blue Trust Loans for more information now.