Find a Payday Loan In Wisconsin Today. All Credit Considered. Apply Now.

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Wisconsin covers an area of approximately 65,500 square miles, making it the 23rd largest state in the U.S. Personal loans are commonly used in Wisconsin for various purposes, including debt consolidation, home improvement, and emergency expenses.

Payday loans are legal in Wisconsin, subject to certain regulations. These loans are short-term, small-dollar loans often used by individuals facing unexpected financial needs. Wisconsin has specific regulations governing payday loans, including limits on loan amounts, terms, and a cooling-off period between loans. The state’s Department of Financial Institutions oversees lending practices and consumer protections.

The Wisconsin Department of Financial Institutions is responsible for regulating financial institutions, including lenders in the state. They provide information and resources for consumers regarding lending practices.

Capital Bean offers a loan brokerage service to help you find loans for $100 up to $35,000. On an assumed loan amount of $600 over 3 months. Representative 400% APR. Total repayment amount $1037.85. 3 monthly payments of $345.95.

Are Personal Loans Legal in Wisconsin?

Yes, personal loans are legal in Wisconsin. Wisconsin, like most states in the United States, allows individuals to take out personal loans from banks, credit unions, online lenders, and other financial institutions. Personal loans are typically unsecured loans, which means they are not backed by collateral such as a car or a house.

However, there are laws and regulations governing lending practices in Wisconsin, including rules related to interest rates and consumer protection. Lenders must comply with these regulations to operate legally within the state.

Are Payday Loans Legal in Wisconsin?

Yes, payday loans are legal in Wisconsin, but they are subject to certain regulations and restrictions. Here are some key points regarding payday loans in Wisconsin based on the information you provided:

  • Legal Status: Payday lending is legal in Wisconsin.
  • Interest Rate: There is no specific interest rate limit set by the state for payday loans in Wisconsin. However, payday lenders are allowed to charge up to 2.75% interest per month if a loan is not repaid in full before its maturity date. This can result in an extremely high annual percentage rate (APR), which can reach up to 574%.
  • Loan Amount: The maximum loan amount is either $1,500 or 35% of the borrower’s gross monthly income, whichever is less.
  • Loan Term: Payday loans in Wisconsin can have a maximum term of 90 days.
  • Number of Rollovers: Borrowers are allowed up to 2 renewals of a payday loan, but there must be a 24-hour cooling-off period between them.
  • Finance Charges: Lenders can charge up to 2.75% per month in interest, as mentioned earlier.
  • NSF Fee: Non-sufficient funds (NSF) fees should not exceed $15.
  • Regulation: Payday lenders in Wisconsin are required to be licensed, and the state has some regulations in place regarding the disclosure of loan terms and educational information for borrowers.
  • Consumer Protection: Wisconsin requires payday lenders to provide information to borrowers about the short-term nature of payday loans and the potential risks associated with refinancing.
  • Complaints: Borrowers can file complaints and inquiries about payday loans with the Wisconsin Department of Financial Institutions.

History of Payday Loans in Wisconsin

  • Prior to 2010, payday lenders in Wisconsin operated without significant regulations, offering various loans with few restrictions.
  • In 2006, the federal Military Lending Act (MLA) capped payday loan interest rates at 36% APR for military personnel, applying nationwide.
  • In 2010, Wisconsin introduced regulatory changes, including zoning restrictions for payday loan stores and capping the maximum loan amount at $1,500 or 35% of the borrower’s gross monthly income, whichever was less.
  • In 2011, Wisconsin updated the definition of payday loans to include only those with a maximum loan term of 90 days. This prompted payday lenders to introduce new products like installment loans with longer terms.
  • Between 2011 and 2015, the Wisconsin Department of Financial Institutions received numerous complaints about payday lenders, resulting in 20 enforcement actions by the state government.
  • On June 2, 2016, the Consumer Financial Protection Bureau (CFPB) proposed a federal Payday Loan Rule, which aimed to introduce national regulations on payday lending practices, expected to be fully implemented in November 2020. However, its status was uncertain.

3 Simple Steps To Apply For A Personal Loan In Wisconsin

Step 1

Apply Online – Use our 100% free online form to apply in less than 5 minutes.

Step 2

Instant Decision – You will receive an instant decision on screen from one of our lending partners who will offer the best rates.

Step 3

Receive Money – You have already provided your bank account details so within 1 hour, the same day or the next business day you will get your funds.

Where Can You Get a Personal Loan Near You in Wisconsin?

By using online loans, you can get a loan in Wisconsin in places like Milwaukee, Madison, Green Bay, Kenosha, Racine, Appleton, Waukesha, Oshkosh, Eau Claire, Janesville, La Crosse, Sheboygan, Fond du Lac, Wausau, Beloit, Manitowoc, West Allis, West Bend, Brookfield, Stevens Point, and many others.

How Do You Get a Personal Loan in Wisconsin?

  • Check Your Credit Score: Begin by checking your credit score. Unsecured personal loans in Wisconsin often rely on your creditworthiness. If you have a poor credit score, consider taking steps to improve it, as a higher credit score can lead to lower interest rates.
  • Improve Your Credit Score: To improve your credit score, consider the following strategies:
    • Paying your bills on time.
    • Keeping credit card balances low and managing other revolving credit responsibly.
    • Avoiding excessive applications for new credit.
    • Disputing inaccuracies on your credit report.
    • Negotiating with creditors to remove negative items from your credit report.
  • Prepare Documentation: When applying for a personal loan, gather all relevant documentation to demonstrate your creditworthiness. This may include bank statements, pay stubs, and other financial records.
  • Evaluate Loan Terms: Carefully evaluate the terms offered by the lender when they extend a personal loan offer to you. Pay attention to the following:
    • Monthly Payment Affordability: Determine how much of your monthly income will go toward loan payments. Adjust your budget if necessary to ensure you can comfortably repay the loan.
    • Interest Rate: Consider both the interest rate and the annual percentage rate (APR), which includes interest and other fees.
    • Penalty Fees: Review potential penalty fees and how they may apply. Opt for lenders that do not impose prepayment penalties, as this allows you to repay the loan early without extra costs.

Advantages of Payday Loans in Wisconsin

  • Accessibility: Payday loans are relatively easy to qualify for, making them accessible to people with lower credit scores or those who may not be eligible for traditional bank loans.
  • Quick Approval: Payday loan applications are typically processed quickly, often providing same-day approval and funding. This can be beneficial in emergencies when you need cash urgently.
  • No Collateral: Payday loans are unsecured, so you don’t need to provide collateral such as a car or home to secure the loan.
  • Fewer Documentation Requirements: Payday lenders may have less stringent documentation requirements compared to traditional lenders, simplifying the application process.
  • Short-Term Solution: Payday loans are designed for short-term financial needs, which can be helpful if you only need money for a brief period.

Disadvantages of Payday Loans in Wisconsin

  • High Interest Rates: Payday loans in Wisconsin can have extremely high interest rates, resulting in a high cost of borrowing. The APR can exceed 500% in some cases, making these loans very expensive.
  • Cycle of Debt: Many borrowers find themselves in a cycle of debt, as they are unable to repay the loan by the due date and must roll it over or take out another loan, incurring additional fees and interest charges.
  • Limited Loan Amount: Payday loans typically offer smaller loan amounts, which may not be sufficient for significant financial needs.
  • Predatory Lending: Some payday lenders engage in predatory lending practices, taking advantage of vulnerable borrowers by offering them loans with exorbitant interest rates and hidden fees.
  • Financial Instability: Relying on payday loans for ongoing financial needs can lead to financial instability and long-term financial problems.
  • Legal Consequences: Failing to repay a payday loan can result in legal consequences, including lawsuits and wage garnishment.
  • Impact on Credit: Defaulting on a payday loan can harm your credit score, making it more difficult to access affordable credit in the future.
  • Lack of Financial Education: Payday lenders may not provide adequate financial education to borrowers, leaving them unaware of the risks and alternatives.

How to Avoid Loan Scams in Wisconsin

Firstly, verify the credentials of any lender you’re considering. Check if they are licensed to operate in Wisconsin. You can contact the Wisconsin Department of Financial Institutions to confirm their legitimacy.

Additionally, ensure that the lender has a physical office or address that you can visit. Be cautious of lenders that only provide a P.O. Box or have no physical presence.

Conduct thorough research on the lender by looking for online reviews, ratings, and feedback from previous borrowers. The Better Business Bureau is a useful resource to check if there are any complaints against the lender.

Be cautious of lenders who contact you unsolicited via phone, email, or mail. Scammers often use aggressive marketing tactics to target potential victims. It’s best to initiate contact with lenders yourself.

Avoid any lender that asks you to pay upfront fees before receiving a loan. Legitimate lenders do not require such payments. Watch out for high-pressure sales tactics. Scammers may pressure you to make quick decisions. Take your time to review all loan terms and never make decisions if you feel rushed.

Carefully read and understand all loan documents, including the terms and conditions, interest rates, fees, and repayment schedule. Seek clarification if something seems unclear or too good to be true.

Never hesitate to ask the lender questions about the loan, including the total cost of borrowing and the consequences of late or missed payments. A legitimate lender should be willing to provide clear answers.

Eligibility Criteria for a Loan in Wisconsin

The eligibility criteria for a loan in Wisconsin can vary depending on the type of loan and the lender you choose. However, there are some common factors that lenders typically consider when determining loan eligibility:

  • Income and Employment: Lenders want to ensure that you have a stable source of income to repay the loan. You may be required to provide proof of income, such as pay stubs, tax returns, or bank statements. Some lenders have minimum income requirements.
  • Debt-to-Income Ratio: Lenders assess your debt-to-income ratio, which compares your monthly debt obligations to your monthly income. A lower debt-to-income ratio is generally more favorable for loan approval. Lenders typically prefer a ratio of 43% or lower.
  • Age: You must be at least 18 years old to enter into a legally binding loan agreement in Wisconsin.
  • Residency: Lenders may require you to be a resident of Wisconsin or have a permanent U.S. residency.
  • Loan Purpose: The purpose of the loan may affect eligibility. Some loans, like home mortgages or car loans, are specific to certain uses, and the lender may verify that the funds will be used for that purpose.
  • Collateral (Secured Loans): If you’re applying for a secured loan, such as a home equity loan or auto loan, the lender may require collateral, such as the home or car, to secure the loan. The value of the collateral may influence loan approval.
  • Loan Amount: The loan amount you’re requesting can impact eligibility. Some lenders may have minimum or maximum loan amount requirements.
  • Credit History: Some lenders review your credit history to assess your payment history and any past credit issues, but Capital Bean does not.
  • Cosigner (if applicable): If your credit or income doesn’t meet the lender’s criteria, you may consider having a cosigner with better qualifications to improve your chances of approval.

Types of Personal Loans in Wisconsin

Installment Loans

Installment loans are one of the most common types of personal loans. Borrowers receive a lump sum upfront and repay the loan over a specified period in equal monthly installments, which typically include both principal and interest. 

These loans can be used for various purposes, including debt consolidation, home improvements, medical expenses, or major purchases like appliances or furniture. Loan terms can vary, but they often range from 12 to 60 months.

Payday Loans

Payday loans are short-term loans intended to cover immediate financial needs until the borrower’s next payday. They are typically small-dollar loans with high-interest rates.

Borrowers often use payday loans for emergency expenses, such as medical bills, car repairs, or unexpected bills. Wisconsin has specific regulations for payday loans, including maximum loan amounts and terms. Borrowers should be cautious due to the high-cost nature of payday loans.

Bad Credit Loans

Personal loans for bad credit are designed for individuals with poor or limited credit histories. These loans may have higher interest rates to offset the increased risk for lenders.

Borrowers can use bad credit loans for various purposes, such as debt consolidation, rebuilding credit, or addressing immediate financial needs. Some bad credit loans may require collateral or a co-signer to secure the loan.

Title Loans

Title loans involve using the borrower’s vehicle title as collateral to secure a loan. If the borrower fails to repay the loan, the lender may repossess the vehicle.

Title loans are typically short-term and can be used for emergency expenses. However, they come with the risk of losing the vehicle. Wisconsin has regulations governing title loans, including maximum loan amounts and interest rates.

Personal Lines of Credit

Personal lines of credit function similarly to credit cards. Borrowers have access to a predetermined credit limit and can borrow as needed. Interest is charged on the amount borrowed.

Lines of credit are flexible and can be used for various purposes, such as covering unexpected expenses or managing cash flow. Lines of credit are often considered revolving credit, as borrowers can repay and reuse the available credit.

Credit Union Loans

Many credit unions in Wisconsin offer personal loans to their members. Credit union loans may have competitive interest rates and favorable terms. To access credit union loans, you typically need to become a member of the credit union.

Emergency Loans

Emergency cash loans are designed to provide quick access to funds for unexpected expenses, such as medical bills or car repairs. These loans are often unsecured. Borrowers use emergency loans to cover immediate financial needs that cannot wait until their next paycheck or other sources of funds become available.

Debt Consolidation Loans

Debt consolidation loans allow borrowers to combine multiple high-interest debts into a single loan with a lower interest rate. This can simplify repayment and potentially reduce monthly payments. Debt consolidation loans are used to manage and pay off existing debts, such as credit card balances or other high-interest loans.

Secured and Unsecured Loans

Personal loans can be secured or unsecured. Secured loans require collateral, such as a vehicle or savings account, to secure the loan. Unsecured loans do not require collateral.

Secured loans often have lower interest rates because the collateral reduces the lender’s risk. Unsecured loans may have higher interest rates due to the absence of collateral.


What Are Wisconsin Payday Loans Used For?

  • Emergency Expenses: Payday loans are often used to cover unforeseen emergency expenses, such as medical bills, prescription medications, or dental treatments.
  • Car Repairs: When a vehicle breaks down unexpectedly, payday loans can provide the funds needed for repairs to keep the vehicle operational for work, school, or other essential purposes.
  • Utility Bills: Borrowers may use payday loans to prevent utility service disconnections when facing overdue electricity, gas, water, or heating bills.
  • Rent or Mortgage Payments: In cases of temporary financial hardship, payday loans may help renters or homeowners meet their rent or mortgage obligations to avoid eviction or foreclosure.
  • Debt Repayment: Some individuals use payday loans to make minimum payments on high-interest debts, such as credit card balances, to avoid late fees and penalties.
  • Groceries and Essentials: Payday loans can be used to purchase groceries, toiletries, and other essential household items when there is a temporary shortage of funds.
  • School Expenses: Parents may turn to payday loans to cover school-related expenses, such as fees, uniforms, or educational supplies, when they are unable to meet these costs from their regular budget.
  • Travel Expenses: Unexpected travel needs, such as attending a family event or visiting a sick relative, may require additional funds that can be obtained through payday loans.
  • Home Repairs: Borrowers facing urgent home repairs, such as fixing a leaking roof or a broken furnace, may use payday loans to address these issues promptly.
  • Legal Fees: Payday loans might be used to cover legal fees or court costs in situations like unexpected legal proceedings or traffic violations.

Can You Get a Personal Loan in Wisconsin With Bad Credit?

Yes, it is possible to get a personal loan in Wisconsin with bad credit, but obtaining one may be more challenging. Capital Bean does not discriminate against borrowers based on their credit histories, and will offer loans to people with less-than-perfect credit scores or no credit history.

Having a co-signer with good credit can enhance your eligibility for a personal loan. A co-signer is responsible for repaying the loan if you default, which reduces the lender’s risk. 

If you have valuable assets, such as a car or savings account, you may consider applying for a secured personal loan. With collateral to secure the loan, lenders may be more willing to approve your application, even if your credit is less than ideal.


Frequently Asked Questions About Personal Loans in Wisconsin

How Much Money Can I Borrow in Wisconsin?

Capital Bean offers a loan brokerage service to help you find loans for $100 up to $35,000.

What Is a Personal Loan, and How Does It Work in Wisconsin?

A personal loan is a type of loan that allows you to borrow a fixed amount of money, which you must repay in installments over a specified period. Personal loans in Wisconsin can be used for various purposes, such as debt consolidation, home improvements, or unexpected expenses.

Are Payday Loans Legal in Wisconsin?

Yes, Payday loans are legal in Wisconsin. However, they are subject to regulations, including maximum loan amounts and terms.

What Are the Typical Interest Rates for Personal Loans in Wisconsin?

Interest rates for personal loans in Wisconsin can vary widely depending on factors such as your credit score, the lender, and the loan amount. Rates may range from single digits for individuals with excellent credit to higher double-digit rates for those with lower credit scores.

How Long Does It Take to Get Approved for a Personal Loan in Wisconsin?

The approval timeline for a personal loan in Wisconsin can vary from a few hours to several days, depending on the lender’s processes. Online lenders may offer faster approval times, while traditional banks or credit unions may take longer.

Can I Use a Personal Loan for Debt Consolidation in Wisconsin?

Yes, personal loans in Wisconsin can be used for debt consolidation. Many borrowers use personal loans to combine multiple high-interest debts into a single loan with a lower interest rate, making it easier to manage and pay off their debts.

What Documents Are Required to Apply for a Personal Loan in Wisconsin?

Required documentation may vary by lender, but common documents include proof of identity (e.g., driver’s license), proof of income (e.g., pay stubs or tax returns), and bank statements. Some lenders may also request proof of residency and employment.

Are There Penalties for Late Payments on Personal Loans in Wisconsin?

Most lenders in Wisconsin charge late payment fees if you fail to make your loan payments on time. The specific penalties and fees may vary by lender, so it’s essential to review your loan agreement for details.

Can I Qualify for a Personal Loan While Receiving Social Security Benefits in Wisconsin?

Yes, it is possible to qualify for a personal loan while receiving Social Security benefits in Wisconsin. Some lenders consider Social Security income as a valid source of income when evaluating eligibility.

Can I Apply for Personal Loans Online in Wisconsin?

Yes, you can apply for personal loans online in Wisconsin. Many lenders, including online lenders and traditional financial institutions, offer online application processes for convenience.

Is Wisconsin a Community Property State, and Does It Affect Personal Loans?

Wisconsin is a community property state, which means that debts incurred during a marriage may be considered joint liabilities. When applying for a personal loan in Wisconsin, spouses should be aware of how community property laws may affect their financial obligations.

Can I Get a Personal Loan if I'm Self-Employed in Wisconsin?

Yes, self-employed individuals in Wisconsin can apply for personal loans. Lenders may require additional documentation, such as tax returns and business income statements, to verify income for self-employed borrowers.

What Is the Maximum Loan Term for Personal Loans in Wisconsin?

The maximum loan term for personal loans in Wisconsin can vary by lender but often ranges from 1 to 60 months in length.

How Can I Check My Credit Score in Wisconsin?

You can check your credit score for free through various online credit monitoring services, or you can request a free annual credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) through

Are There Regulations Governing Payday Loans in Wisconsin?

Yes, Wisconsin has specific regulations governing payday loans, including maximum loan amounts, terms, and a cooling-off period between loans. Borrowers should be aware of these regulations and the high-cost nature of payday loans.

What Is the Difference Between Secured and Unsecured Personal Loans in Wisconsin?

Secured personal loans require collateral (e.g., a vehicle or savings account) to secure the loan, while unsecured personal loans do not require collateral. Secured loans often have lower interest rates but carry the risk of losing the collateral if you default.

Can I Repay My Personal Loan Early Without Penalties in Wisconsin?

Many lenders in Wisconsin allow borrowers to repay personal loans early without prepayment penalties. It’s essential to review the loan terms and confirm this with the lender before taking out the loan.


Note From Capital Bean

While payday loans can provide access to funds during urgent situations, it’s crucial for individuals to exercise responsible borrowing practices. Payday loans typically come with high costs and short repayment windows, which could potentially result in a cycle of debt if not managed judiciously. 

Capital Bean advises readers to explore alternative financial options and carefully weigh the pros and cons of payday loans. Furthermore, we encourage readers to independently verify the information presented on this page since regulations and lending norms can evolve over time. 

To get the most current and accurate guidance on payday lending in Wisconsin, we recommend consulting relevant state authorities and reputable financial institutions.