Payday loans in some states are illegal but in Wyoming, payday loan is legal and a very popular way of obtaining cash for sudden emergency. Payday loan is short term, unsecured loan that you can get as long as you are employed and receiving regular paycheck. This article discusses the payday loan laws in the state of Wyoming.
Payday loans is the most fastest way to obtain cash that you can use to pay for emergencies or to tide you over until the next paycheck becomes available. By the way, this type of loan is easy to get because of the basic requirements and fast process, so a lot of people consider payday loan a lifesaver despite the fact that loan comes with exorbitant interest rate like Wyoming APR.
Loan Limit and Interest Rate
The annual percentage rate of Wyoming is one of the highest in the country, as the APR is 700%, so getting a loan is definitely expensive in the state. In addition, unlike the other payday loan in the country, the state of Wyoming does not have any loan limit so lenders are the ones that imposed the limit.
In Wyoming, lenders usually charge 20% interest per $100 loaned or about $30 on a loan, with rates based on the calendar month. Example, when a borrower applies for $200 loan in 30 days, the charge is about $200 for 20 percent interest rate, so the total payable is $240 per month even if the loan is just 14 days then the charge is $30.
Rollovers In Wyoming
Rollovers are a loan that is taken to pay off previous loan, which is often disadvantageous to borrowers. But of course, the state prohibits rollovers, nor can borrower refinance or consolidate the loan, when the loan of the borrowers is not settled on time.Share