Find the Best Payday and Title Loan Companies in Sauk County, WI

Payday lending is illegal and unavailable to consumers in some states. Payday loans usually have very high interest rates and carry risk. As with any loan, consumers should have a clear understanding of the fees, terms and conditions of any payday loan before borrowing.

Choosing a payday loan company in Sauk County

Sauk County residents looking for payday loan companies can get a loan online or visit a local lender in-store. Whatever your preference, it pays to do your research, look at multiple lending companies and make an informed decision. As you’re evaluating loan companies, consider their:

• Mode of operation: Online payday lenders offer quick, convenient application processes, but they might not be able to get you cash as fast. In-store lenders typically provide same-day cash, but you need to visit an office to complete the application process. Additionally, some online lenders offer installment loans with higher limits, but these loans often come with higher APRs, too.
• Repayment term lengths: Payday loans are due on your next payday, so repayment terms are usually either 14 or 30 days. In Wisconsin, a payday loan term cannot exceed 90 days. However, the law allows one rollover or renewal.
• Payout times: Make sure your lender can get you the money you need when you need it. Many payday loan providers offer same-day cash in-store, and online lenders can usually get funds to you by the next business day.

Payday loan costs in Sauk County

Payday loans get you cash fast, but they have higher costs than almost any other kind of loan. In Wisconsin, there is no legal limit on how much payday lenders can charge for loans. In 2019 the average APR for Wisconsin payday loans was 528%, but they can be much higher. Before you commit to a payday loan, make sure you have a solid plan for repaying it.

Other lenders don’t deal in APRs. With these loan companies, expect to pay a fee of up to $25 per $100 borrowed. That means if you borrow $100, you owe $125 when you pay it back. Ask to see a fee schedule before accepting your loan.

Title loans in Sauk County

Sauk County residents that need more money than payday loan companies offer should consider a title loan. Title loan amounts vary, but they usually start at around 25% of your vehicle’s value.

These loans are secured, meaning they are tied to an asset (your vehicle). During your repayment period, the loan company keeps the title to your vehicle as collateral. If you default on the loan, the lender has the right to repossess your car.

There are a few basic requirements for title loans, including:

• Owning your vehicle outright
• Proof of the vehicle’s registration
• Proof of your ability to repay the loan (usually a pay stub)

You don’t need a high credit score to qualify for a title loan. However, APRs on these types of loans can be steep, so make sure you shop around and compare interest rates before deciding on a lender.

Payday and title loan FAQ

Do payday loans hurt your credit?

Most payday lenders do not conduct a credit check, so getting a payday loan does not usually affect your credit. However, if you do not pay back the loan and it gets sent to a collection agency, that does affect your credit score.

Can you go to jail for not paying back a payday loan?

No, U.S. law protects consumers from going to jail for unpaid debts. However, if you do not pay back a payday loan and the lender brings a civil suit against you, failure to appear in court can result in a warrant for your arrest.

Can you get denied a payday loan?

In Wisconsin, most payday lenders do not have a minimum credit score requirement, but a lender can deny you if:

• Your next paycheck is not enough to cover the amount you want to borrow.
• You already have two outstanding payday loans.
• You do not have proof of income or other required documentation. The majority of lenders require an active checking account, but some lenders accept savings accounts as well.

How much can I borrow with a payday loan?

In Wisconsin, payday loans are limited to $1,500 or 35% of your gross monthly income, whichever is less. You cannot borrow more than your paycheck covers.