Wisconsin Consumer Protections: Wisconsin is one of the most permissive states for payday lending, with no rate cap for licensed lenders. Effective APRs can exceed 500%. The Department of Financial Institutions requires licensing but does not limit rates. Consumers should exercise extreme caution and can file complaints with DFI or the Attorney General.
Interest Rate Cap: Wisconsin usury cap: No general usury cap for licensed lenders; payday loans legal with no rate cap.
Key Regulations: - Wisconsin has no usury cap for licensed lenders, allowing unlimited payday loan rates.
- Payday loans are governed by the Wisconsin Consumer Act but without rate caps.
- Licensed lenders must disclose APR and fees but are not limited by them.
- The Wisconsin Consumer Act provides basic protections but does not cap payday rates.
Federal protections: The FCRA gives you the right to dispute inaccurate credit report information for free. Credit repair companies cannot charge before performing services (Credit Repair Organizations Act).
Free resources: Get a free credit report annually at AnnualCreditReport.com.
File complaints with Wisconsin Attorney General Consumer Protection Bureau.