Wyoming Payday Loan Laws

There are extremely strict rules and regulations about the different kinds of payday loans that you would find in the state of Wyoming. Contrary to popular belief, you would find that the lenders in the state have had to abide by the different rules and regulations that have been put out in the financial department due to such transactions.

• Maximum APR – 780 percent
• Maximum Finance Fees – $30 per $100 dollars
• Maximum Financing Interest – 30 percent
• Maximum Quantity of Loans at One Time – One
• Maximum Payday Loan – No limit
• Loan Term Limit – 10 Days
• Loan Term Maximum – 30 Days
• Total Number of Extensions: 3 times
• Loan Default Collections Actions Permitted: Non-criminal (exception for NSF checks)

The above mentioned features are some of the best and the most basic features of the payday loans that you would find in Wyoming. Even after such stringent rules have been applied in the regulations, you would find that most of the lenders have been exploiting the loopholes that are present in such a charter. Most of the lenders would actually continue paying off their customers ensuring that the borrowers would have to face a very harrowing time trying to clear all their debt.

Looking at it from the point of view of the lender, you would find that he is not at all wrong to do so. The state has gaping loopholes in this regard, and when it comes time for you to decide about the moral issues, you would find that the lender is wrong, but well within the right. This is a very bad thing for the finance department of the State of Wyoming, and this is a rule that needs to be changed at the earliest in order for the government to rein in the money from such transactions.

Excessive rate of interest is also another feature that is exclusive to the lenders. Most of them prefer to go for an excessive amount of rate of interest, something that is much more than the 30%, which is already stipulated by the government. This results in undue harassment and the paying of extra money by the people, and ensures that you would not be able to get the issue of debt out of your mind until and unless you have actually paid up a substantial amount of money that you may have incurred on the principle amount.

Comments are closed.