Your monthly expenses were a little more than you expected, leaving you with little to no money in the bank. Then, you were hit with a financial emergency that took things over the edge.
To make it to the next payday, you need cash, and you need it now. Do you suffer in silence or settle for a payday loan?
The good news is you don’t have to do either. There are viable options that are far better for your finances. Keep reading to learn more about payday loan laws in Wyoming and why you may want to consider safe loan products.
Options For Payday Loans in Wyoming
Payday lending is regulated by the Wyoming Division of Banking.
Residents who need fast cash can find these payday loans online or at brick-and-mortar locations. It doesn’t take long to apply, and the loan is funded within 1-business day or on the same day if you choose to visit a physical location.
Instead of writing a check or scheduling an electronic payment to cover the balance, the funds will automatically be drawn from your bank account on the due date. So, you want to ensure you have enough cash on hand to avoid additional fees.
Requirements
If you are a citizen or permanent resident of the U.S. that’s at least 18 years of age, you may qualify for a payday loan in Wyoming. The lender will also request:
- A copy of your driver’s license or state-issued photo identification
- Your physical address, phone number and email address
- The routing and account number for a checking account that’s in your name and accepts direct deposit
Credit Impact
A credit check is not required when applying for a payday loan in Wyoming. Lenders know that a bulk of their customers have less than perfect credit and are resorting to a payday loan as a final option. So, they evaluate your ability to repay the loan and assess a steeper rate than what you’d find with a traditional loan product to hedge against the risk of loss if you default on the loan.
Max Loan Amount and Terms
State law does not specify a maximum loan amount, but the outstanding must be paid in full within 1 calendar month. Also, know that interest is capped at the greater of $30 or 20% per month. So, if you take out a 1-month $500 payday loan, the lender cannot assess more than $100 in interest. But if you only borrow $150, you’ll pay no more than $30 in interest.
Penalties
Payday lenders in Wyoming are not allowed to refinance loans for those who are unable to pay on the due date. However, cash strapped borrowers can request a repayment plan once on an annual basis. Under this arrangement, the balance is divided into 4 equal installments, and the term must be a minimum of 60 days.
If you’re still unable to repay the loan, the lender may assess collection fees. There’s no limit on the amount they can charge you, and you may have to deal with pesky debt collectors if the account is sold to a collection agency.
Payday Loan Alternatives in Wyoming
A payday loan may seem like the best option to get you over the hump, but it can cause you to dig an even bigger financial hole. But if you borrow from a friend or relative or sell some of your items for cash, there’s more relief in having the ability to make ends meet without a lender breathing down your neck.
What if these alternatives don’t work for you? Give a loan product from MoneyLion a try.
Instacash
You may qualify for an interest-free cash advance of up to $250 through MoneyLion’s Instacash feature. Worried you won’t be eligible due to credit? Don’t be, as there’s no credit check to access Instacash.
It’s quick and easy to apply. Simply download the mobile app, create an account, and link your checking account to view your customized Instacash offer. Accept the amount you’d like to advance, and the funds will be on their way to your bank account in minutes. You’ll pay it back on or around your next payday automatically, with absolutely no interest.
There’s no monthly fee or membership, so you can use Instacash as often as you need with no commitment.
Credit Builder Loan
If you want a larger loan that works hard for you, consider a credit builder loan from MoneyLion. Borrow up to $1,000 through this loan product. Up to the full amount will get deposited into your bank account immediately, and any remainder will be saved in an interest-earning Credit Reserve account in your name for you until the loan is paid off.
How does it help your credit? Each time a payment is successfully processed, MoneyLion reports this information to the 3 credit bureaus – Equifax, Experian and TransUnion. This improves your payment history, which is the largest component of your credit report, and your score starts to increase over time.
The Credit Plus monthly membership fee $19.99 and also comes with the Instacash cash advance feature, credit tracking and weekly score updates in the app, and access to other premium financial tools.
Find An Online Loan In Wyoming
| Instacash | Credit Builder Loan | Local Payday Lender | |
| How Much Can You Borrow? | $250 | $1000 | Varies |
| Fees & Interest | $0 monthly fee, 0% APR | Low APR, $19.99 monthly fees | 20% APR |
| Credit Check | No | No | No |
| Availability | Online & Mobile | Online & Mobile | In-person |
| Wait Time | Instantly | Instantly | 24 hours |
| Next Steps | Sign Up | Sign Up |
Get the Cash You Need in Wyoming!
Don’t settle for an expensive payday loan you have to rush to pay back. Get the relief you need with an interest-free cash advance or Credit Builder Loan from MoneyLion. Both convenient options take it easy on your wallet, and the Credit Builder Loan can help get your credit back on track.
