Wyoming Short-term Loan Terms and Rules in 2025

Common Capital is a Help Organization dedicated to providing the public with comprehensive, accurate, and accessible online information about payday loans in Wyoming.

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Short-term Loans Terms in Wyoming

Legal Status Legal
Maximum Loan Amount No Limit
Finance Charges $30 (or 20% per month)
Interest Rate (APR) 261%
Minimum Loan Term Not Specified
Maximum Loan Term One Calendar Month

Short-term Loan Calculator

$250 Your Loan + $6.73 Your Fee =
$256.73 Total Cost

This loan calculator is provided as an estimator only. The details of your loan will depend on several factors including, but not limited to: loan amount, term, annual percentage rate (APR), fees, the state you live in, and the lender’s conditions. These details vary lender to lender and are subject to change at any time. The details of your loan will be provided to you by your lender.

Top Licensed Short-term Loan Lenders in Wyoming

Discover our expertly curated list of the top licensed payday loan lenders in Wyoming, thoughtfully chosen to provide secure and efficient financial solutions for your immediate requirements.

Lender
User Ratings
Branches
Cities
Category
Advance America
User Raiting:
4.85
Branches: 8
Cities: 7
Category: Financial institution
OneMain Financial
User Raiting:
4.30
Branches: 2
Cities: 2
Category: Loan agency
Western Vista Federal CU
User Raiting:
3.00
Branches: 2
Cities: 2
Category: Credit union

Wyoming Short-term Loan Regulations

In Wyoming, payday loans are regulated under the Wyoming Uniform Consumer Credit Code, specifically under Chapter 14, which covers Deferred Deposit Loans. This code sets the legal framework for payday lending practices in the state.

Under these regulations, payday lenders in Wyoming can offer loans up to $1,500 or 20% of the borrower's gross monthly income, whichever is less. The maximum loan term is one month. Wyoming law does not specify a cap on the interest rates or fees that payday lenders can charge. As a result, the fees can be quite high compared to some other states, and the annual percentage rate (APR) on payday loans in Wyoming can be significant.

Furthermore, payday lenders in Wyoming must comply with federal regulations, including the Truth in Lending Act, which requires lenders to disclose the terms of the loan, including the finance charge and the APR. The Fair Debt Collection Practices Act also applies, governing how debts are collected and prohibiting abusive, deceptive, and unfair collection practices. These federal laws, alongside Wyoming's state regulations, provide a framework to protect consumers in the payday lending market.

What Are the Alternatives for Short-term Loans in Wyoming?

When searching for alternatives to payday loans, residents have several options to consider. These include installment loans, which offer structured repayment plans, and personal loans, providing flexibility and potentially lower interest rates. Exploring these alternatives can help borrowers manage their finances more effectively and avoid the high costs associated with payday lending

Guaranteed Installment Loans

In Wyoming, guaranteed installment loans provide a structured repayment plan, ideal for those needing predictable monthly payments. Unlike payday loans, these loans require a credit check and proof of income, offering longer terms and potentially lower interest rates. They are suitable for Wyoming residents looking to manage larger expenses or consolidate debts more effectively.

Fast Title Loans

Fast title loans in Wyoming offer immediate funding using a vehicle as collateral. Different from cash advances, they require ownership of a car but can offer larger loan amounts based on the vehicle's value. This option is a quick solution for urgent cash needs without the stringent credit checks of traditional loans.

Emergency Loan without a Bank Account

For Wyoming residents without traditional banking, an emergency loan without a bank account offers a crucial alternative. These loans differ from short-term loans as they don't always require a checking account for approval, ideal for those facing unexpected expenses but lacking standard banking services.

Debt Consolidation Loan

A debt consolidation loan in Wyoming is designed to combine multiple debts into a single loan. Unlike payday lending, it offers longer repayment terms and potentially lower interest rates, making it an excellent strategy for Wyomingites looking to streamline their finances and reduce overall debt costs.

Instant Personal Loans

Instant personal loans provide quick financial relief in Wyoming, often with same-day approval. Unlike payday loans, they may require a credit check but offer more flexibility in loan amounts and repayment terms, making them an ideal solution for immediate personal financial needs.

Cash Loans with No Credit

In Wyoming, cash loans with no credit cater to individuals without a strong credit history. Unlike cash advances, these loans don't always require a credit check, making them accessible to a broader range of people in need of immediate cash but with limited credit options.

Bad Credit Loans

Bad credit loans in Wyoming offer individuals with poor credit scores a chance to borrow, despite past financial challenges. Different from payday loans, these loans may have more favorable terms and focus on the borrower's ability to repay, providing a valuable opportunity for those aiming to rebuild their credit history.

Quick P2P Loans

Quick P2P (peer-to-peer) loans in Wyoming connect borrowers directly with individual lenders, bypassing traditional financial institutions. These loans differ from short-term loans by offering potentially lower interest rates and more flexible terms, appealing to those in Wyoming seeking alternative lending options outside of conventional banking systems.

How to Get a Short-term Loan with Bad Credit?

Easy Steps to Get Payday Loans With Bad Credit in Wyoming

For residents of Wyoming dealing with financial challenges and less-than-ideal credit scores, payday loans can offer a convenient solution. The application process is straightforward, involving minimal paperwork. Locate a reputable payday lender in Wyoming and complete their application, providing personal and financial information. Approval primarily depends on your income and repayment ability rather than your credit score. Once approved, you can access the funds within hours, promptly addressing your financial emergencies.

Requirements to Get Paycheck Loans With Low Credit Score in the Equality State

Wyoming payday loans are accessible even for those with a low credit score. Qualification typically entails Wyoming residency, a stable source of income, a valid ID, and an active checking account. These criteria are more lenient than those for traditional loans, making payday loans a practical choice for many Wyomingites facing unexpected expenses. Nevertheless, it's crucial to use payday loans responsibly and ensure timely repayment to avoid additional fees and financial stress.

Basic Information about Wyoming State

Metrics
Value
State Capital
Cheyenne
Population
Approximately 0.6 million (as of 2021)
Location
Wyoming is located in the western part of the United States, known for its stunning natural landscapes, including national parks, mountains, and vast open spaces.
Largest City by Population
Cheyenne
Biggest National Parks
Yellowstone National Park, Grand Teton National Park, Devils Tower National Monument

Submit a Complaint Against a Lender in Wyoming

If you need to submit a complaint against a payday lender in Wyoming, the primary regulatory body is the Wyoming Division of Banking. They ensure compliance with state laws governing payday loans. You can reach them at:

  • Wyoming Division of Banking, Herschler Building, 3rd Floor East, 122 West 25th Street, Cheyenne, WY 82002
  • (307) 777-7797
Submit a Complaint

FAQ

Are Payday Loans Legal in Wyoming?

Yes, payday loans are legal in Wyoming, but they are subject to regulations to protect consumers. The Wyoming Division of Banking oversees and enforces these regulations to ensure fair lending practices.

Can Payday Loan Debt Be Forgiven?

Payday loan debt can be challenging to manage, and complete forgiveness is not common. However, borrowers facing difficulties can explore options like debt consolidation or repayment plans to make the process more manageable. Communication with the lender is essential if you're struggling to repay the loan.

Can You Get a Payday Loan Without a Bank Account?

In most cases, obtaining a payday loan in Wyoming requires having a bank account. Lenders typically use bank accounts for loan disbursement and repayment. While some alternative financial services may offer payday-like loans without a bank account, they often come with higher fees and risks.

Are Payday Loans Fixed or Variable?

Payday loans in Wyoming typically involve fixed fees, meaning the cost of borrowing remains consistent throughout the loan term. However, the annual percentage rate (APR) can vary depending on the loan amount and term. It's crucial to review the loan terms and understand the total cost before borrowing.

Is a Payday Loan Secured or Unsecured in Wyoming?

Payday loans in Wyoming are unsecured loans, meaning they do not require collateral. Approval for a payday loan is primarily based on the borrower's income and employment status. Unlike secured loans, such as auto title loans, payday loans do not put assets at risk.

How Long Do Payday Loans Stay in the System?

Information about payday loans can remain in the financial system for several years. Late payments or defaults on payday loans may be reported to credit bureaus, impacting your credit score and making it more challenging to secure new loans in the future. Timely repayment is crucial to avoid long-term consequences.