Universal Lenders of Wisconsin, with offices in Brookfield, DePere and Sturgeon Bay, offers real loans – helping those who need it most get out of the payday loan cycle. Universal Lenders is the alternative to payday loans for which Wisconsin lawmakers are looking.
A payday loan, also called a payday advance, is a short-term loan just large enough to cover a borrower’s expenses until his or her next paycheck. Loans typically do not exceed $500, but can have exorbitant interest rates. Though they often appear to be less than outrageous for a single loan, when spread out over a year, nationwide rates range from 156 percent in Oregon to an outrageous 869 percent in Maine and Montana, as detailed by the Community Financial Services Association of America.
Universal Lenders of Wisconsin, LLC is a licensed finance company working to change the payday industry by offering lower interest rates to borrowers and reporting to federally licensed credit bureaus, which can help improve a borrower’s bad credit rating. Unlike payday loan businesses, which can charge up to 500 percent interest from fees of $25 per $100 borrowed, customers who borrow
from Universal Lenders receive bank-like loans. Payments made on Universal Lenders loans pay down the principle and interest and are spread out over time so the payment is affordable, according to Steve Jacobs, owner of Universal Lenders.
“Fifty percent of the loans we do are for getting people out of payday loans and getting them into real loans,” Jacobs said. “We give loans to people with perfect credit to poor credit, but we don’t give loans to people who can’t afford them.”
The Wisconsin State Legislature’s committee on Financial Institutions has been sitting on a bill since January that would create a maximum finance charge for payday loans. There are currently five bills pending in the current state Assembly session that would put some regulations on payday loan lenders.
“My only concern is that the future regulation on payday loans don’t stop me from helping people with poor credit,” said Jacobs.
Universal Lenders of Wisconsin’s mission is to help borrowers by offering lower interest rates and to guide customers toward a path to improve their credit rating. For more information, visit http://www.wisloannow.com. or call 866.310.9936.
Category: Payday loans