Wisconsin residents can choose from Wisconsin licensed, out-of-state licensed, tribal-based and foreign-based lenders for their payday loans.
The Payday Hound strongly prefers licensed payday lenders as the Wisconsin Department of Financial Institutions evaluates, regulates, and monitors the payday loans made by these lenders. See Wisconsin Payday Loan Laws for more details on Wisconsin laws and regulations or Payday Loans for more general information.
Unlicensed payday lenders include tribe-based lenders, lenders licensed in other states, and foreign-based lenders. Tribal and out-of-state licensed payday lenders operate under the interpretation that they can export their tribe or state laws into Wisconsin and are required to adhere to federal lending laws but not Wisconsin regulations. Federal laws may be less restrictive and less frequently enforced. The final group of lenders is foreign-based payday loan lenders.
They export their countries' laws into Wisconsin and are highly unregulated. See How to Choose A Payday Loan for more details.
The above is our understanding of how payday lending works in Wisconsin, but we are not a law firm. Please contact the Wisconsin Department of Financial Institutions for more information.
The Payday Hound reviews payday lenders and ranks them according to our Sniff Test (reputation), costs, and licensing. The list below includes both regulated banks as well as off-shore entites. Being included on our list is not an endorsement or certification. The list is a ranking and is designed to help borrowers rate and judge the quality of lenders. This means it may include lenders we believe to be honest as well as those we would deem to be predatory.
Category: Payday loans