Late Fees and Loans in Wisconsin
Late payments happen - things go wrong, lay-offs occur, and unexpected financial problems happen. When a payment is late, lenders and creditors will charge a late fee. Many consumers are not aware that Wisconsin has very strict regulations on the late fees that may be charged. Late fees can become a massive problems for consumers as they increase the amount necessary to bring a loan current. Late fees can even accumulate with the missed payments and result in a repossession.
Late Fees and the Law in Wisconsin
Many loans in Wisconsin are subject to a body of law called the "Wisconsin Consumer Act." You can actually read that entire statute here:
This body of law regulates the late fees that may be charged on certain transactions. These laws limit late fees to $10 in most cases. Attorney Nathan DeLadurantey has handled many cases involving illegal and excessive late fees being charged to Wisconsin consumers. If you have been charged late fees in excess of $10 (or 5% of the missed payment, whatever is greater), your creditor may have broken the law. Under those statutes, a consumer can actually sue their lender for this violation. If you are concerned that you may have been charged illegal late fees, contact Attorney Nathan DeLadurantey to schedule a free consultation.
Types of Loans Covered
The Wisconsin Consumer Act covers a whole host of loan arrangements. These include:
- Vehicle loans
- Installment loans (sometimes called payday loans)
- Lines of credit
- Cash advances
- Credit cards
- Vehicle leases
- Bank loans
Next Steps & Solutions
If you are concerned that you have been charged illegal or excessive late fees, you are not alone. Attorney Nathan DeLadurantey has sued numerous lenders and financial institutions for these violations of Wisconsin law - and has represented many consumers all over the state. His victories include both individual cases and class action cases. Every consumer facing this issue should take advantage of a free consultation to understand their rights and options.
We provide representation in cases throughout Wisconsin, including Racine, Kenosha, Green Bay, Appleton, the Fox Valley, Milwaukee, West Allis, Waukesha, Walworth County, Dane County, Madison, La Crosse, Eau Claire, Superior, Ashland, and anywhere in-between.