A payday loan, also known as a cash advance or paycheck advance, is a short-term, high-interest loan typically taken out by individuals who need immediate access to funds before their next payday. In Wisconsin, payday loans are regulated by state law to protect consumers from excessive fees and predatory lending practices.

Here are some key features of payday loans in Wisconsin:

1. Loan Amount: The loan amounts can vary depending on the type of loan, as lenders are regulated on the limits in Wisconsin. 

2. Repayment Period: The loan term can vary, but is typically between 30-90 days.

3. Interest Rates and Fees: Wisconsin law caps the interest rates for payday loans based on the loan amount. The annual percentage rate (APR) on payday loans in Wisconsin can vary depending on the loan amount and duration. Additional fees, such as origination fees and finance charges, may also apply.

4. Borrower Eligibility: To be eligible for a payday loan in Wisconsin, borrowers must be at least 18 years old, have a valid identification document, and provide proof of income, such as pay stubs or bank statements.

5. Borrowing Limits: Wisconsin law limits the number of payday loans a borrower can have at a time. Borrowers are generally restricted to one outstanding loan per lender and are required to wait 24 hours after paying off a loan before taking out a new one.

6. Consumer Protections: Wisconsin law prohibits lenders from engaging in certain practices, such as rolling over or refinancing a loan with the same lender, entering into loan agreements with individuals who have outstanding payday loans, and using unfair collection practices.

It's important to exercise caution when considering a payday loan due to their high interest rates and fees. Payday loans are meant to be short-term solutions for immediate financial needs, and they can quickly lead to a cycle of debt if not repaid promptly.

If you are facing financial difficulties, it's advisable to explore alternative options, such as negotiating payment plans with creditors, seeking assistance from local community organizations, or considering personal loans from banks or credit unions that typically offer more favorable terms and interest rates.

Attorney Nathan DeLadurantey offers free consultations to explain your legal rights in Wisconsin. Free consultations can be scheduled online.