Wyoming Payday Loan Laws and Regulations

Find out if short-term Payday Loans are legal in Wyoming and what amounts, interest rates and repayment terms are set by the state's Legislation.

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Wyoming Payday Loans Rates and Terms

Legal Status

Legal Status

The status of a loan type according to the Federal laws and regulations. What concerns Payday Loans some states consider them legal, some – illegal and some restrict them in terms of amounts and interest rates.

Maximum Loan Term

Maximum Loan Term

It’s the maximum period of time within which you are to allowed to pay off your loan.

30 day(s)
Maximum APR

Maximum APR

The maximum percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

Average APR

Average APR

The average percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

Finance Charges

Finance Charges

All the payments you’re going to be charged for the loan including APR and other fees.

$30 (or 20% per month)

Make yourself safe by studying Wyoming laws, rules and regulations concerning Payday Loans and other short-term cash advance. 

Compare top legit Payday Lenders in Wyoming:

Table of Contents:

Are Payday Loans legal in Wyoming?

Wyoming Payday Loan Terms and Amounts

Wyoming Payday Loans online laws

Wyoming Payday Loans interest rates, fees and other finance charges

Wyoming Payday Loans direct lenders regulations

Wyoming Payday Loans consumer information

Legitimate Payday Loans online with NO credit check in Wyoming

Does Wyoming law allow Payday Loans for bad credit borrowers?

Legit Payday Loans in Wyoming collection practices

Wyoming Payday Loans news  - latest changes

Wyoming Payday Loans historical background

Wyoming Payday Loan alternatives

Are Payday Loans Legal in Wyoming? 

Short-term Payday Loans are legal in the state of and are mostly regulated through Wy. Stat. 40-14-362 et seq..

The Payday Lending legislation covers all the parts of the process concerning:

  • Payday Loan amounts
  • Payday Loan repayment terms
  • Payday Loan online direct lenders
  • Payday Loan stores near you
  • Payday Loan interest rates and other fees
  • Payday Loan collecting practices
  • Payday Loan default penalties
  • The number of outstanding Payday Loans as well as a cooling-off period in-between etc.

Read more: Payday Loans in Wyoming

The main Payday Loan requirements in Wyoming are:

  • A proof of income
  • At least 18 years of age
  • Wyoming  residence
  • An active bank account
  • A valid phone number, or e-mail

Wyoming doesn't limit maximum loan amounts. It should be repaid within 30 day(s). Earlier payments don’t contemplate any additional penalty fees. The maximum APR is 780.00%. For other details read further to find out how many Payday Loans you can borrow, whether rollovers or extensions are allowed, etc.

Wyoming Payday Loan Terms and Amounts 

Wyoming residents who are eligible for a Payday Loan can apply for as much as they need with no limits. The repayment term is capped at maximum 30 day(s).

The purpose of loan usage is not limited either. Any urgent expenses, unforeseen bills, car repair, home repair, etc. may seem a sound reason to apply for a Payday Loan in Wyoming.

If a Payday cash advance is not enough, there are always other options to receive the necessary funds in Wyoming: unsecured Installment Loans, bad credit Personal Loans, Title Loans, Check Cashing, Pawn Shops, etc.

Wyoming Payday Loans online laws 

Payday loans from both storefront and online lenders are legal in the state of Wyoming. But the companies should operate according to the Wyoming Division of Banking regulations.

Still the precise Payday loan amount in total, as well as fees and any surcharges, with APR rate indicated, must be revealed within the contract you're signing. 
The lending agency is obliged to supply you with a fee schedule listing all the fees it's getting to make. All the amounts must be indicated with APR rates and exact fees amounts. Lending agencies must indicate a telephone number within the contract you'll use to file any complaints or clarify any questions.

Reputable online lenders operating in accordance with all relevant state and federal laws can be applied to and compared on our platform using a simple online application form.

You state the necessary amount, fill in your personal information and get suitable offers from legit direct lenders. It takes only a few minutes and doesn't affect your credit score. 

Wyoming Payday Loans interest rates, fees, and other finance charges 

The main part of payday loan payment is mostly made up of the interest rate, or APR. The maximum APR that may be charged for short-term cash advance in Wyoming is 780.00%. On average the interest rate is 261%.

Besides, the total cost of a Payday Loan includes some additional fees. Wyoming lending rules allow to charge 20% maximum but not more than $20.

The law obligates Wyoming Payday Loan lenders to provide you with a written disclosure of all the rates and fees in the understandable language. You should read them carefully and if you agree to acknowledge the notification by signing the contract.

Wyoming Payday Loans direct lenders regulations 

According to Wyoming payday loan laws all direct lenders are obliged to register their companies which will allow issuing payday loans contract. It concerns both Online Payday Loans and Payday Loans Near Me.

The main rules regarding Payday loan lenders in Wyoming state that they can:

  • Provide you with unlimited loan amount to be repaid within a month
  • Give you a contract typed in a language you understand
  • Display license & fee structure at each location

But Wyoming Payday Loan lenders are prohibited to threaten you for late payments or loan default and conduct any criminal actions against you.

Nevertheless, you should be careful not to come across any scams. Some unfair lenders can operate without license or under a different license and offer too expensive ‘payday loans’ under illegal conditions. Always check that the lender you are going to apply to works under Wyoming state law.

Wyoming Payday Loans consumer information 

Besides amounts, rates and fees, consumers must be also well aware of other details of Payday Loans in Wyoming. They include the availability and number of rollovers, extensions and repayment plan, a cooling-off period, any default penalties or additional fees, etc. Check out the table below to find the most essential information:

Rollovers or extensionsNone
Cooling-off periodNone
NSF feeNoneNone
Criminal actionsProhibited

Look for more detailed information on the official Wyoming state regulator website - Wyoming Division of Banking.

Legitimate Payday Loans Online with NO credit check in Wyoming 

Looking for a legal Payday Loan with No credit check in Wyoming? You must understand the meaning of this phrase correctly at first. No credit check implies that a lender will not inquire about your credit history information from or send your borrowing data to any of the three major credit bureaus Equifax, Experian and TransUnion.

If you don’t want to damage your credit history, Wyoming law allows you to apply for a Payday Loan with No credit check. But you should understand that a lender needs to check your creditworthiness at least in some way. He can perform a soft credit check when a lender pre-approves you for a loan and this inquiry will not appear on your credit report. Or there’re other ways to prove you can afford the cash advance. Payday Loan lenders use the tracking system to verify your debts, check your income, etc. And generally, they charge higher interest to lessen the risks.

Wyoming Payday loans online no credit check are one of the easiest options of getting quick cash to cope with emergency financial requirements, especially for the people with poor credit.

Does Wyoming law allow Payday Loans for bad credit borrowers?

The average credit score in Wyoming is 678, placing it in the good range. But it doesn't mean that those who have a worse credit can't apply for a Payday Loan in Wyoming. 

  • First of all, there're a lot of legit direct lenders in Wyoming providing Payday cash advance to borrowers with both good and bad credit score.
  • Secondly, you can always find a cosigner to increase your chances of being approved for a bad credit Payday Loan.
  • Find out how to improve your credit score and do your best to do it fast. 
  • Or consider taking out a bad credit Installment Loan, or bad credit Personal Loan.

Legit Payday Loans in Wyoming collection practices 

If you can’t repay the loan amount plus interest on a due date it means you default the loan. When Wyoming direct lender isn’t able to cash your check after the repayment term is over he may charge you a NSF fee. NSF fee means there are non-sufficient funds on your account. The amount charged is determined by the lender and stated in the agreement and may also be limited by the state’s Payday Loan law. In Wyoming there is no NSF fee.

What concerns collection practices, first of all, you may stay assured that any criminal actions are forbidden in Wyoming. The laws limit the collection actions lenders can take – When a borrower has failed to repay a Utah payday loan, the laws dictate that lenders are not allowed to take any legal action against that borrower unless the individual has closed his or her checking account prior to repaying the debt in full. This essentially means that borrowers who maintain their checking accounts and who are unable to repay payday loans will be protected from payday loan lenders’ attempts to sue them or garnish their wages.

If you think that your payday lender violates the Wyoming Payday Loans law, you may file a written complaint with Wyoming Division of Banking. The supervisor from that office interviews witnesses, reviews the payday lender’s business records and documentation, and determine whether to pursue civil or criminal charges.

Wyoming Payday Loans news  - latest changes 

Critics of payday lending in Wyoming want lawmakers to step in and regulate the industry. Since 2000 the number of Payday Loans has tripled. 

Wyoming lawmakers are required to cap the interest at 36%, and the number of loans should be limited.

Lenders, on the other hand, claim that they serve people who are ignored by traditional banking and credit card industries. They do explain to customers how the loan will work and no one makes anybody do anything.

So, any Payday Loans laws changes are still being negotiated.

Wyoming Payday Loans historical background 

The history of Payday Loans in Wyoming
2006Payday Loans to the military were capped at 36% APR.
June, 2014Wyoming Uniform Consumer Credit Code (UCCC) was revised and stated the regulations which are still in force.
June 2, 2016A Payday Loan Rule was proposed but is still under consideration.

Wyoming Payday Loan alternatives

If you're looking for instant cash advance in Wyoming but not a Payday Loan, consider other alternative ways to get the necessary funds:

  • Apply for a Wyoming Installment Loan - $1000 - $5000 cash advance repaid over several months or years in equal installments.
  • Take out a Car Title Loan if you own a vehicle to use as collateral.
  • Sell some of your valuable stuff online or at a pawn-shop.
  • Consider borrowing from a bank or credit union, Blue Federal Credit Union, UniWyo Federal Credit Union, for example.
  • Qualify for one of Federal or Wyoming government assistance programs: Child and Adult Care Food Program (CACFP) for Centers, Child and Adult Care Food Program (CACFP) for Homes, Wyoming Head Start, Wyoming Kid Care Children's Health Insurance Program (CHIP), Wyoming Low Income Energy Assistance Program (LIEAP), Wyoming Medicaid and many others depending on your needs.