Wyoming Payday Loans

Wy. Stat. 40-14-362 et seq.
Status: Legal

Payday loans are legal in the state of Wyoming, pursuant to Wy. Stat. 40-14-362 et seq. The number of companies offering payday loans in Wyoming, as of January 2017, currently stands at 76.

Payday Loan Lending Laws in Wyoming

At first glance, the payday lending laws in Wyoming seem to lack any specification. The laws do not specify the maximum amount a borrower can request from a lender, only that the loan amount must be paid back within one calendar month. The APR currently stands at 780% per annum, and lenders can charge either $30 or a flat 20% on every $100 of loan issued for a 14-day repayment period and up to $30 for other finance charges. Interestingly, nonsufficient fund fees do not apply in this state.

The state laws also do not specify how many loans a single borrower can have out at one time, a factor that highlights the advantages and concerns of payday loans. While the lack of specifications potentially allows a borrower to take out more to address larger financial emergencies, doing so exposes the borrower to a higher likelihood of falling into a debt cycle where a borrower must take out new loans to pay the old ones on a constant basis. However, the state laws do prohibit the practice of rollovers, renewals, and consolidation. This protects the borrower from additional interest accrued due to a renewed repayment time table, but it also means the borrower must pay back the loan amount within the original time frame established; renegotiating those terms is not an option.

Finally, should a borrower become delinquent in repaying the cash advance loan, a lender cannot seek criminal charges against them solely for not paying the loan back on time. This means a lender cannot threaten the delinquent borrower with jail time, wage garnishment, or harassing phone calls until the loan gets repaid. A delinquent loan is a civil matter, which means the lender has the option of seeking a civil judgment against the borrower, at which point wage garnishment or force liquidation of some assets could occur. The state of Wyoming does allow the use of a repayment plan once during a 12-month period, requiring four equal payment installments over 60 days. A responsible borrower should remember that lending companies will seek repayment of the borrowed funds any way they legally can.

Lending Rules*

Lenders in the state of Wyoming are legally required to comply by the following limitations according to Wy. Stat. 40-14-362 et seq.:

Maximum Loan Amount:
Not Specified
Maximum Length of Loan:
1 calendar month
Maximum Finance Rate & Fees:
the greater of 20% per month or $30
Finance Charge for 14-day $100 Loan:
APR for 14-day $100 Loan:
Max # Outstanding Loans at One Time:
Not Specified
Rollovers Permitted:
None (cannot repay, refinance or consolidate by proceeds of another check)
Criminal Action:
Prohibited (Prior to date on instrument)
*The information displayed may not be current. For the most recent information, please visit http://www.paydayloaninfo.org/state-information/58.

Regulatory Information

If you have a complaint against a Wyoming Cash Advance location you can contact your state regulator below:

Wyoming Division of Banking
Herschler Building, 3rd Floor, 122 West 25th Street, Cheyenne, WY 82002
(307) 777-7797
(307) 777-3555

Wyoming Lenders

Below you can find Wyoming payday loan lenders in the following cities:

Wyoming Statistics**

The following information is key demographic data for the state of Wyoming from the Census bureau.

Total Population:
Median Household Income:
Poverty Rate:
Median Gross Rent:
High School Graduate or Higher:
Bachelor's Degree or Higher:
**The information displayed may not be current. For the most recent information, please visit http://www.census.gov/quickfacts.

Borrow Responsibly

The best way to use payday loans should be to address short-term financial emergencies that can be paid back in a short amount of time. However, the very nature of emergency situations can make it difficult for a potential borrower to do the proper research and ask the right questions about a cash advance loan before agreeing to the terms. The potential borrower should know the state regulations, the allowable practices, and the terms offered by the individual lender, which can vary based on the company in question. Payday loans should never be used for long-term financial planning or anything other than an emergency situation; doing otherwise can put the borrower in a financial situation that can prove very difficult to escape.

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