By Shawn Martin
Wisconsin’s payday loan laws are pretty much open to abuse of the borrowers.
While Wisconsin does not limit much it does have certain rules that must be followed according to the small loans laws, but most payday loan companies do not follow them.
There are no limits on the amount you can borrow, or how many payday loans you can have at one time.
There is also no time limit on payday loans in Wisconsin. These practices can lead to huge payday loan debt in a short period of time.
Another way to get caught in the payday loan trap is to roll over your payday loan.
This state has no limits on this, and each roll over leads to huge interest and fees, which Wisconsin does not limit also. The loan companies are allowed to charge whatever rates the customer agrees to pay.
There are too many red flags to ignore when choosing whether to take out a payday loan. Make sure if you choose to use these services you read all the fine print and pay off your loan on the first due date in full.