Wyoming Payday Loan Laws
 | Max Term of Payday Loan: | 1 calendar month | | Max Fees and Finance Charges: | The greater of 20% or $30 | | Maximum Loan Amount: | Not specified | | Number of Rollovers: | None (cannot repay, refinance or consolidate by proceeds of another check) | | Outstanding loans allowed at one time: | Not specified | | Cool-off period: | Not specified | | Military Protection: | Not specified | | Payment Plan: | Not specified | | Limits on collection and presentment: | Not specified | | Collection fees: | Not specified | | Presentment Limit: | Not specified | | Penalties: | Civil Fines, Suspension or revocations of license; Cease and Desist Order; Criminal | | Private right of action: | Yes |
Wyoming Payday Loan Laws:
Wyoming law regulates payday lenders with physical addressees in Wyoming, which must be licensed. The rates are based in a full calendar month. For example if the total amount loaned is $100 the most that could be charged is $30 since $30 is greater than $20 which is 20% of the amount borrowed. If the amount borrowed is $200 for 14 days, the highest amount that may be charged is $30 [14 days/31 days x 20% x $200 = $18.06]. Rolling over is prohibited. A lender may permit the borrower to repay original finance charges in installments but may not charge an additional fee for that convenience. The APR for a 14-day $100 loanis 780%.
| Payday Loan Laws: |
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