Payday Loans are Legal in Wyoming

Beware of predatory lending

Payday Lenders in Wyoming

In Wyoming, payday loans offer immediate financial assistance to individuals facing unexpected expenses or emergencies when traditional loans or credit lines may not be accessible.

According to the Wyoming Division of Banking, the average payday loan amount in the state is approximately $350, with an average APR of 260%. Even though they may be easy to get, it is important to be aware of the potential risks associated with these loans, as the high-interest rates and fees can lead to credit score damage and bigger debt issues. Around 40% of borrowers in Wyoming take out six or more payday loans in a year, a statistic that highlights the need for caution when utilizing this form of borrowing.

Payday lenders in Wyoming are required to comply with state regulations and licensing requirements but there are instances of predatory practices, such as excessive fees or lack of transparency. Reputable lenders prioritize borrower protection and strive to ensure clear and fair loan terms. It is crucial for individuals considering payday loans to carefully evaluate the potential risks and consequences, and to work exclusively with reputable lenders who prioritize the best interests of their customers.

Payday Loan Laws

Payday loan laws in Wyoming are relatively permissive compared to some other states. While there are regulations in place, the state does not have specific limits on loan amounts, interest rates, number of outstanding loans or allowable collection fees. Lenders are required to be licensed and registered with the Wyoming Division of Banking. Borrowers have the right to rescind a payday loan by the end of the next business day without incurring any additional fees.

Wyoming has two major codes that regulates the payday loan industry:

Loan Terms and Conditions

Maximum loan amount: No maximum specified in regulation

Maximum Interest Rate: 782%

Minimum loan term: No minimum

Maximum loan term: 1 month

Number of rollovers allowed: No rollovers allowed

Finance Charge: 30%

Legal action: 10 Years

Certified Payday Lenders in Wyoming

Company Name	Company score	License Status
Advance America, Cash Advance Centers, Inc.	7.9	Valid
Delbert Services	7.5	Valid
Kashia Services	7.5	Valid
CASHCALL, INC.	6.8	Valid
Green Trust Cash, LLC	6.1	Valid
Populus Financial Group, Inc.	5.7	Valid

History of Wyoming Payday Loans

Wyoming’s history with payday loans encompasses notable legislative developments. In 2005, the proposed HB 303 aimed to authorize licensed check cashers in Wyoming to impose additional charges, including collection fees and attorneys’ fees, in addition to standard finance charges. However, this bill ultimately failed to progress beyond the committee stage. Fast forward to June 2014, when Wyoming implemented revisions to its payday loan regulations, drawing inspiration from the Wyoming Uniform Consumer Credit Code (UCCC). The UCCC, adopted by multiple states in the 1960s and 1970s, provided a framework for the development of updated regulations in Wyoming. These revised regulations aimed to enhance consumer safeguards and establish guidelines for payday lending practices in the state.

State Resources

How to file a complaint

The Wyoming Division of Banking manages all complaints about payday lenders. Borrowers must download the complaint form from their website and submit their issue in writing, only after communicating directly with the lender to try and resolve the problem. They must include copies of all documents and state what they think the Division of Banking should do to solve the issue.

Wyoming Payday Loans Debt Relief

How to Get out of Payday Loan Debt?

Some steps can help you get out of a payday loan debt cycle. First, try to negotiate a repayment plan with your lender. This will allow you to pay back your debt gradually. There are also some nonprofits that offer financial aid and counseling programs. Credit counseling agencies can assist you in creating a plan to manage your debt. Additionally, you can explore options to consolidate your payday loans with other debts. This may result in lower interest rates and easier repayment terms. It is important to seek help as soon as you can in order to avoid more debt.

Support Resources

Types of Quick Loans in Wyoming

Cash Advance Apps Cash advance apps have gained popularity in Wyoming as a convenient and accessible way to access short-term funds. These mobile applications provide users with quick access to cash advances based on their upcoming paycheck or income. With a simple and user-friendly interface, individuals can request a loan and receive the funds directly into their bank account. Wyoming's regulations surrounding cash advance apps ensure that borrowers are protected from excessive fees and predatory lending practices. This offers consumers peace of mind knowing that they are working with licensed and regulated lenders. However, it's important for borrowers to exercise caution and use these apps responsibly, as they can come with high interest rates and potential financial risks if not managed properly.

Installment Loans When individuals in Wyoming require a larger sum of money for a specific purpose, such as home improvements or debt consolidation, installment loans offer a suitable solution. Installment loans allow borrowers to receive a lump sum of money and repay it in regular installments over a predetermined period. Wyoming's regulations on installment loans ensure that lenders adhere to fair lending practices and disclose all relevant terms and fees upfront. This protects borrowers from hidden costs and predatory lending practices. It's important for Wyoming residents considering installment loans to carefully evaluate their financial situation and ensure that they can comfortably repay the loan according to the agreed-upon terms.

Line of Credit Loans For individuals in Wyoming looking for more flexibility in their borrowing options, personal lines of credit are a viable solution. A personal line of credit functions similarly to a credit card, providing borrowers with access to a predetermined credit limit that they can draw from as needed. This flexible borrowing option allows individuals to have ongoing access to funds without needing to reapply for a loan each time. Wyoming's regulations ensure that personal lines of credit are governed by specific terms and conditions, providing consumers with transparency and protection. It's crucial for borrowers to carefully review the terms and fees associated with personal lines of credit to make informed decisions and avoid accumulating excessive debt.

Alternatives to Payday Loans in Wyoming

Personal Loans

Personal Loans in Wyoming offer individuals the opportunity to secure funds for various purposes, such as consolidating debt, financing home improvements, or covering unexpected expenses. These loans, regulated by the Wyoming Division of Banking, provide borrowers with flexible repayment terms and competitive interest rates. Whether through traditional banks or online lenders, borrowers can access loan amounts ranging from a few thousand dollars to higher figures, depending on their creditworthiness and income. It's important for borrowers to review their credit reports, gather necessary documentation, and compare loan offers to ensure they secure the most favorable terms.

Land Loans

Land Loans offer aspiring Wyoming property owners the opportunity to purchase or refinance land for various purposes, such as building a home, starting a business, or investing in agricultural ventures. Wyoming's vast landscapes and natural beauty make land loans a popular choice among residents. The Wyoming State Banking Commissioner oversees the regulation of land loans, ensuring that borrowers are treated fairly and transparently by lenders. These loans typically provide competitive interest rates and flexible repayment terms, allowing borrowers to make their land ownership dreams a reality. Whether it's vacant land, residential lots, or commercial plots, Wyoming residents can find lenders who specialize in land financing to guide them through the loan application and approval process.

Farm Loans

For farmers and ranchers in Wyoming, farm loans play a crucial role in supporting agricultural operations and sustaining rural economies. These loans, regulated by the Wyoming Division of Banking, provide financial assistance to farmers for purchasing land, equipment, livestock, and other essential farming needs. Lenders consider factors such as the borrower's farming experience, business plan, and collateral when evaluating farm loan applications. By working closely with agricultural lenders and understanding the specific loan programs available, farmers in Wyoming can access the financial resources required to grow and sustain their farming operations.

Bad Credit Loans in Wyoming

For individuals with a less-than-perfect credit history, bad credit loans can provide a viable solution. These loans cater specifically to borrowers with low credit scores, allowing them to access the funds they need despite past financial challenges. While the interest rates for bad credit loans may be slightly higher, Wyoming residents can still find lenders willing to work with them. These loans are regulated by the Wyoming Division of Banking, ensuring that borrowers are protected from predatory practices. By demonstrating the ability to repay the loan, providing necessary documentation, and exploring options from both traditional and online lenders, individuals with bad credit can obtain the financial assistance they require.

Wyoming Small Business Loans

Wyoming provides several types of small business loans with different requirements and terms:

SBA loans: Loans that are backed by the U.S. Small Business Administration, which offer lower interest rates and longer repayment terms than conventional loans.
Business lines of credit: A business line of credit provides flexibility for small businesses in Wyoming, allowing them to access funds when needed and repay the borrowed amount over time.
Equipment financing: Many lenders offer equipment financing options, allowing small businesses to purchase or lease equipment needed for their operations.
Invoice financing: Invoice financing or factoring enables businesses to access immediate cash flow by selling their outstanding invoices to a financing company at a discount.
Microloans: Micro-lenders, such as nonprofit organizations and community development financial institutions (CDFIs), provide smaller loan amounts to support small businesses in Wyoming.

VA loans in Wyoming

Veterans and military personnel in Wyoming can benefit from VA Loans, a mortgage loan program backed by the U.S. Department of Veterans Affairs. These loans offer eligible veterans and their families the opportunity to purchase or refinance a home with favorable terms and benefits. Wyoming provides veterans with access to VA loan programs through approved lenders. VA loans offer competitive interest rates, no down payment requirements, and limited closing costs, making homeownership more attainable for veterans. By working with VA-approved lenders and utilizing their VA loan entitlement, veterans in Wyoming can enjoy the benefits of homeownership and the support they deserve for their service to the nation.

Wyoming Student Loans

Many options are available to Wyoming students to help finance their college education. These options include:

Federal Student Loans: Loans provided by the federal government offering low-interest rates and flexible repayment plans.
Wyoming Indian Tuition Waiver: TNative American students who are enrolled members of a Wyoming tribe may qualify for tuition waivers at the University of Wyoming and the state's community colleges. This program helps make higher education more accessible and affordable for Native American students in Wyoming.
Wyoming Teacher Education Loan Repayment Program: This program offers loan repayment assistance to Wyoming teachers who commit to teaching in critical shortage areas or schools serving low-income students. Eligible teachers can receive up to $5,000 per year in loan repayment assistance.
Private Student Loans: Loans from private lenders, they commonly have higher interest rates and may require a co-signer.

Wyoming Income Information

According to the 2021 U.S. Census, Wyoming had a median household income of $68,002, slightly lower than the national median of $69,021. The economy of Wyoming is primarily driven by the energy sector, particularly coal, oil, and natural gas extraction. The state also benefits from tourism, agriculture, and manufacturing industries, contributing to its overall economic stability and growth. The poverty percentage in Wyoming in 2021 was 11.4%. Median household income and poverty levels vary significantly by county in Wyoming, with Teton County having the highest median income at $87,053 and Niobrara County having the lowest at $46,111.

United States Census Bureau. “Poverty in the United States: 2021.” Accessed on May 8, 2023.
United States Census Bureau. U.S. Census Bureau QuickFacts: Wyoming. Accessed on May 8, 2023.

Wyoming Payday Lender Complaints

Below are trends associated with the top payday lenders in Wyoming, as reported to the Consumer Financial Protection Bureau.

Company Name	Count
Advance America, Cash Advance Centers, Inc.	3
Delbert Services	2
Kashia Services	2
CASHCALL, INC.	1
Green Trust Cash, LLC	1
Populus Financial Group, Inc. (F/K/A Ace Cash Express)	1
Total Complaints	18

Consumer Financial Protection Bureau. Consumer Complaint Database. Accessed on May 8, 2023.

Most Common Issues

Complaint type	Count
Charged unexpected interest or fees	7
Can’t stop withdrawals from bank account	3
Received a loan didn’t apply for	3
Applied for loan but did not receive	1
Payment not credited to account	1

What are the main reasons residents of Wyoming apply for payday cash advance online or offline

Payday loans are typically used for nonnegotiable everyday expenses like your rent, utilities, and groceries. Per data reported by Pewtrust, the percentage of reasons described below

Reason	Share
Regular Expenses (Utilities, car payment)	53%
Unexpected emergency/expense	16%
Rent/Mortgage	10%
Something Special	8%
Other	5%
Did not answer	2%

Payday Lenders by City

Cheyenne
Casper
Gillette
Laramie
Rock Springs
Sheridan
Green River
Evanston
Jackson
Riverton

Cody
Rawlins
Lander
Powell
Douglas
Torrington
Ranchettes
Worland
Buffalo
South Greeley

Fox Farm-College
Mills
Wheatland
Newcastle
Glenrock
Bar Nunn
Warren AFB
Thermopolis
Evansville
Kemmerer

Frequently Asked Questions

Will applying for a payday loan impact my credit?

Payday loans are typically not reported to the three major credit reporting agencies, and most lenders do not conduct credit checks as part of their application process.

What do I need to apply for a payday loan?

To apply for a payday loan in Wyoming, you will typically need to provide your identification, proof of income, bank account information, and contact information.

Can I cancel my payday loan?

In Wyoming, borrowers can cancel their payday loan by returning the borrowed amount to the lender by the end of the next business day after receiving the loan.

Can a payday loan lender garnish my wages?

In Wyoming, a creditor cannot garnish your wages or bank account without first obtaining a court judgment against you, and you have 20 days to respond. Only after obtaining a court judgment stating that you owe them money can the creditor proceed to garnish your wages or bank account.

Can spouses have separate loans?

Yes, spouses can have separate payday loans in Wyoming as long as they individually meet the lender’s eligibility requirements and can provide the necessary documentation and information to apply.

When will I receive my funds if I am approved for a payday loan?

Funds are typically received on the same day or the next business day after loan approval, and can be disbursed through various methods, such as direct deposit or a prepaid debit card.

What happens if I can’t repay my payday loan on time?

You may face additional fees and charges, and the lender may take legal action or send the debt to a collection agency, but it’s important to communicate with the lender and explore all available options.

When could I apply for another payday loan?

In Wyoming, you can apply for a new payday loan immediately after you pay the current one off.