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Wyoming Payday Loans

If you have found yourself in need of fast cash and are still weeks from your next payday, you are not without options. One of these options is receiving a payday loan in order to make ends meet until your next paycheck arrives. Payday advances are short term loans that are given to employed individuals who can repay the loans at the time of their next paycheck. These transactions provide financial assistance between paychecks and can be very helpful during a time of need.

Payday Loan Process

When an individual has decided that a payday loan is their best option, the first step in obtaining one is finding a lender that will best suit their needs. In the state of Wyoming, there are lenders that have local storefronts. Wyoming residents also have the option of obtaining a cash advance via an online lender. Online lenders can provide fast and easy payday advances from the comfort of the borrower’s own home. The loan amount requested can be deposited directly into the account of the borrower in a matter of hours and when the time comes for repayment, the loan amount plus any interest or fees can be electronically paid back to the lender.

Once the proper lender has been selected, a loan agreement must be made. The lender will generally require some information from the potential borrower before the loan is approved. Although the exact information needed from the borrower can vary from lender to lender, the following will usually be required in order to receive a loan:

  • The borrower must have personal identification (this will usually need to be some form of government issued photo identification such as a driver’s license or a passport).
  • The borrower must be currently employed and receiving paychecks (this can be proven through the use of pay stubs or bank statements showing previous payments).
  • The borrower must have a valid checking account (some lenders will require that the checking account has been active for a minimum of three months to be considered valid).
  • The borrower must provide some form of repayment security (this can be provided with a postdated check signed to the lender or the borrower’s authorization of bank account withdraw by the lender).

Once a loan is approved, the funds will be transferred to the borrower. On or before the next pay date of the borrower, the loan amount, plus any additional interest and fees should be repaid to the lender.

Obtaining a Cash Advance in Wyoming

Payday loans are regulated on a state level in America and as such, payday loan laws can vary from state to state. While some states have made payday loans illegal, the majority of states do legally allow payday loans. Payday loans are legal in the state of Wyoming and there is also legislation that protects both the borrowers and the lenders in the state. The maximum time allowed for a cash loan in Wyoming is 30 days. Rollovers are not allowed in Wyoming and the amount of interest that can be charged is limited as well.