Wisconsin Personal Loan Lenders and Consumer Protection.
Wisconsin Personal Loan Lenders: Personal loans in Wisconsin provide a great way for borrowers with above average credit scores to borrow up to $25,000 completely online. These loans can then be repaid over 36 months in installments with rates as low as 11.24% APR.
The interest rate that applies to our personal loans is determined based on each customer’s personal information and credit rating; the better the credit rating, the lower the interest rate.
Online Personal Loans for Residents of Wisconsin
Wisconsin residents should know that personal loans don’t just have to come from local branches. Online companies have grown over the last few years and can now offer some of the most competitive rates in the industry.
Personal loans in Wisconsin are offered by a number of companies. To help you compare these options, I put together some of the best choice just for you.
Founded in 2012, NetCredit is a personal loan provider for Wisconsin residents. The lender is a subsidiary of Enova International and is headquartered in Chicago. NetCredit offers a variety of personal loans for borrowers with good, fair, and poor credit.
The consumer lender offers a simple online application for new personal loan borrowers, as well as an option to check eligibility without impacting one’s credit score. Personal loans in Wisconsin offered through NetCredit have loan amounts based on the borrower’s ability to repay and credit history.
An application can be submitted online, and once a loan is approved, repayment can be made via debit cards, ACH transactions, or checks.
Mariner Finance is another option for personal loans in Wisconsin. While the consumer lender is based in Baltimore, Md., the company operates more than 450 branches throughout 22 states, with a history that dates back to 2002.
Mariner Finance personal loans are available to qualified borrowers. A personal loan can be used for a variety of reasons, including debt consolidation, a vacation or wedding, auto repairs, or unexpected bills.
Personal loans from Mariner Finance have a fixed interest rate, a fixed monthly payment, and loan terms ranging from a few months up to a few years. All borrowers listed on an application must visit a local branch to apply, and approval can take place in as little as one business day.
There are no prepayment penalties with a Mariner Finance personal loan, and repayment can be made either in a branch location or via automatic bank account deductions.
WESTconsin Credit Union
The credit union provides both signature personal loans and express personal loans, based on the borrower’s needs and credit history. Express personal loans provided by WESTconsin Credit Union can be applied for online and may be approved for those with strong credit history in as little as a day.
Personal loans through this program are available for emergency expenses, travel, a major purchase, or a car or home repair. Each personal loan carries a fixed interest rate and fixed monthly payments, and there are no origination or prepayment fees.
Borrowers can repay a WESTconsin Credit Union express loan through automatic payments, online, or in person at any branch location.
Green Leaf Loan Group
Borrowers in Wisconsin with a less-than-stellar credit history or no credit history may have an option for a personal loan with Green Leaf Loan Group. The consumer lender in Wisconsin offers online installment loans, regardless of credit history, to borrowers in as little as one business day.
Green Leaf Loan Group works with a network of licensed installment loan lenders through an online platform, making it easy for borrowers to see what they qualify for with a new personal loan. The company has been in operation since 2011, with loans available in nearly all 50 states.
Repayment terms are dependent on the lender providing the installment loan, as are interest rates charged on the loan. In most cases, borrowers using Green Leaf Loan Group can get an approval in 24 hours, and funding shortly after. There are no prepayment penalties with most lenders in the network.
Consumer Protection in Wisconsin for Personal Loan Lenders
If a personal loan borrower believes a consumer lender has acted fraudulently or not upheld its end of the bargain according to the original loan agreement and terms, consumers have options for filing a complaint.
Each legitimate complaint filed by a Wisconsin resident is researched and pursued; and the agency that received the complaint can take action against the lender if and when it is warranted.
Here are the agencies and organizations Wisconsin residents can reach out to when they suspect a consumer lender is not acting in compliance with Wisconsin laws and regulations.
Wisconsin Department of Justice
Department of Agriculture, Trade, and Consumer Protection Wisconsin (DATCP)
Wisconsin Department of Financial Institutions
Consumer Financial Protection Bureau
Consumer Financial Protection Bureau
Verifying the Legitimacy of a Lender
With so many options for consumer personal loans in Wisconsin, it can be a challenge to determine which; lenders, online or otherwise, are legitimate. So I carefully highlighted things to do when confirming if your lender is as legally as he claims.
Start by reviewing a lender’s website. This is to see if the company has a note or direct link to the Wisconsin Department of Financial Institutions. (WDFI).
If a connection to WDFI is not easily apparent to a potential borrower. It might be best to work with a different lender for a personal loan.
Consumer lenders in the state of Wisconsin must also be licensed to do business.
A consumer lender must have at least $50,000 in working capital on its balance sheet. Also, financial records must be audited on an annual basis after a license is granted.
The average credit score for the state of Wisconsin was 707 in 2011. This is according to the research performed by Experian, one of the largest credit reporting companies.
The average score for Wisconsin at that time was above the US average which was 687 Experian Score. Thus ranking the state on the 10th spot in the United States. Credit scores by Experian range from 330 to 830 and are determined by analyzing a customer’s credit reports over a certain amount of time.