Wyoming Is a Wild West of Sorts When It Comes to Payday Loans

No Maximum Loan Amount

Wyoming law does not specify a maximum payday loan amount. Meanwhile, other states in which payday lending is legal tend to set amounts—say, $500, $700 or $1,500. The limits are there because payday loans are supposed to cover short-term expenses and, in theory, should be paid back with a consumer's next paycheck. Obviously, Wyoming takes a liberal approach to this.

The Wyoming Division of Banking regulates payday loans, which are technically called "post-dated checks or similar agreements" in the state. The division notes that such post-dated check arrangements have been advertised for amounts as high as $3,000. With the various charges and fees, that could end up as a check for $3,600. The division notes that lenders should have a reasonable expectation that a consumer writing a $3,600 check would be able to pay that amount of money with his or her next paycheck after taking care of ordinary living expenses. The division asks that lenders keep the information on file that was used to determine a consumer's ability to repay a payday loan.

Fees, Charges and Other Terms

Although Wyoming does not set an official limit on how much a consumer can borrow, other aspects of a payday loan are more clearly defined. For example, take the following:

• Maximum finance rate and fees: $30 or 20% of the loan amount per month, whichever is greater
• Maximum loan term: One calendar month
• Example 14-day, $100 loan: $30 finance charge, 780% APR
• No rollovers allowed

However, there is no limit on how many loans a consumer can have out at one time. Many other states allow only one payday loan at a time.

Borrowers in Wyoming can request repayment plans once per 12-month period. These plans must last for at least 60 days and have at least four equal installments. Borrowers have until 5:00 p.m. Mountain time on the last business day before the post-dated check is due to enter into an extended repayment plan. Borrowers can pay a plan off early without a prepayment penalty. If a borrower is unable to make these payments, the lender is allowed to charge additional interest.

Borrowers have until 5:00 p.m. the next business day (Mountain time) after they take out a loan to change their mind. As long as a borrower returns the loan funds to the lender by the deadline, the lender cannot charge additional costs.

Why People in Wyoming Take Out Payday Loans

As touched on earlier, payday loans are meant to help with short-term expenses. People across Wyoming in cities such as Cheyenne, Jackson, Casper, Cody, Laramie, Sheridan, Gillette, Green River and Evanston take them out for reasons such as the following:

• Groceries
• Rent or mortgage
• Medical expenses
• Vehicle repair emergencies
• Childcare costs

After all, the cost of living in Wyoming is a bit above the national average, particularly for housing, health care and groceries.

The Wyoming Division of Banking does note that some lenders market these loans as a way to pay for vacations or home improvements. The division recommends that borrowers who need money for these reasons explore other avenues such as banks and consumer finance companies. That way, borrowers would pay less in fees and charges and potentially get more money. The division explains, "Post-dated check loans in Wyoming were designed to provide small dollar, short-term financing for consumers who need a little extra to manage until their next payday."

Of course, the way the system is set up in the state does allow for some lenders to act unscrupulously, should they choose to do so. Furthermore, people with bad credit who might not otherwise qualify for a "traditional" loan may be drawn to payday loans. Most lenders look at a borrower's regular income and ability to repay a loan rather than credit history.

Wyoming residents can be at higher risk than borrowers in other states of falling into debt to payday lenders. This is mostly due to the lack of a maximum loan amount and a lack of restrictions on how many loans a consumer can have out at one time. The state mostly leaves it up to the residents to determine their need for a loan and for how much money.

The Types of Lenders Available

You can get payday loans and cash advances in Wyoming either online or in person. Scores of brick-and-mortar lenders operate in Wyoming, and some of these lenders also operate online. You can go in person during the lender's business hours or call the lender and begin the process that way. Alternatively, you can fill out an online request form if the lender has one.

Then there are online-only companies such as Snappy Payday Loans. We offer a variety of helpful features:

• With our quick service, most loans distributed within one business day.
• Loans are deposited right into your bank account.
• Lenders are often willing to work with applicants who have bad credit.
• You only have fill out a simple online form.

We do not loan you the money, but we use the information you submit to match you with a direct lender (assuming you qualify for a loan). The direct lenders working with us operate by Online Lenders Alliance best practices. This online option is convenient because you don't have to leave your home and wait in line or wait for a business to open. We process applications on secure servers 24 hours a day, seven days a week.

Get Cash Now

If you want a loan as soon as possible, check out our easy online form. Start the process here, and see if you're matched to a lender. If you don't like the rates or terms proposed, you are under no obligation to accept the offer. It's a win-win situation in which you get to see whether you qualify and what the terms are like.

How the Loan Process Works

When you apply for payday loans through our website, the process is completely secure and confidential. Our 128-bit encrypted connection transmits your application to our partners without the risk of interception by third parties.

We pride ourselves on our simple, streamlined application process. Most people are approved if they meet the following requirements:

• Have an active checking account in good standing
• Are a permanent resident or citizen of the United States
• Are age 18 or older
• Have had a job for at least one month
• Can supply a working phone number and email address

What Makes Snappy Payday Loans Different?

We're working hard to restore the reputation of payday loans, cash advances and other short term lending services. We believe that all kinds of people should have access to the financial products which can help them to deal with unforeseen expenses even if they have less than exemplary credit records. Unfortunately, the reputation of payday loans in Wyoming has been marred by less than reputable lenders who prey on the financially vulnerable.

If you've made the informed decision to take out a payday loan you can do so safe in the knowledge that Snappy Payday Loans can help you do so in the safest way possible. Remember we are not a payday lender. Instead we put you in touch with the right payday loans direct lenders in Wyoming to suit your needs, helping you to make a well informed and zero-obligation decision that's right for you and your household.

Frequently Asked Questions

Kelly Stone - President