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Managing Sudden Financial Emergencies Through Non-Traditional Loans

In Wisconsin, financial emergencies are the most common reason consumers apply for payday loans. Additional purposes include auto repair expenses and obtaining a needed medication. The products are helpful for consumers who are unable to obtain a traditional loan due to credit issues. A local lender provides payday loans to assist consumers right now.

Where to Apply for the Loans?

The payday loans are available through lenders in centrally located branches in most cases. However, select providers allow consumers to submit applications via their websites. The consumer doesn’t have to live in the area where the lender is located to obtain a loan.

How are the Loans Processed?

The applicants must provide all information requested by the payday loan provider. The most common details are the consumer’s name and contact information along with employment and income information. The lenders must complete the verification process and determine if all information provided by the consumer is factual. Any misrepresentations of earnings or employment disqualify the consumer from obtaining a loan.

What are the Requirements for the Borrower?

The borrower must provide a routing and account number for their checking account. The information is used to retrieve the funds from the borrower’s bank account. If the borrower doesn’t submit the payment on their own, the lender has the right to issue an automatic draft to collect the payment. The borrower is responsible for informing the lender if they are unable to repay the loan on the maturity date.

What is the Highest Value Available to Borrowers?

The highest loan amount available through the lender is $2,000. However, consumers qualify only for a loan that doesn’t exceed their wages per pay period. The larger option is offered to consumers with higher income levels or who qualify for an installment loan.

In Wisconsin, payday loans are equal to the consumer’s gross wages per pay period. The income is verified by the borrower’s most recent pay stub. The interest and finance fees apply to the total loan value accepted. The loans are repaid on the following payday according to the terms of the loan contract. Borrowers who want to review more details about the products contact Blue Trust Loans right now.