Payday loans in Wyoming
Wyoming permits payday loans in the form of post-dated check deals: the Wyoming Uniform Consumer Credit Code lets the Division of Banking license the cashers who make them.
- Payday lending
- Allowed
- Max cost
- Fees run $30 or 20% monthly, with the higher figure applying.
- Top amount
- W.S. contains no set limit. 40-14-363
Are payday loans legal in Wyoming?
Yes. Wyoming allows payday loans from a post-dated check casher that holds a license under the Wyoming Uniform Consumer Credit Code, and the state puts no ceiling on the loan amount. Lenders may charge a monthly fee on the principal balance of $30 or 20%, whichever is greater, and a loan can run one calendar month at most. Borrow $100 for 14 days and the fee is $30, since the principal balance is simply the amount you borrowed.
The lender has earned the full fee on the first day. Writing the same casher another check to pay off, refinance or merge a loan is not allowed under state rules. To cancel at no cost, return the whole amount on the next business day, before 5:00 p.m. Mountain Time. Once every 12 months you can also ask for a free extended plan, paid in four or more equal parts over 60 days or longer. Online lenders also need a state license, so look them up on the Wyoming Division of Banking license list first.
- In Wyoming, the monthly payday fee is $30 or 20%, whichever is higher. So even a small loan can have that flat $30 charge, fully earned on day one.
- One calendar month is the maximum term for a payday loan.
- A casher cannot allow a borrower to pay off one payday loan using another from the same casher.
- The loan is cancelled at no cost if you return the full amount on the next business day, before 5:00 p.m. Mountain Time.
- Borrowers may switch once every 12 months to a no-cost extended payment plan requiring at least four installments across at least 60 days.
- HB 8, a 2021 law effective July 1, 2021, set caps of 36% on the first $1,000 and 21% above that for other consumer loans.
Wyoming payday loan laws
- Law in force
- The Wyoming Uniform Consumer Credit Code, in its post-dated check casher provisions
- Cited as
- Wyo. Stat. 40-14-363 through 40-14-366
- Fees under the law
- monthly charges on the principal balance equal twenty percent (20%) or thirty dollars ($30.00), whichever is greater
- Most you can borrow
- W.S. contains no set limit. 40-14-363
- How long a loan runs
- a single calendar month
- Rollovers
- It is not allowed to repay, refinance, or consolidate with a second post-dated check from the casher you already used.
- Repayment plan
- At no added cost, you may get at least four substantially equal payments spread over at least 60 days, but only once every 12 months.
- Installment lending limits
- For consumer loans, the yearly rate is 36% on principal up to $1,000, then 21% per year on amounts above $1,000 (Wyo. Statutes 40-14-310(g), which was added in 2021)
Also checked against wyoleg.gov. Full statute text.
Online lenders that list Wyoming
Ten companies we track say they lend in Wyoming: 3 online installment lenders, 6 tribal lenders and 1 loan broker.
| Lender | Kind | Posted APR |
|---|---|---|
 NetCredit | Installment | 34.99% to 99.99% |
 OppLoans | Installment | 99% to 195% |
 Rise Credit | Installment | 60% to 299% |
 Viva Payday Loans | Broker | Partner lenders quote 4.99% to 1,386% |
Tribal loans in Wyoming
According to the Division of Banking, doing regular business in Wyoming, online included, takes a licence, and a payday lender must be licensed as a post-dated check casher; we found no cases against online or tribal lenders.
On the immunity claim tribal lenders make, see are tribal loans legal.
Six tribal lenders we track list Wyoming as a state they lend in. Three of the six publish an APR, from 73.7% to 725%.
| Lender | Posted APR |
|---|---|
 Mobiloans | 73.7% to 405% |
 Spotloan | 99% to 490% |
 BrightLending | 325% to 725% |
 MaxLend | Not published |
 Minto Money | Not published |
| American Web Loan | Not published |
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Wyoming and the states around it
| State | Payday lending | Max cost | Top amount |
|---|---|---|---|
| Wyoming | Allowed | Fees run $30 or 20% monthly, with the higher figure applying. | W.S. contains no set limit. 40-14-363 |
| Colorado | Only as installments | 36% APR | At any time, no single lender may provide more than $500. |
| Idaho | Allowed | None in the law | No more than 25% of your gross monthly income may be borrowed, with a principal limit of $1,000. |
| Montana | Banned | 36% APR | $300 (not including the fee) |
| Nebraska | Banned | 36% APR | A total of $500 across all checks held from a single borrower |
| South Dakota | Banned | 36% APR | None allowed |
| Utah | Allowed | None in the law | no limit in state law |
Wyoming loans with no credit check
Installment loan rates: For consumer loans, the yearly rate is 36% on principal up to $1,000, then 21% per year on amounts above $1,000 (Wyo. Statutes 40-14-310(g), which was added in 2021).
See no credit check loans: the checks lenders still run, and the price.
Verify a lender's license in Wyoming
- Look the lender up on the license list before you hand over any bank details.
- Lenders here answer to the Wyoming Division of Banking (Consumer Credit).
- Had trouble with a lender? Report the lender.
Sources for Wyoming
- Under the law, a post-dated check casher needs a licence.; Finance charges are limited to the greater of $30 or 20% each month.; The maximum term allowed is one calendar month.law.justia.com
- Another loan from the same casher cannot be used for repaying or refinancing a payday loan.law.justia.com
- Rescission is free if made on the next business day before 5:00 p.m. Mountain Time.law.justia.com
- You can get an extended payment plan one time every 12 months.; At least four equal installments across at least 60 days must be permitted by the plan.law.justia.com
- Consumer loans have a yearly cap of 36% on principal amounts up to $1,000.; A yearly cap of 21% applies to consumer loans for any amount exceeding $1,000.law.justia.com
- July 1, 2021 marked the effective date for the 2021 act (Enrolled Act No. 6, HB 8).; The old supervised loan rate sections, among them 40-14-348, were repealed by the 2021 act.wyoleg.gov
- Online transactions also need a licence, the Division notes.; A payday lender has to be licensed as a post-dated check casher.wyomingbankingdivision.wyo.gov
- Post-dated check cashers appear on the Division's licensee list.wyomingbankingdivision.wyo.gov
- The Division of Banking looks into complaints against businesses offering consumer credit.wyomingbankingdivision.wyo.gov