The current total population of Chilton, Wisconsin is 4,060. The average household income is $65,333. 10.15% is the poverty rate. 43% is the rate of issued payday loans in Chilton, WI. The median rental cost is $638 monthly. The average house value is $131,100. The median age in Chilton, WI is 44.3 years old. Female rate – 1,728 (45.13%), males – 2,101 (54.87%). 65.1% is the rate of home ownership. 58.2% is the overall marriage rate.
What are payday loans in Chilton, Wisconsin?
Payday loans in Chilton, Wisconsin are a small–sized cash loan that is issued to a citizen for a short period of time. At the same time, the borrower may not go into explanations why he needed the money. Usually the loan amount does not reach $5,000. Most often, commercial banks do not provide such amounts on credit.
Classification of small loans
Now let’s look at several main types that are most in demand among the population:
- you can get a payday loan Chilton, Wisconsin to a bank card;
- loans in cash;
- you can approve a small loan to transfer for electronic wallets of various systems.
The most popular type is the loan to a bank card. As already mentioned, in this case, you do not even need to leave the apartment to receive money: after reviewing the questionnaire filled out online, the borrowed funds will immediately be credited to the client’s bank card. The second type requires personal presence in the office of the organization to sign documents and receive funds.
As for the third type of receiving money, it has its disadvantages: The fact is that in order to withdraw funds, you will also have to pay a commission to the system and it is not always a penny. In addition, systems often set a hard limit on the maximum amount of the deposited payment.
Loan terms and repayment
Loans Chilton, WI are issued at 1%-2% per day, which is approximately 365% per annum. Such a high percentage is a kind of payment for all the advantages of this type of lending. The loan can usually be repaid with any payments convenient to you. Early repayment is possible without penalties. If the client does not have time to service the loan on time, an extension of the loan term is provided, usually for 14-30 days. It is possible to repay the loan using a bank card, an account, an electronic money system, cash.
How does a payday loan differ from a bank loan?
You need to understand that a loan and a payday loan are far from the same thing.
Let’s consider a number of such differences:
- only banking organizations that have the appropriate license have the right to provide lending services. Even an individual can issue a microloan;
- the loan agreement is concluded in writing, the borrower must personally visit the bank to sign it. When applying to a payday lending service, it is permissible to conclude an agreement online;
- if the borrower applies for a loan, he has the opportunity to receive a large amount of funds, at a small rate in principle. But commercial banks often fine borrowers if they repay the loan ahead of schedule. There is no such problem in microfinance companies: you can repay the loan at any time, even on the day of receipt;
- any bank requires a decent package of documents from potential borrowers, often you need 1-2 guarantors. At the same time, an urgent loan can be issued only with an ID.
In order not to be unfounded, it is worth dwelling on the pros and cons of issuing payday loans Chilton, Wisconsin.
Advantages of issuing payday loans Chilton, WI
The application is considered within a few minutes. And the borrower will receive a message about the decision in the form of an SMS to the phone number specified when filling out the questionnaire or to the email address;
- you can return the funds in full at any time, there are no restrictions on the refund;
- a large number of MFI offices. There are enough offices of microfinance organizations in every more or less large locality;
- a loan can be issued by people whose credit history is spoiled. Often, timely payment of a loan allows you to improve this very story.
How to take out a payday loan?
In an ideal situation, it is worth comparing the offers of several companies and turning to the one where the percentage and the amount of overpayment are lower. But since there are a great many offers on this market, it is simply impossible to compare them all.
Therefore, we will give a number of simple tips on how not to lose by issuing payday loans:
- To clarify whether this company is included in the state register of microfinance organizations;
- Pay attention to the company’s website: how is it designed, are all the points stated in simple language, how often is the information updated, and so on;
- How the company solves issues for borrowers who have made late payments.
- Compliance with these points will allow you to protect yourself from unscrupulous creditors.
- The main feature of getting loans in microfinance organizations is that they impose more loyal requirements on their clients than ordinary commercial banks.
The basic requirements are basically as follows:
- The borrower must be a citizen of the United States;
- Age: 18 years old (in some companies require to tirn 21);
- For pensioners under the age of 70;
- Have an active banking account.
Some companies have tightened the requirements and check the data about the borrower through social networks and credit bureaus.