There are several financial products that can be used to cover some of life’s major expenses, whether they are planned for or not. Some consumers prefer the flexibility of credit cards and lines of credit, but the interest rate can be prohibitive in certain circumstances.
Personal loans are an alternative to high-interest rate solutions for borrowers who are able to qualify. With a personal loan, individuals work with a lender either in person or online to secure a lump sum, which is paid back over the course of several months to several years.
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Personal loans are helpful in a time of financial need because they offer predictability in terms of the monthly payment and the total cost of the loan. All lenders offering personal loans have varied requirements for qualifying, interest rates, repayment terms, and upfront costs, making it necessary to do some research before selecting a personal loan lender.
For residents in Wisconsin, many lenders offer personal loans to help with whatever financial curveball life throws their way. Here are some options for personal loans in Wisconsin.
Online Personal Loans for Residents of Wisconsin
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Companies That Offer Personal Loans in Wisconsin
Up to $10,000
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 a loan amount up to $10,000, based on the borrower’s ability to repay and credit history.
The fee breakdown looks like this:
- Prepayment fee: $0
- Application fee: $0
An application can be submitted online, and once a loan is approved, repayment can be made via debit cards, ACH transactions, or checks.
$1,000 – $25,000
Secured & Unsecured
Online & In-Person
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.
In Wisconsin, Mariner Finance offers personal loans on both a secured and unsecured basis, and the lender allows for co-signers should the primary borrower need it. Borrowers can submit an application for a new personal loan at one of the nine branch locations in Wisconsin, including options in Green Bay, Middleton, and Appleton.
Mariner Finance personal loans are available to qualified borrowers in amounts ranging from $1,000 up to $25,000, depending on the need. 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
Online & In-Person
As a more conventional provider of personal loans to consumers, WESTconsin Credit Union has borrowing options available for qualified applicants. WESTconsin Credit Union was founded in 1939, and since that time it has grown to serve residents of 17 counties in the state, from New Richmond and Prescott to Ellsworth and Spring Valley.
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
$100 – $1,500
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.
Green Leaf Loan Group personal loans are available in amounts ranging from $100 up to $1,500. 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.
Verifying the Legitimacy of a Wisconsin Consumer 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. Potential borrowers can start by reviewing a lender’s website to see if the company has a note or direct link to the Wisconsin Department of Financial Institutions, or WDFI. This organization was established by the state government of Wisconsin to protect residents through financial regulation and education.
In addition to regulating state-chartered banks, savings and loan associations, and credit unions, the agency also pays close attention consumer lenders and financial service providers. 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. The licensing process involves an in-depth application that requires lenders to provide details about the company, its headquarters, the products and services it plans to provide, as well as financial statements.
A consumer lender must have at least $50,000 in working capital on its balance sheet, and financial records must be audited on an annual basis after a license is granted. The state of Wisconsin provides a paper copy of an approved consumer lender license, which should be provided to a potential borrower upon request.
Consumer Protection in Wisconsin
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
The Wisconsin Department of Justice oversees all the agencies and organizations that are state-run regarding consumer complaints. Residents of Wisconsin can review information about how to file a complaint and the appropriate agency with which to do so on the Wisconsin DOJ website.
Wisconsin Department of Agriculture, Trade, and Consumer Protection (DATCP)
Consumers who have had a bad experience with a consumer lender or lender network operating in Wisconsin may file a complaint directly with the Wisconsin DATCP. Information about complaints filed by other consumers against a specific company is also available through the agency. Complaints can be submitted via phone at 1-800-422-7128 or by visiting the Wisconsin DATCP website.
Wisconsin Department of Financial Institutions
In addition to providing the regulatory oversight of consumer lenders in the state, the Wisconsin Department of Financial Institutions also managed complaints against loan providers, including banks and credit unions. Consumers can submit a complaint to the Wisconsin DFI by calling 1-800-452-3328 or by visiting the organization online.
Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau is a national agency tasked with protecting consumers through complaint management and financial education. Any Wisconsin resident can submit a complaint regarding an experience with a consumer lender through the CFPB’s website.
The Better Business Bureau
This is a nonprofit organization not directly tied to the state government. Its purpose is to provide clear, relevant, and timely information to consumers regarding the companies with which they choose to do business. Consumer lenders that have customer complaints can be found easily on the Better Business Bureau website. Also, consumers can submit a complaint about a lender or report a scam involving a lender through the organization’s website.
Author: Jeff Gitlen
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