Borrowing in Wyoming: What State Law Allows

How payday loans work in Wyoming

Payday lenders are licensed by the Wyoming Division of Banking as post-dated check cashers under the Wyoming Uniform Consumer Credit Code (W.S. 40-14-362 to 40-14-368). You write a check or authorize a debit for a later date and get cash now. The rules:

• Fee: no more than the greater of $30 or 20% of the principal per month. The charge is fully earned on the day the loan is made.
• Term: one calendar month at most.
• No loan-to-pay-a-loan: a payday loan can't be repaid, refinanced or consolidated with the proceeds of another one from the same check casher.
• Free cancellation: return the full amount in cash or certified funds by 5 p.m. Mountain Time the next business day.
• No amount cap: the statute limits the fee and term, not the loan size.

In APR terms, 20% a month is about 240% a year. On a $100 loan the $30 minimum applies instead, which is 30% for the month, or roughly 360% APR.

The extended payment plan

If you can't repay on the due date, you can elect an extended payment plan once every 12 months. Ask for it and sign the amendment by 5 p.m. Mountain Time on the last business day before the loan is due.

• At least four substantially equal installments, spread over at least 60 days and timed to your paydays.
• No interest or extra fees while you keep to the plan, and you can pay it off early without penalty.
• If you miss an installment, the lender can demand the rest and charge interest at the prime rate plus 6%.

A plan beats a new loan, but the cheaper move is to avoid the first one. Compare payday loan alternatives, including credit union small-dollar loans, which federal credit unions must keep at or below 18% APR on most loans through September 10, 2027.

Other consumer loans, and why title loans don't fit

For other consumer loans, W.S. 40-14-310 caps the finance charge at the equivalent of 36% a year on the unpaid principal up to $1,000 and 21% on the part above $1,000. A minimum finance charge of up to $30 is allowed. The Legislature restructured this article in 2021, repealing the old separate rules for supervised loans.

Wyoming has no statute that authorizes car title loans at higher prices, so a title loan would fall under the same consumer loan limits that make the triple-digit title loan model unworkable. Pawn loans and post-dated check loans are the only exceptions written into that section. Banks chartered elsewhere can often lend at their home state's rates, so check the APR on any online offer. Our guide to APR vs. interest rate explains what to look for.

Lawsuits and garnishment

W.S. 1-3-105 gives a creditor 10 years to sue on a written contract and eight years on a contract not in writing. Credit card debt is often treated like an open account and argued under the eight-year period, though a creditor with a signed agreement may claim ten. Either way, old debts stay suable here far longer than in most states. Read how statutes of limitations work before you make a payment on an old account.

For a judgment from a consumer credit transaction, W.S. 40-14-505 limits garnishment to the lesser of 25% of weekly disposable earnings or the amount above 30 times the federal minimum hourly wage. That matches the federal floor.

Checking a lender and complaining

1. 1 Check the Division of Banking's licensee list or NMLS Consumer Access before you hand over a check or bank login.
2. 2 Ask for the fee in dollars, the due date and how to cancel. The lender must give you written cancellation information.
3. 3 File a complaint with the Division of Banking, and with the CFPB if a collector crosses the line. Know your rights with debt collectors.

Common questions