The Short Term Loan
Wis. Stat. 138.14 — $1,500 or 35 percent of monthly income, and the right to rescind by the next business day
The ceiling. No licensee makes a payday loan that leaves the customer owing, in principal, interest and fees, to all payday lenders together, more than $1,500 or 35 percent of the customer's gross monthly income, whichever is less.
Rescinding it. A customer may rescind a payday loan before the close of business on the next business day after it is made, and the licensee may not charge any fee for rescinding.
What counts. The section reaches a loan for a term of 90 days or less made against a check held, or an electronic transfer authorized, for later presentment.
Licensing, the disclosures the lender owes, and what happens when a check is returned are set out in other parts of the law that are not on this page. Whether a particular loan broke these limits is a question for the state's financial regulator or a licensed Wisconsin attorney.
Sources for this section (1)
- Wis. Stat. 138.14 — Payday loans
Legal information, not legal advice. Verified as of September 2026. Applying it to a particular situation is the work of a licensed Wisconsin attorney.