Payday Loans and Cash Advance in Wyoming

Legal, licensed post-dated check cashers. Below: the law, the limits, what $300 costs here, who regulates it, and how to request a cash advance online in Wyoming.

Is a Cash Advance Legal in Wyoming?

Payday loans are legal in Wyoming under the state's Uniform Consumer Credit Code, where they go by the name post-dated check transactions. Wyo. Stat. 40-14-362 defines a post-dated check casher as a person in the business of lending money by taking a check dated for a future day, or holding a check before depositing it by agreement with the borrower. Wyo. Stat. 40-14-363 requires a license from the Wyoming Division of Banking and sets the two rules that matter most: the finance charge may not exceed the greater of $30 or 20% per month of the principal, and the term may not exceed one calendar month. There is no cap on the loan amount. The charge is fully earned the day the loan is made, so paying early does not lower it. For a borrower this means a $300 loan costs $60 whether it runs one week or four, which works out to roughly 243% APR over a month and more than 500% APR over two weeks. Wyoming does add three real protections: a next-business-day right to cancel, a once-a-year extended payment plan at no extra cost, and a state complaint process. The Division publishes a list of every licensed post-dated check casher.

The governing law is Wyoming Uniform Consumer Credit Code, post-dated check cashers (Wyo. Stat. 40-14-362 through 40-14-366).

Loan Limits and Terms in Wyoming

The price rule is simple: 20% of the principal per month, or $30 if that is more, so the minimum charge on any loan is $30 and a $150 loan and a $300 loan cost $30 and $60 respectively. Because the statute sets no dollar ceiling, the amount depends on the lender's own underwriting. The one-calendar-month maximum term is the only timing rule; the post-dated check sections we reviewed (Wyo. Stat. 40-14-362 through 40-14-366) set no numeric limit on back-to-back loans and no statewide database. The extended payment plan under 40-14-366 is the statutory exit: request it before 5 p.m. Mountain Time on the last business day before the due date and the balance is split into at least four roughly equal installments over at least 60 days with no added fees, once every twelve months.

What a $300 Loan Costs in Wyoming

Wyo. Stat. 40-14-363 lets a licensee charge the greater of $30 or 20% per month of the principal. On $300, 20% is $60, which is more than $30, so the charge is $60 for a term of up to one calendar month. Using a 30-day term: APR = 60 / 300 x 365 / 30 = 2.433, or about 243%. If the same $60 is charged on a 14-day loan, the APR is 60 / 300 x 365 / 14, about 521%, because the charge is fully earned on day one and does not shrink for a shorter term.

Run your own numbers with the cash advance calculator.

Consumer Protections and Who to Call in Wyoming

• No one may operate as a post-dated check casher in Wyoming without a license from the Division of Banking (Wyo. Stat. 40-14-363), and the Division publishes a searchable list of licensed consumer lenders, sales finance companies, post-dated check cashers and pawnbrokers.
• The finance charge is capped at the greater of $30 or 20% per month on the principal balance, and the term may not run past one calendar month (Wyo. Stat. 40-14-363).
• You may cancel the loan at no cost until 5 p.m. Mountain Time on the next business day by returning the full amount advanced in cash or certified funds; the lender must explain this right in writing (Wyo. Stat. 40-14-365).
• If you cannot pay on the due date, you may elect an extended payment plan once every twelve months: at least four substantially equal installments over at least 60 days, with no interest or extra fees while you keep to the schedule (Wyo. Stat. 40-14-366).
• An extended payment plan can be prepaid in full at any time without penalty, and if you miss a plan payment the lender's default interest is limited to 6% plus the prime rate (Wyo. Stat. 40-14-366).
• The Division of Banking investigates complaints against businesses that extend credit to Wyoming consumers when there is evidence of a violation, and generally responds within three weeks of receiving a written complaint.
• Active-duty service members and their dependents are protected by the federal Military Lending Act, which caps the military annual percentage rate on payday loans at 36%.

Complaints and licence checks go to the Wyoming Division of Banking: 307-777-7797, wyomingbankingdivision.wyo.gov, or file a complaint at the regulator's complaint page. The federal CFPB also takes complaints about any lender.

Online vs Storefront Lenders in Wyoming

The licensing rule in Wyo. Stat. 40-14-363 applies to anyone who engages in business as a post-dated check casher in this state, and it draws no line between a storefront in Cheyenne and a website lending to a Cheyenne resident. The Division of Banking's licensee list, which runs on the NMLS Consumer Access system, is the place to check a lender before you give it your bank details; the list covers consumer lenders, sales finance companies, post-dated check cashers and pawnbrokers. An online lender that is not on the list has no Wyoming license, which means the $30 or 20% charge cap, the next-day cancellation right and the extended payment plan may not be honored, and the Division cannot examine the company. The Division takes complaints about businesses that extend credit to consumers, but it says it cannot step into private disputes, and it points consumers to the Consumer Financial Protection Bureau for lenders outside its reach.

Alternatives If a Payday Loan Is Not the Right Fit

Wyoming licenses consumer lenders under the same Uniform Consumer Credit Code that governs post-dated check cashers, and those lenders make installment loans repaid over months rather than in one lump sum on payday; the Division's licensee list shows who holds that license. Credit unions offer payday alternative loans under federal rules, and many Wyoming banks and credit unions will write a small personal loan or a line of credit for an existing customer. Before borrowing at all, use the tools the payday statute itself gives you: if you already have a post-dated check loan you cannot repay, request the extended payment plan under Wyo. Stat. 40-14-366 before 5 p.m. on the last business day before it is due and spread the balance over at least 60 days at no extra cost. An employer pay advance, a payment plan with the utility or landlord you owe, or a credit card cash advance will all cost less than a second payday loan.

Compare the installment loan and payday alternative loan options before you decide.

Frequently Asked Questions

Nearby States

• MontanaThe fee cap, a worked example and the regulator to call in Montana.
• South DakotaThe fee cap, a worked example and the regulator to call in South Dakota.
• NebraskaThe fee cap, a worked example and the regulator to call in Nebraska.
• ColoradoThe fee cap, a worked example and the regulator to call in Colorado.
• UtahThe fee cap, a worked example and the regulator to call in Utah.
• IdahoThe fee cap, a worked example and the regulator to call in Idaho.