What a payday loan costs — before Wyoming’s rules
A payday loan typically costs $15–$20 per $100 borrowed for a two-week term — roughly 400% APR — and is due as a single lump sum on your next payday. That single-payment structure, not the fee on any one loan, is the trap: most fees come from borrowers who cannot clear the balance in one go and roll it over. Where a state caps rates below payday levels, licensed payday lending disappears and a loan above the cap is generally void — not legally collectible, whatever the contract says.
The law in Wyoming
- Rate cap
- No effective APR cap — the statutory payday maximum is 20% per month (a ceiling, not a real limit); average payday APRs are around 260%.
- Key law
- Wyoming Uniform Consumer Credit Code; H.B. 8 (effective July 1, 2021) repealed "supervised loan" rate protections.
- Enforcement
- The Wyoming Division of Banking licenses lenders. No major tribal AG action verified.
Wyoming’s 2021 H.B. 8 repealed "supervised loan" protections, and payday loans there average roughly 260% APR with no true cap.
What it means for a Wyoming borrower
High-cost lending is legal and enforceable, and 2021’s H.B. 8 loosened protections rather than tightening them. Most lenders accept Wyoming borrowers.
Before you borrow in Wyoming
- Contact the Wyoming Division of Banking to verify licensing and file a complaint.
- Unlicensed lenders’ loans are more readily challenged.
Cheaper first — try these before a payday loan in Wyoming
Payday Loans and tribal lenders in Wyoming
Many online lenders that market payday loans to Wyoming residents are tribal lenders arguing their sovereignty places them outside state rate caps — a separate legal question this site tracks in depth. For which tribal brands lend to Wyoming residents and how state law applies to them, see the Wyoming tribal-lending page.
Tribal loans in Wyoming →Frequently asked questions
Are payday loans legal in Wyoming?
In Wyoming, payday-style loans are legal and enforceable, commonly at around 400% APR. The speed is real; so is the cost and the rollover trap. Compare the total dollars repaid before you borrow, and try a credit-union alternative first.
What is the maximum payday loan rate in Wyoming?
No effective APR cap — the statutory payday maximum is 20% per month (a ceiling, not a real limit); average payday APRs are around 260%.
What can I do about a payday loan I already have in Wyoming?
Wyoming allows this lending, so the loan is generally enforceable — but you can still revoke ACH authorization in writing, avoid taking a second loan to cover the first, and file a complaint with the Wyoming attorney general or the CFPB if the lender breaks the rules.