Wisconsin Schedule of Fees and Charges
SCHEDULE OF LOAN FEES AND CHARGES
TitleMax of Wisconsin, Inc.
Effective September 2020
TitleMax of Wisconsin, Inc. is a Loan Company licensed under Wisconsin Statutes Chapter 138 and operating under Chapter 138 and relevant provisions of Wisconsin Statutes Chapter 421 et seq.
Available Loan Amounts: $100.00 to $2,500.00 (first time borrowers are eligible for a maximum loan amount of $1,000.00)
Loan Term: 12 months (12 monthly payments, 24 semi-monthly payments or 26 bi-weekly payments)
Interest: Simple interest of 442.00% per annum. Interest will continue to accrue on past due principal amounts until paid in full in accordance with Wisconsin law.
Prepayment: There is no prepayment penalty.
Late Fee: On any installment not paid in full on or before the 10th day following the applicable Payment Due Date therefor, Lender may impose a late fee in an amount equal to $10 or 5% of the unpaid amount of the delinquent installment, whichever is less.
Returned Payment Handling Charge: Lender may impose a returned check charge of $15.00 for each check presented for payment to Lender which is returned unsatisfied because the drawer does not have an account with the drawee, does not have sufficient funds in his or her account or does not have sufficient credit with the drawee.
Following are loan examples with Monthly, Bi-Weekly and Semi-Monthly repayment schedules. All payment schedules and APRs are examples only; actual payment amounts and APRs vary depending on the month and date of loan origination. The final scheduled payment amount typically differs from the other payment amounts.
12 Month Installment Loan with 12 Monthly Payments
| Loan Proceeds | Finance Charge | Payment Schedule* | Total of Payments | Annual Percentage Rate (APR) |
|---|---|---|---|---|
| $250.00 | $891.11 |
11 payments of $95.09 1 payment of $95.12 |
$1,141.11 | $446.16% |
| $750.00 | $2,673.36 |
11 payments of $285.27 1 payment of $285.39 |
$3,423.36 | $446.16% |
| $1,250.00 | $4,455.81 |
11 payments of $475.45 1 payment of $475.86 |
$5,705.71 | $446.16% |
| $1,750.00 | $6,238.06 |
11 payments of $665.63 1 payment of $666.13 |
$7,988.06 | $446.16% |
| $2,250.00 | $8,020.01 |
11 payments of $855.81 1 payment of $856.10 |
$10,270.01 | $446.16% |
* All loan examples above assume a monthly payment schedule with 12 payments due on the same day each month.
12 Month Installment Loan with 26 Bi-Weekly Payments
| Loan Proceeds | Finance Charge | Payment Schedule* | Total of Payments | Annual Percentage Rate (APR) |
|---|---|---|---|---|
| $250.00 | $870.22 |
25 payments of $43.12 1 payment of $42.22 |
$1,120.22 | $440.78% |
| $750.00 | $2,612.43 |
25 payments of $129.36 1 payment of $128.43 |
$3,362.43 | $440.79% |
| $1,250.00 | $4,356.78 |
25 payments of $215.59 1 payment of $217.03 |
$5,606.78 | $440.79% |
| $1,750.00 | $6,097.36 |
25 payments of $301.83 1 payment of $301.61 |
$7,847.36 | $440.79% |
| $2,250.00 | $7,838.88 |
25 payments of $388.07 1 payment of $387.13 |
$10,088.88 | $440.79% |
* All loan examples above assume a bi-weekly payment schedule with 26 payments due every 14 days.
12 Month Installment Loan with 24 Semi-Monthly Payments
| Loan Proceeds | Finance Charge | Payment Schedule* | Total of Payments | Annual Percentage Rate (APR) |
|---|---|---|---|---|
| $250.00 | $857.09 |
23 payments of $46.08 1 payment of $47.25 |
$1,107.09 | $439.10% |
| $750.00 | $2,569.11 |
23 payments of $138.25 1 payment of $139.36 |
$3,319.11 | $439.11% |
| $1,250.00 | $4,280.92 |
23 payments of $230.42 1 payment of $231.26 |
$5,530.92 | $439.11% |
| $1,750.00 | $5,992.69 |
23 payments of $322.59 1 payment of $323.12 |
$7,742.69 | $439.11% |
| $2,250.00 | $7,704.40 |
23 payments of $414.76 1 payment of $414.92 |
$9,954.40 | $439.11% |
* All loan examples above assume a semi-monthly (twice monthly) payment schedule with 24 payments due two times per month on the same dates.
LICENSES AND REGULATORY INFORMATION
Wisconsin Lender License – Website
Wisconsin Department of Financial Institutions
4822 Madison Yards Way, North Tower
Madison, WI 53705
Phone: (608) 261-9555
Fax: (608) 261-7200
www.wdfi.org