Takeaways about the Wisconsin Payday Lender Bond:
Up to $25,000 – approved immediately with no additional underwriting at $188 a year;
Above $25,000, approved under 6 conditions, if you qualify, without underwriting; otherwise, standard underwriting procedures
Wisconsin payday lender loan companies are regulated by the state’s Department of Financial Institutions.
Applications for new or renewal licenses as well as the surety bond requirement, are satisfied through NMLS (Nationwide Mortgage Licensing System).
After the purchase, our agency can electronically file the payday lender bond on your behalf.
The Wisconsin payday lender bond is a $5000 surety bond required, per location, of your payday lending business.
Up to 5 locations (i.e. $25,000 surety bond amount), our agency offers you the payday lender bond at a flat price of just $188, annually.
Up to the same amount, the bond is an “instant issue” bond. No credit check is involved in obtaining it. Merely complete the standard application, pay the premium, and the bond is issued to you immediately.
For surety bonds above $25,000, and for established businesses of 3 years or more who meet other conditions, you may also qualify for streamlined processing.
If none of these is applicable to you, then it’s very simple: You will complete the same standard application, along with a business or personal credit check. We will still be able to offer you superior pricing.
The Wisconsin payday lender surety bond is issued for a term of one year; however, you may prepay this bond for 2 or 3 years.
As an example, a $25000 payday lender bond prepaid will have the following premiums:
While entirely your choice, prepayment allows a savings over year to year renewal of the premium.
The purpose of the payday lender bond is to serve as a financial guarantee that you will be in compliance with all state statutes and amendments involving payday lending in the state.
The bond protects the Wisconsin consumer from harm which results from acts of malfeasance, willful wrongdoing, and criminal intent.
AmeriPro Surety Bonds is a surety bonds only agency. We provide license and permit, court, and fiduciary bonds throughout Wisconsin.
Our agency also provides surety bonds nationwide.
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