The state Department of Financial Institutions (DFI) has issued emergency guidance for payday and licensed lenders. DFI Secretary Kathy Blumenfeld notes that 53 percent of Wisconsinites live paycheck-to-paycheck, and many will be turning to lenders for help.

DFI cautions payday and licensed lenders that increasing interest rates, fees, or any costs of borrowing in response to the COVID-19 crisis may result in license suspension or revocation. The department also encourages the reduction of rates and fees as low as operational expenses and sound lending practices allow.

“This is a time of uncertainty and financial strain for many in this state, and our lenders are in a position to help,” Blumenfeld said. “Wisconsin needs them to be a part of the solution for struggling families by acting with the character and ingenuity this crisis demands.”

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