How installment loans work
An installment loan is repaid in equal payments over months, not in one payment on your next payday, which can make a mid-size bill easier to budget. The examples below show how the amount changes the payment and total cost within Wyoming limits.
What installment loans can cost
These examples show how cost adds up. They are illustrative, not a quote. Your lender sets the actual rate and terms.
Representative example
- Amount borrowed
- $1,000
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $97.48
- Finance charge
- $169.76
- Total of payments
- $1,169.76
Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $3,000
- Annual percentage rate (APR)
- 26%
- Repayment
- 12 monthly payments
- Payment
- $286.59
- Finance charge
- $439.08
- Total of payments
- $3,439.08
Example: a $3,000 installment loan at 26% APR repaid in 12 monthly payments of $286.59 costs $3,439.08 in total, including a finance charge of $439.08. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
Representative example
- Amount borrowed
- $500
- Annual percentage rate (APR)
- 29.99%
- Repayment
- 12 monthly payments
- Payment
- $48.74
- Finance charge
- $84.88
- Total of payments
- $584.88
Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.
What Wyoming law allows
| Product | Status | APR cap | Amount | Term | License | Law |
|---|---|---|---|---|---|---|
| Installment and personal loans[1][2][3][4][5] | Allowed | 36% APR (top tier) | Up to $50,000 | Not set by statute | Consumer Lender license under W.S. sec. 40-14-302/40-14-304, issued by the Wyoming... | Wyo. Stat. sec. 40-14-302, 40-14-304, 40-14-310, 40-14-348 |
| Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow. | ||||||
Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.
The rules in full
Installment and personal loans
- Rate cap
- Wyoming Uniform Consumer Credit Code (UCCC). Non-supervised consumer loans (W.S. sec. 40-14-310, referenced): loan finance charge, actuarial method, may not exceed 10 percent per year on unpaid principal. Any loan carrying a rate above 10 percent per year is a 'supervised loan' requiring a Consumer Lender license, and its rate is instead governed by W.S. sec. 40-14-348: for initial principal up to 50,000 dollars, the greater of (a) a tiered rate of 36 percent per year on the unpaid balance up to 1,000 dollars and 21 percent per year on the unpaid balance over 1,000 dollars, or (b) an alternative minimum-charge formula in the statute.
- Fees
- Tiered rate structure described above.
- License
- Consumer Lender license under W.S. sec. 40-14-302/40-14-304, issued by the Wyoming Division of Banking (Department of Audit).
Full detail for every loan type: Wyoming lending laws.
Help in Wyoming
Money snapshot for Wyoming
Other options in Wyoming
Worth checking whatever your credit: these can cost less than a high-rate loan.
- Emergency loans in Wyoming: allowed under Wyoming law; see its limits and license rules.
- Payday loans in Wyoming: allowed under Wyoming law; see its limits and license rules.
- Personal loans in Wyoming: allowed under Wyoming law; see its limits and license rules.
- Title loans in Wyoming: allowed under Wyoming law; see its limits and license rules.
- Credit union payday alternative loans (PALs). Federal credit unions may offer small loans of up to $2,000 with terms of up to 12 months and an APR no higher than 28%, under NCUA rules (12 CFR 701.21). You usually need to be a member.
- Nonprofit credit counseling. A counselor accredited by the National Foundation for Credit Counseling can help you build a budget or a debt management plan.
- Ask your creditor for a payment plan. Utilities, hospitals and many lenders offer hardship or extended payment plans if you ask before you miss a payment.
- Local assistance. Call 211, or visit 211.org, for emergency help with rent, utilities and food in Wyoming.
Installment loans in nearby states
- ColoradoAllowed Tiered cap
- MontanaAllowed 36% APR
- UtahAllowed No numeric cap
- IdahoAllowed No numeric cap
- South DakotaAllowed 36% APR
Sources
- Justia. law.justia.com/codes/wyoming/2018/title-40/chapter-14/article-3/section-40-14-310. Retrieved September 23, 2026.
- Justia. law.justia.com/codes/wyoming/2011/title40/chapter14/section40-14-348. Retrieved September 23, 2026.
- wyomingbankingdivision.wyo.gov. Wyoming Division of Banking. Retrieved September 23, 2026.
- wyomingbankingdivision.wyo.gov/how-to-file-a-complaint. Retrieved September 23, 2026.
- Justia. Wyo. Stat. sec. 40-14-302, 40-14-304, 40-14-310, 40-14-348. Retrieved September 23, 2026.
- National Low Income Housing Coalition. Out of Reach 2026: Wyoming. Retrieved September 23, 2026.
- U.S. Census Bureau, Population Division. Vintage 2024 National and State Population Estimates. Retrieved September 23, 2026.
- U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.
Important disclosures
Illustrative range for installment loans in Wyoming: APRs from 5.99% to 35.99%, where the state APR cap is 36% at most and lower on larger loans. This range is not a quote; each lender sets its own rates. Your APR depends on your credit, income, state and the lender.
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- Questions about a lender licensed in Wyoming? Contact the Wyoming Division of Banking or file a state complaint.
- You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.