Here’s what you need to know about short-term loans in Boise.
If you’re in need of a little extra money and don’t have perfect credit, you might be considering taking out a short-term loan. This guide takes you through the things you need to know about short-term lending in Boise, Idaho.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
What are the laws surrounding short-term loans in Boise?
Short-term lenders in Boise are required to abide by Idaho Statute 28-46-401 et seq. To offer payday loans in Boise, a lender should obtain a license under this chapter. Lenders require separate licenses for every storefront location theyas well as for online loans.
You can borrow up to $1,000 or 25% of your gross monthly income, but be careful. Idaho doesn’t specify maximum loan terms, so you’ll need to read your contract carefully to make sure you won’t have to repay a large amount back within a few weeks.
Consider these lenders for a short term loan in Boise
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
How much will a short-term loan in Boise cost me?Although Idaho caps how much you can borrow to $1,000 or 25% of your monthly income, there are no laws on how much a lender can charge you in interest and how long loan terms can be. If you decide to take out a short-term loan, keep this in mind. You might have a very short loan term with a high interest rate, making the payment nearly impossible.
The most important step when applying for a loan is to compare your rates and find a lender that offers you the best term. You can use a connection service like a loan broker to find a few different lenders when you aren’t sure where to start.
Here are some reasons you might want to consider a short-term loan
- You can apply with bad credit. As long as you have a regular source of income and meet some basic eligibility criteria, you can apply for the money you need.
- Many choices are available. The brick-and-mortar world presents you with multiple options when looking for a suitable payday lender, and there are plenty of online lenders you can compare on your search.
- You can receive your funds quickly. By applying at a storefront, you can get the money you need almost as soon as the lender approves your application. With online loans, most lenders transfer funds as soon as the next business day.
Bruce missed two weeks of workDue to an unexpected illness, Bruce had to miss a little over two weeks of work. As a shift worker without great credit, he didn’t qualify for a traditional loan from a bank to cover the expenses that had built up while he was sick. Instead, Bruce turned to a short-term loan to cover his bills.
He applied for a $500 loan from a short-term lender. His application was approved, and Bruce received his loan the next business day. With a 25% financing fee on the $500, Bruce knew that at the end of the three-week term, he’d have to repay the full principal plus $125. He managed to take on a few extra shifts and cover the amount without incurring any additional fees.
How do you apply for a payday loan?
When you’re ready to apply, follow these steps to ensure the best chances of being approved.
- Find a lender on the table above that suits your needs.
- Click the Go to Site button if you want to apply online or visit a storefront.
- Make sure you have your Social Security number, proof of income, bank account information and a valid for of ID.
- Fill out the application with your personal information.
- Submit and wait for approval.
Short-term loans near you in Boise, Idaho
Where to shop for a short-term loan
- Money 4 You. 7375 W Fairview Ave, Boise, ID 83704
- Moneytree. 519 E Fairview Ave, Meridian, ID 83642
- My Idaho Payday. 802 W Bannock St, Boise, ID 83702
- Quik Cash. 3804 W Overland Rd, Boise, ID 83705
- Xpress Cash. 5016 W Emerald St, Boise, ID 83706