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Idaho has some of the least-regulated payday loans out there. And while this means plenty of options for borrowers looking to get a short-term loan, it also means you might face multiple fees and high APRs that can make your loan difficult to repay.
Yes. Payday lenders in Boise are required to abide by Idaho Statute 28-46-401 et seq., which requires all lenders to be licensed.
You can borrow up to $1,000 or 25% of your gross monthly income, whichever is less. 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. If you decide to take out a payday loan, keep this in mind. You might have a very short loan term with a high interest rate, making repayment nearly impossible.
You may be able to borrow another type of short-term loan, but keep in mind that these come with their own risks.
To qualify for a payday loan, you’ll have to have a steady source of income, be a US citizen or permanent resident and be at least 18 years old. Some lenders may have more strict requirements, but these are the basic points all lenders require.
When you’re ready to apply, follow these steps to complete the application process from the comfort of your computer or phone.
Lenders typically only take a few minutes to process your application. If you’re approved, you may be able to pick up cash at a store or have your loan funds transferred to your bank account.
Payday loans — as well as other short-term loans — aren’t highly regulated in Idaho. This means that lenders in Boise, whether they offer loans online or at a storefront, aren’t limited to how much they can charge. For many, it often results in a high APR and a repayment schedule that can be difficult to meet, which can lead to default.
If you aren’t able to find a lender that is willing to offer a loan that suits your budget, consider searching for a payday loan alternative instead.
Payday loans aren’t the only type of short-term loan on the market. In Boise, you can also borrow an installment loan or an auto title loan.
Despite the lack of regulations, there are plenty of options when you’re looking for payday loans in Boise or other cities in Idaho. Just be sure you know what to look for in a payday loan lender and don’t settle for a bad deal.
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