Getting a short term loan in Idaho can give you quick access to the funds you need, but do you know how to pick one that suits you best?
Payday loans, sometimes called short term loans, can be an option for short-term lending to get you through to the next paycheck or deal with an emergency. If you wish to apply for a payday loan in Idaho, go through this guide first.
Are payday loans legal in Idaho?
Yes, payday loans are legal in Idaho. Idaho Statutes Title 28 Chapter 46 Parts 401 – 415 governs the functioning of all payday lenders in this state. Under this chapter businesses must obtain a license to offer payday loans, and a lender must have a separate license for every location through which it offers loans.
The maximum amount you can borrow through a payday loan in Idaho is $1,000. However, a lender cannot provide a loan of more than 25% of a borrower’s gross monthly income.
The lender can disburse approved funds in the form of cash, business check, money order, or electronic transfer. It cannot charge any additional fees for the borrower to access proceeds from the loan.
A selection of loans you can apply for
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
- If the provider quotes a different rate to the one above please let us know
What an Idaho payday loan can offer you
You can think about getting a payday loan for a number of reasons. Here are a few:
- Multiple options. You can find numerous payday loan companies in Idaho. While some of them limit their operations to the online world, others have physical stores you can visit. The lender you choose to work with dictates the convenience and cost-effectiveness.
- Get money quickly. Applying for a payday loan, in-store or online, takes no more than a few minutes. Payday lenders don’t follow the same stringent underwriting process as banks, so they are able to process your application much sooner. Some lenders can provide approved funds on the day you apply. Most online providers disburse funds by the next business day.
- Use money for anything. There is no limitation to how you can use proceeds from a payday loan, provided you use the money for legitimate purposes. For example, you can use it to pay bills, travel, repair your vehicle or buy a gift.
- Bad credit is alright. Getting a conventional loan can be impossible if you have poor or bad creditworthiness. If you have a steady source of income you can still think about applying for a payday loan.
What fees and charges do Idaho payday loans come with?
Idaho payday lending laws don’t specify the maximum interest and fees lenders can charge. As a result, make sure you find out how much any payday loan will cost before you apply.
If your payment check returns to the lender as unpaid, you may be subject to a charge. The lender cannot charge a fee or additional interest if you get on an extended payment plan. As long as you remain in compliance with a payment plan, a lender cannot initiate collection activities.
How can I apply for an Idaho payday loan?
You can apply for a payday loan through various cash advance companies in Idaho. Apply in-store or online as per your requirement. In both cases, you have to meet some basic eligibility criteria:
- You should be at least 18 years of age
- You should be an American citizen or a permanent resident of the US
- You should have a regular source of income
To complete your application successfully, prepare to submit some basic information:
- Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Important information about payday loans
While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.
Have any more questions about Idaho payday loans?
How many times can I get on an extended payment plan?
Payday lenders in Idaho don’t have to offer extended payment plans more than once in a 12 month period.
I’ve heard payday loans are typically expensive. Do I have any lower-cost alternatives?
If you have good creditworthiness, you can consider getting a personal loan or a line of credit in Idaho.
Are installment loans in Idaho the same as payday loans?
No, they’re not. While you typically have to repay a payday loan by your next payday, you get to repay an installment loan over a period of time, in installments.