Getting a payday 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?
Idaho is the 14th largest state in the US. It is the 39th most populous and also the seventh least densely populated. This state’s nicknamed the “Gem State” because people have found nearly every kind of gemstone here. It is the only place, apart from India, where you can find star garnets.
Agriculture plays an important role in the state, with it producing around one-thirds of the country’s potatoes. This is why some people refer to it as the potato state. The science and technology sector contribute significantly to the state’s economy, accounting for more than 25% of its total revenue and over 70% of its exports.
In 2012, the gross state product of Idaho was $58.2 billion. In the same year, its per capita income was around $36,500.
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. To offer payday loans in this state a business must obtain a license under this chapter. 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.
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 upon 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!
A selection of loans you can apply for
Why should you consider taking out an Idaho payday loan?
You can think about getting a payday loan, also referred to as a cash advance, 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, some others have physical stores you can visit. The lender you choose to work with depends on convenience as well as 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 disburse funds by the next business day.
- Use money for any purpose. 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 near 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 are an American citizen or a permanent resident of the US
- You are over 18 years of age
- You have a regular source of income
Completing the application successfully requires that you provide some key information:
- Your name, phone number, home address, and email address
- You date of birth and social security number
- Details from an acceptable form of ID such as your driver’s license or passport
- Your employer’s name and contact details
- Details about your income and pay schedule
Important information about payday loans
While payday loans can be beneficial for many people, they aren’t always the best option for everyone. Follow the link for more information.
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.