If you’re considering a payday loan in Idaho, our guide has all the information you need
Payday loans can be helpful if you know how to budget and make sure that your lender is obeying all the state regulations. Familiarize yourself with this information before applying so you know exactly how much a short-term loan may cost you.
Are payday loans legal in Idaho?
Yes, payday loans are legal in Idaho. Idaho Statute 28-46-401 et seq. 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 where it offers loans.
- Maximum loan amount: $1,000 or 25% of an individual’s gross monthly income
- Maximum loan term: None
- Minimum loan term: None
- APR: There is no maximum APR specified
- Rollovers: Borrowers are allowed 3 rollovers (renewals)
- Repayment plan: Lenders are required to offer a 60-day payment plan with four equal installment payments
- Financing fee: None specified
- Maximum interest: None specified
- Default fee: A one-time fee of $25
- 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
- Your name, date of birth, Social Security number and a valid form of ID
- Your address, email and phone number
- Details about your employment and income
- Details about your bank checking account
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.
What an Idaho payday loan can offer you
If you’re going through a fiancnial rough patch, a payday loan could be what you need to get by. These are great for people with bad credit and few other options of getting credit, but keep in mind that loans are high-cost. The interest and fees you may have to pay depends on the lender, so before you apply, check out a payday loan broker to compare your rates.
What fees and charges do Idaho payday loans come with?
As with all payday loans, you should approach borrowing with extreme caution. Idaho law doesn’t specify how high the interest and financing fees can get, so when you are offered a loan contract, be sure you read how much the total loan will cost you.
A lender may not charge any addition fee and may not charge a fee for the 60-day repayment plan.
How can I apply for an Idaho payday loan?
Lenders have different requirements for who can apply for a loan, but this is the general information you’ll need.
Have any more questions about Idaho payday loans?
Are there any other options besides payday loans?
If you don’t want to take out a new loan, you may want to look into the Idaho Foodbank, 2-1-1 Idaho CareLine, Information and Referral- Boise (Westgate) Office or other area-specific programs. These can get you the help you need without pushing you further into debt.
Idaho law doesn’t require a cooling off period between loans, however, it’s a good idea to wait between loans to avoid spending extra money on interest.
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.
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 repay an installment loan over a period of a few months to a year, usually at a lower interest rate.
Who do I contact if I have a proble with a payday lender?
You should contact the Idaho Department of Finance