All the information you need to get a payday loan in Idaho.
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.
Six guidelines Idaho payday loans must abide by:
- 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
Compare payday loans in Idaho
Fees and charges to expect
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.
- Financing fee: None specified
- Maximum interest: None specified
- Late payment fee: A one-time fee of $25
A lender may not charge any additional fees and may not charge a fee for a 60-day repayment plan.
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 viable 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 offered rates.
How getting multiple payday loans works in Idaho
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.
Payday lenders in Idaho don’t have to offer extended payment plans more than once in a 12 month period. If you sign up for a 60-day extended repayment plan, a lender shouldn’t charge you additional fees.
How to apply
Lenders have different requirements for who can apply for a loan, but this is the general information you’ll need.
- 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
Don't overlook government assistance
Depending on your financial situation, you could be eligible for free assistance from your local government. You may want to look into the Idaho Food Bank, 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.