Idaho Payday Loans

Idaho Code §§ 28-46-401 et seq.
Status: Legal

Payday loans are legal in the state of Idaho, pursuant to Idaho Code §§ 28-46-401 et seq. As of January 2017, there are approximately 201 lenders offering payday loan services operating in the state.

Payday Loan Lending Laws in Idaho

Payday loans in Idaho are limited to $1,000 or 25% of a borrower’s gross monthly income. However, the length of the loan term and the maximum finance rate and fees are not specified, and no limits on APR currently exist. If a borrower qualifies for a loan and decides to return it, they have the right to rescind the loan at no cost before the end of the next business day after the loan was made. Potential borrowers should also be aware Idaho does not specify the number of cash advance loans that can be granted at one time, and three rollovers are allowed when repaying the loan. Additionally, a borrower has the option of converting a short term loan into an extended payment plan once during a 12-month period.

Licensed lenders in Idaho have several prohibitions they must adhere to while doing business with a borrower. In addition to the loan amount limitations, a lender cannot accept any property, title, or any collateral aside from a post-dated check from the borrower. Lenders can charge a $20 nonsufficient charge fee for a bounced check from the borrower. At the same time, lenders cannot impose any additional fees other than the agreed-upon finance charges and cannot threaten a delinquent borrower with criminal charges. Finally, lenders are required to provide a list of disclosures in 12-point capitalized and bold type somewhere visible in their offices, the disclosures including information on the fees and repayment options listed above. These disclosures are in place due to truth-in-lending laws put in place at both the federal and State level and are meant to safeguard both the borrower from falling into a cycle of debt and the lender from doing business with individuals who do not take the responsibilities of payday loans seriously.

As with all financial decisions, information and planning work in the favor of a potential borrower. However, given the emergency service nature of cash advance loans, such detailed research can prove difficult. It is therefore advisable for potential borrowers to understand as much as they can before agreeing to any loan.

Lending Rules*

Lenders in the state of Idaho are legally required to comply by the following limitations according to Idaho Code §§ 28-46-401 et seq.:

Maximum Loan Amount:
$1,000
Minimum Length of Loan:
Not specified
Maximum Length of Loan:
Not specified
Maximum Finance Rate & Fees:
Not Specified
APR for 14-day $100 Loan:
No Limit
Max # Outstanding Loans at One Time:
Not Specified ($1000 aggregate loans outstanding to all licensees)
Rollovers Permitted:
Three (renewals)
Collection Fees:
$20 NSF fee
Criminal Action:
Prohibited
*The information displayed may not be current. For the most recent information, please visit http://www.paydayloaninfo.org/state-information/20.

Regulatory Information

If you have a complaint against a Idaho Cash Advance location you can contact your state regulator below:

Regulator:
Idaho Department of Finance
Address:
Idaho Department of Finance, Consumer Finance Bureau, 800 Park Blvd., Suite 200, Boise ID 83712
Phone:
(208) 332-8000
Website:

Payday loans are regulated under the Idaho Credit Code by the Idaho Department of Finance, which urges potential borrowers to become aware of the rights available to them under the law and to consider all choices/alternatives before entering into a contract.

Idaho Lenders

Below you can find Idaho payday loan lenders in the following cities:

Idaho Statistics**

The following information is key demographic data for the state of Idaho from the Census bureau.

Total Population:
1,683,140
Median Household Income:
$47,583
Poverty Rate:
15.1%
Median Gross Rent:
$743
High School Graduate or Higher:
89.5%
Bachelor's Degree or Higher:
25.9%
**The information displayed may not be current. For the most recent information, please visit http://www.census.gov/quickfacts.

Borrow Responsibly

The Idaho Department of Finance stresses the message that payday loans are primarily meant to address short-term financial needs, and cautions potential borrowers from requesting more than can be paid back by the next paycheck. Due to the lack of limits currently in place for many of the state regulations, a potential borrower should research and understand as much as they can about payday loans before committing to one.

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