From Idaho and in need of a payday loan? Our guide is all you need!
Each state within the United States governs Payday loans differently. As this is not a regular loan provided by banks or official credit institutes there are different laws which apply for these types of short-term cash based laws.
As the interest rates are often not regulated by a state, anyone who is to borrow money, is advised to look around and find a licensed, trusted company that works with the lowest APR rates and the best terms and conditions, to guarantee that you can pay back in time.
Don’t let the ads fool you. Some of these companies may charge an interest rate as high as 400% of the original sum you have borrowed. This means all borrowers must carefully consider this type of a loan as a last resort.
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What are the payday loan laws and regulations in Idaho?
Payday loans are legal in the state of Idaho, and they are governed by the law Idaho Statute 28-46-401 et seq. which has been set up to concentrate on pawns and short-term loans. According to this law, everyone who wants to set up a business with the intention of lending money has first to hold a state license. Also, the lender has to hold a separate license according to state and location.
Let’s see what current regulations are in place for payday loans in the state:
- Maximum amount of a payday loan: USD 1000 or the 25% of someone’s monthly income ( with taxes)
- Maximum term of loan: there is no maximum term specified
- Minimum term of loan: there is no minimum term specified
- APR goes without limitations, which means it is up to the lender how much they charge.
Borrowers are highly advised to watch out and avoid pawn activity and over the board APRs
All the necessary details of the borrower and his/her workplace will be collected. Access to their check account or debit account will have to be discussed between the lender and the borrower.
How much can you be charged by a payday lender in Idaho?
As the law does not place any restrictions or regulations on the interest rates and any further fees that may apply, it is mainly up to the lender how much they charge and what additional costs they want the borrower to pay. This is also why everyone who needs a payday loan must be cautious and must be aware of what they apply for when contracting with a company that offers short-term cash loans.
The only fee that can be made sure of is the one-time fee of USD 25 which must be paid by the time of obtaining a payday loan.
Your rights as a borrower in ID
Each borrower is allowed to obtain for a maximum amount of 3 rollovers or renewals within one repayment period of a payday loan. Lenders have to offer a 60-day repayment plan that consists of 4 equal partial payments. This way they give the opportunity for the borrower to be able to pay back the total sum within a reasonable amount of time.