Idaho payday loan laws overview

In recent years, more and more people are turning to payday loans in Idaho when they are in a situation, requiring financial assistance.

In the state of Idaho, lumbering and mining have always been of great importance. Idaho is high in the ranking for lead, silver, garnet, antimony, phosphate rock, cobalt, vanadium, mercury and zinc. Agriculture is also a big industry in Idaho, with the state producing about a quarter of United States’s potato crop, as well as apples, wheat,  barley, corn, hops and sugar beets. In the 1990s, the state had substantial growth in the high technology industries, centered in the metropolitan Boise area. The state of Idaho is the 14th largest state in the United States and it’s the 39th most populous with a population of over 1,654,930 residents.

What is a payday loan?

Payday loans are short-term loans which the borrower must pay back within his next paycheck.

Idaho payday loan laws regulations

Idaho payday loan laws regulations

Idaho payday loan laws regulations

Payday loan lending in the state of Idaho is completely legal and lending companies can freely conduct their businesses according to Idaho Code Ann. § 28-46-401 et seq. However, in Idaho, borrowers are advised to be extremely careful when taking out a payday loan, since there are fewer restrictions and limitations that lending companies must comply with in Idaho. According to Idaho payday loan laws, payday loan lending companies can give out loans for an unlimited period of time. They are also free to charge any amount for fee and interest they deem fit. That means that annual percentage rate for a $100 loan granted for a period of 14 days can also be quite different with each different loan. It can be really high.

Borrowers are able to cancel their loan application. However, that’s only possible if they do it before the following business day after applying for the payday loan.

Idaho Payday loan lenders 

Payday loan lenders in Idaho

Payday loan lenders in Idaho

It is no secret that the lending industry, payday loan lending especially, is growing very quickly. The number of lending companies in Idaho has drastically increased in the last few years and one of the main reasons for that growth is the internet. The fact that in this state, the restrictions for payday loan lending are close to none is also very attractive for lending companies. This makes Idaho the perfect place to conduct their businesses. In almost every state in the United States, you can apply for a payday loan by visiting a lender’s physical store or visit one online. Payday loan searches on the web from residents of Idaho are among the most popular web searches in the state. You can also apply for a title loan in Idaho.

Why consider a payday loan in Idaho?

There are many reasons why payday loans are leading the race in the short-term loan business. Despite the risk that’s always present when dealing with such loans, they can also be quite beneficial:

  • Multiple options to choose from

Idaho payday loans

Idaho payday loans

While you can probably find a payday lender’s store near your workplace or your home, you may want to submit your application without having to leave your house and with payday loans, you can do just that. You have the option of applying from the comfort of your home by visiting a lending company’s website online.

  • The service is really fast

When you are in a situation that requires immediate financial assistance, you can’t really afford to wait days or weeks for your money to arrive. When applying for a payday loan, you can get hold of the money you need just hours after you have submitted your application. If you decide to apply online, it might take one business day before get your cash.

  • Cancel with no penalties

In Idaho, you can cancel your payday loan by the next business day after you’ve applied for your loan. You will need to return the amount you have taken, but there will be no fees for you to pay.

  • Bad credit is not a problem

Bad credit is not a problem

Bad credit is not a problem

Normally, having a bad credit can really mess up your chances of getting a loan and the fact that you can apply for a payday loan and may be approved even if your credit score is bad is, without a doubt, one of the main reasons why payday loans are so popular. They help to solve pressing financial issues for many borrowers when every other institution have rejected their loan applications.

  • Spend the money in whichever way you want to

Unlike with loans from most traditional banks, as long as you don’t do anything illegal with a payday loan, you can decide to do whatever you want with your money. You can use the sum to pay your bills, settle your car repair payment, among others.

Idaho Payday loans fees and charges

Before you decide whether you should or shouldn’t apply for a payday loan in Idaho, it is best that you know exactly what you are getting yourself into.

  • APR

APR

APR

Idaho payday loan laws do not have any limitations to the annual percentage rate on loans granted in the state, so you should ask the lending company what the APR is before applying for a loan.

  • Fees and charges

Lenders have the freedom to determine different fees and charges for their services, so you should always ask for all needed information before taking out a loan.

  • Rollovers

Idaho payday loan laws do not allow borrowers to get another payday loan from the same lender before they repay their previous debt.

  • Fees for paying off the loan early

When you take out a payday loan in Idaho, there are no penalties should you are able to repay the loan earlier.

Idaho Payday loans application and eligibility 

Idaho Payday loans application

Payday loans application

As mentioned above, applying for a payday loan in Idaho is very fast and simple. However, there are still certain requirements you have to meet when applying:

  • You need to be 18 years old or older
  • You need to be a permanent resident of the US or an American citizen
  • You need to have a steady source of income

In order for your application to be successful, there is some information you need to provide:

  • Your social security number, name, and date of birth
  • Phone number, home and email address
  • Details regarding your employment and income

Cities in Idaho where you can find payday loan lenders:

  • Boise
  • Meridian
  • Nampa
  • Idaho Falls
  • Pocatello
  • Caldwell
  • Coeur d’Alene
  • Twin Falls
  • Lewiston
  • Post Falls