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Idaho Payday Loan Laws
Idaho’s Payday Loan Act was amended in 2014, introducing new consumer protections for borrowers. The following guide shows how payday lenders are authorized to operate in this state.
The new provisions provide the following consumer protections:
- A payday loan is restricted to 25% of a borrower’s gross income
- The maximum loan amount is $1,000
- A payday lender may only make one initial presentment for a check
- Borrowers are allowed only one repayment extension request per year
If you experience difficulty repaying your Idaho installment loan, you may request for an extended payment plan. The extended payment plan allows a borrower 60 more day’s repayment period in 4 equal installments. This plan should not incur additional charges.
The Advantages of Online Idaho Loans
Importance of Idaho Cash Advance Regulations
The objective of the Idaho payday legislation was to save individuals from the debt cycle. Potential borrowers are able to know in advance the risks associated with payday borrowing prior to signing.
The availability of an extended payment plan is one of the provisions protecting consumers from such risks. Many residents of the state have thus benefited from various Idaho installment loans with flexible repayment terms.
Idaho Payday Loan Regulations
| Legal Status | Legal |
| Interest Rate (APR) | 652% |
| Max. Loan Amount | $1,000 (or 25% of monthly income) |
| Min. Loan Term | Not specified |
| Number of Rollovers | 3 |
| Finance Charges | No limit |
| Statute of Limitations | 5 Years |
Limitations of Idaho Lenders
The payday Loan Act prohibits lenders from these activities:
- Making a payday loan without being licensed by the department
- Engaging in deceptive practices in advertising their business
- Renewing a loan more than 3 consecutive times
- Accepting any property as collateral aside from a post dated check
- Imposing extra fee other than the agreed-upon finance charge
Get the Loan You Need
An online personal loan in Idaho can help when you need cash for large purchases or unplanned expenses.
Who Regulates The Payday Companies?
The Idaho Department of Finance examines and regulates payday lending in the state. Borrowers are urged to fully educate themselves about their rights under the newly amended law.
It is always advisable to compare payday lenders as loan fees do vary and sometimes these are negotiable.
Why Compare Personal Loans at Financer.com
Compare Idaho Loans at Financer.com
Financer.com helps you compare the best personal loans in Idaho and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in Idaho and take the guesswork out of doing all the legwork yourself.
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Loans in Idaho - FAQ
How much can I borrow with a payday loan in Idaho?
The limit for payday loans in Idaho is currently $1,000 or a maximum of 25% of your gross monthly salary.
Are payday loans legal in Idaho?
Yes, payday loans are legal in the state of Idaho.
Who regulates payday loans in Idaho?
Payday lending is regulated by the Idaho Credit Code and by the department of Finance.
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