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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.