Payday Loans in Idaho

Payday Loans
Explore our list of payday loan providers in Idaho. Whether you're looking for $255 payday loans online, same-day options, or no credit check loans in ID, we provide detailed information to assist your decision. Learn about the regulations, limits, and most reliable online payday loans in Idaho.
Offers: 6
Updated:
11.06.2024
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Recommended FinScore™
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100.00 – 20000.00 $
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Interest rate

from 0.05 %
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Loan term for the financial product

5 days – 3 months
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3.09
(20 Ratings)
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1000
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Interest rate

from 4.00 %
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Loan term for the financial product

to 1 months
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Recommended FinScore™
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300
650
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100.00 – 1000.00 $
Term
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Loan term for the financial product

1 days – 1 months
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4.06
(20 Ratings)
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50.00 – 1500.00 $
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Interest rate

208.04 – 782.14 %
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Loan term for the financial product

14 days – 31 days
Moneytree
Payday loan
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3.138
(13 Ratings)
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650
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$100-$500
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Interest rate

up to 482.32%
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Loan term for the financial product

up to 14 days
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3.23
(41 Ratings)
Recommended FinScore™
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100.00 – 445.00 $
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Interest rate

to 0.92 %
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Loan term for the financial product

to 24 days

A payday loan is a short-term loan that typically has a high-interest rate and is intended to be repaid on the borrower's next payday. In Idaho, payday loans are regulated by the Idaho Department of Finance.

To obtain a payday loan in Idaho, a borrower typically writes a post-dated check to the lender for the amount borrowed plus fees and interest. The lender agrees to hold the check until the borrower's next payday. Alternatively, the borrower may authorize the lender to withdraw the funds directly from their bank account on the due date.

Idaho's law limits the number of payday loans to $1,000 or 25% of the borrower's gross monthly income, whichever is less. The maximum loan term is not restricted, and lenders may charge up to 15% of the loan amount as a finance charge.

It's important to note that payday loans can be costly and may trap borrowers in a cycle of debt. Borrowers should carefully consider their options and make sure they can repay the loan on time before taking out a payday loan.

Payday Loans in Idaho

What is the Payday Loan Limit in Idaho?

The maximum amount that someone can borrow through a payday loan in Idaho is $1,000 or 25% of the borrower's gross monthly income, whichever is less. This means that if someone's gross monthly income is $4,000, the maximum payday loan they can obtain is $1,000. However, it's important to note that borrowing the maximum amount may not be a wise financial decision. Payday loans can come with very high-interest rates and fees, making repayment difficult.

How To Borrow Payday Loan in Idaho?

Apply for a loan

  1. Find a reputable lender. Research payday loan lenders in Idaho and choose one that is licensed and regulated by the Idaho Department of Finance. It's important to read reviews and compare several lenders' interest rates, fees, and terms to find the best option.
  2. Meet the eligibility requirements. The borrower will need to meet the lender's eligibility requirements, which typically include being at least 18 years old, having a steady source of income, and having a valid ID and checking account.
  3. Apply for the loan. The borrower will need to provide the lender with their personal and financial information, such as their name, address, employment status, and income. The lender may also require the borrower to write a post-dated check for the loan amount plus fees or provide authorization to withdraw the funds from their bank account on the due date.
  4. Receive the loan. If the borrower is approved for the loan, they will typically receive the funds on the same day or the next business day. However, it's important to note that payday loans can come with very high-interest rates and fees, so borrowers should only borrow what they can afford to repay.
  5. Repay the loan. The borrower must repay the loan on the due date, which is typically their next payday. If the borrower is unable to repay the loan, they may be subject to additional fees and charges, and the loan may be rolled over to the next payday, which can result in even higher fees and interest.

Pros and Cons

Pros

Access to quick cash. Payday loans are designed to provide borrowers with quick access to cash when they need it most. In Idaho, borrowers can typically receive the loan funds within one business day.

Easy eligibility. Payday loan lenders in Idaho typically have lenient eligibility requirements, making it easier for borrowers with poor credit or limited financial history to obtain a loan.

No collateral required. Payday loans are unsecured, meaning borrowers do not have to provide any collateral to secure the loan.

Regulated by the state. Payday loans in Idaho are regulated by the state, which helps to protect borrowers from unscrupulous lenders.

Cons

High-interest rates and fees. Payday loans in Idaho can come with very high rates and fees, making them very expensive. This can lead to a debt cycle if the borrower cannot repay the loan in full on the due date.

Short repayment terms. Payday loans in Idaho must be repaid within 91 days, which can be difficult for borrowers who are already struggling to make ends meet.

Risk of debt trap. The high-interest rates and fees associated with payday loans can make it difficult for borrowers to repay the loan, leading to a cycle of debt where they must take out new loans to repay the old ones.

Predatory lenders. While payday loans in Idaho are regulated, some lenders may still engage in predatory practices, such as offering loans to borrowers who are unable to repay them or charging excessive fees and interest. It's important for borrowers to research lenders and read the loan terms carefully before borrowing.

Requirements

  1. Be at least 18 years old. The borrower must be at least 18 years old to obtain a payday loan in Idaho.
  2. Have a steady source of income. The borrower must have a regular source of income, such as a job or government benefits, to demonstrate their ability to repay the loan.
  3. Have a valid ID. The borrower must have a valid government-issued ID, such as a driver's license or passport.
  4. Have an active checking account. The borrower must have an active checking account in their name to receive the loan funds and make repayments.
  5. Meet the lender's credit requirements. The lender may also consider the borrower's credit score and credit history when deciding whether to approve the loan.

Rates

The interest rates and fees for payday loans in Idaho can be very high. According to a report by the Idaho Department of Finance, the average loan fee for a payday loan in Idaho is about $20 for every $100 borrowed for a 14-day period. This translates to an annualized interest rate of approximately 521 percent, which is very high.

Lenders Idaho

  • LeapCredit offers online payday loans in Idaho, with loan amounts ranging from $200 to $3,500. The loan term can range from 6 to 24 months, and the APR can range from 60% to 299%.
  • Moneytree offers online payday loans in Idaho, ranging from $100 to $1,000. The loan term is typically 14 days, and the APR can range from 387% to 469%.
  • Cash Central offers online payday loans in Idaho, with loan amounts ranging from $100 to $1,500. The loan term is typically 14 days, and the APR can range from 214.61% to 459.88%.
    • LendNation has several locations in Idaho that offer payday loans. Loan amounts and terms may vary depending on the location, but generally, borrowers can expect loan amounts of up to $500 with a repayment term of up to 30 days.
    • Cash Store has several locations in Idaho that offer payday loans. Loan amounts and terms may vary depending on the location, but generally, borrowers can expect loan amounts of up to $1,000 with a repayment term of up to 180 days.

      Alternatives

      1. Personal loans are unsecured loans that can be used for any purpose, including paying off debt, making home repairs, or covering unexpected expenses. Personal loans typically have lower interest rates than payday loans and longer repayment terms, making them easier to manage.
      2. Credit cards If you have a credit card with available credit, this can be a good option for covering unexpected expenses. Credit cards typically have lower interest rates than payday loans, and if you can pay off the balance in full each month, you can avoid interest charges altogether.
      3. Community assistance programs some communities in Idaho have programs that provide financial assistance to low-income individuals and families. These programs may offer emergency loans, grants, or other forms of assistance that can help you cover unexpected expenses.

      Payday loans are legal in Idaho, but the Idaho Department of Finance regulates them. The Idaho Title 28, Chapter 46 of the Idaho Statutes provides the state's regulatory framework for payday loans. Here are some of the key regulations:

      1. Loan amount limits. The maximum amount that someone can borrow through a payday loan in Idaho is $1,000 or 25% of the borrower's gross monthly income, whichever is less.
      2. Loan term limits. The maximum loan term for payday loans in Idaho is not restricted.
      3. Interest rate and fee limits. Payday loan lenders in Idaho can charge up to 15% of the amount borrowed as a finance charge. In addition, lenders may charge other fees, such as origination fees, application fees, or late fees.
      4. Borrower eligibility requirements. To be eligible for a payday loan in Idaho, a borrower must be at least 18 years old, have a steady source of income, have a valid ID, and have an active checking account.
      5. Limits on rollovers and renewals. Payday loans in Idaho cannot be rolled over or renewed more than three times, and lenders must provide borrowers with a repayment plan option if they are unable to repay the loan on the due date.

      Important

      Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

      How to Choose a Lender

      1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

      2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

      3. Carefully review all the terms and conditions of your payday loan contract.

      4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

      5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

      6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

      Other Loans

      FAQ

      Are online payday loans legal in Idaho?

      Yes, online payday loans are legal in Idaho. The Idaho Department of Finance regulates payday lending, and online payday lenders operating in the state must comply with the same regulations as brick-and-mortar lenders. However, it's important to note that while online payday loans are legal in Idaho, they can come with very high-interest rates and fees, which can make them very expensive and difficult to repay. Borrowers should carefully review the loan terms and conditions before agreeing to borrow and ensure they can repay the loan in full, including all fees and interest, before the due date.

      How many payday loans can you get in Idaho?

      According to Idaho Title 28, Chapter 46 of the Idaho Statutes, a borrower can have no specified maximum number of outstanding loans at once. However, no licensee or person related to a licensee by common control may have outstanding at any time to a single borrower a loan or loans with an aggregate principal balance exceeding one thousand dollars ($ 1,000), plus allowable fees.

      Additionally, payday loan lenders in Idaho may renew a loan no more than three consecutive times, after which the borrower must repay the loan in full. No cooling-off period is required between loans, and a borrower may enter into a new loan transaction with the same lender at any time after a prior loan is completed.

      It's important for borrowers to carefully consider the costs and risks associated with payday loans and ensure that they can afford to repay the loan in full, including all fees and interest, before agreeing to borrow.

      What do you need for a payday loan in Idaho?

      To be eligible for a payday loan in Idaho, a borrower must typically provide the following information and documentation:

      1. Identification. Borrowers must provide a valid government-issued ID, such as a driver's license or passport, to verify their identity.
      2. Employment and income information. Borrowers must provide proof of employment and income, such as recent pay stubs or bank statements, to demonstrate their ability to repay the loan.
      3. Bank account information. Borrowers must have an active checking account in their name, which will be used to receive the loan funds and make repayments.
      4. Contact information. Borrowers must provide their contact information, including their phone number and email address, so the lender can communicate with them regarding the loan.

      It's important to note that the specific requirements for a payday loan in Idaho may vary depending on the lender, and borrowers should carefully review the loan terms and conditions before agreeing to borrow. Borrowers should also ensure they can repay the loan in full, including all fees and interest, before the due date.