The State of Idaho Guide to Payday Loans

Like in some other states, it is legal for the citizens in Idaho to give out and/or get payday loans, although most financial experts agree that this is not the best option if or when somebody has financial issues. This is mainly due to their very high interest rate that has to be paid in a very short period of time. Short term, high interest loans like these can lead people into the debt pit, or a financial status wherein a person is largely in debt and is giving a hard time getting out of it.

Experts advise people to look for other options when in a financial bind. Taking cash advances from credit cards, although not advised as well, can be a better option just because it has lower interest rates. But when in a financial bind and left with no other alternative, a payday loan can be a godsend. Just make sure you find out everything about these types of loans before getting one.

Payday loans are short term loans with high interest rates. What makes them so popular is the ease in which would be borrowers can get one. One can acquire then from payday loan stores, check cashers, and even pawnshops. All a borrower needs to have are the following; a bank account that is in relatively good standing, any valid identification, and a steady source of income.

Loan Terms
Regulations in the state of Idaho dictate that the maximum amount borrowers can be given on payday loans is $1000. Other states have their cap or ceiling based on a certain percentage of the borrower’s gross monthly income. Gross monthly income refers to the borrower’s monthly salary before taxes.
The maximum loan term, or the number of days wherein the loan has to be paid in full is not specified, so are the maximum finance rates and fees. Finance charges for 14-day $100 loans are not stated but the APR or Annual Percentage Rate for the same type of loan has no limit.

Debt Limits
It is not stated how many outstanding loans a borrower is allowed to have. It is stated, however, that the loan can rollover for a maximum number of three times. To rollover is to pay off the interest and have the principal amount rollover to the next pay period. There is no specified cooling off period in between payday loans. Whether or not repayment plans are allowed is not stated as well.

Criminal action against borrowers who fall short of making payments is forbidden. There is however, a $20 NSF or Non Sufficient Funds fee, not to mention any adverse effect to a person’s credit standing that nonpayment of payday loans can do.

How to Get Information or File Complaints
To know more about payday loans, pay a visit to or call the regulator, which is the Consumer Finance Bureau of the Idaho Department of Finance. They are located at Suite 200. 800 Park Blvd., Boise ID 83712 and can be contacted via landline (208) 332-8000 and fax (208) 332-8096.

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