Payday Loans are Legal in Idaho

Beware of predatory lending

Payday Lenders in Idaho

Payday loans are short-term loans intended for people who need temporary financial support due to personal circumstances.

In 2020 alone, over 93,000 payday loans were taken out in Idaho, totaling more than $30 million loaned. But, with a quick repayment schedule, the loan is typically due on the borrower’s next payday. Idaho borrowers should know the fees and terms before agreeing to the loan since they often amount to a lot and interest rates average 582%, one of the highest averages in the country. These high-interest loans often come with significant risks, such as additional fees and interest rates, making it challenging for borrowers to repay on time. While payday loans can be beneficial, it’s crucial for borrowers to fully comprehend the loan conditions to make informed decisions.

If you’re looking for legitimate payday loans in Idaho, it can take time to identify the best lender. You can get a safe and reliable loan by researching the lender’s reputation and comparing offers from different sources. Begin by reading online reviews, asking friends for recommendations, and verifying the lender’s credentials. Be wary of lenders with overwhelmingly negative feedback, which could indicate untrustworthiness. Taking the time to research and compare lenders can help you secure a positive borrowing experience.

Payday Loan Laws

In Idaho, payday loans have very loose regulations with no defined interest cap or financing cap. Since there is no defined limit on the interest allowed, some lenders charge over 625% APR on payday loans. The Idaho Credit Code regulates them, requiring loan companies to obtain licenses. By law, the loan agreement must clearly indicate all fees and charges in dollars, and lenders must make it clear that payday loans are short-term and must be repaid on time. Lenders must also inform the borrower that any renewals will incur additional charges before agreeing to the loan terms.

The State of Idaho has several other pieces of legislation that govern payday loans:

Loan Terms and Conditions

Maximum loan amount: $1000 or 25% or gross monthly income (whichever is less)

Maximum Interest Rate: No maximum defined in legislation

Minimum loan term: No minimum defined in legislation

Maximum loan term: No maximum defined in legislation

Number of rollovers allowed: 3

Finance Charge: No maximum defined in legislation

Legal action: 5 Years

Certified Payday Lenders in Idaho

Company Name	Company score	License Status
ENOVO International Inc	7.8	Valid
CURO Intermediate Holdings	7.2	Valid
CNG Financial Corporation	6.8	Valid
Security Finance Corp	6.4	Valid
Advance America, Cash Advance Centers, Inc	5.8	Valid
Big Picture Loans, LLC	5.1	Valid

History of Idaho Payday Loans

The payday lending industry began operating in Idaho in 2001 and had very little oversight until July 2003, when laws that specifically regulated the industry were adopted by the Idaho Legislature. In 2006, the Military Lending Act set a cap of 36% APR for payday loans offered to military personnel. In 2014, Idaho’s Payday Loan Act was amended to add more customer protections. Some items included were a maximum loan amount of $1,000, or 25% of a borrower’s gross monthly income, and a new requirement that lenders offer an extended payment plan. Even with these modifications, payday loan rates remain high, and many borrowers struggle to understand the terms of their loans, leading to an increased number of consumer complaints filed with Idaho’s Department of Finance.

State Resources

How to file a complaint

The Idaho Department of Finance accepts complaints but encourages consumers to first try to resolve complaints directly with the lender. Written complaints with supporting documentation can be submitted to the Department. While complaints are often resolved through cooperation with both the borrower and lender, they may lead to civil or administrative enforcement actions.

Idaho Payday Loans Debt Relief

How to Get out of Payday Loan Debt?

Getting out of payday loan debt in Idaho can be challenging, but it is possible with careful planning and action. One option is to negotiate with the lender to create a repayment plan that works for both parties. This may involve reducing the interest rate, extending the repayment period, or agreeing on a payment schedule that fits the borrower’s budget. Another option is to seek credit counseling or financial coaching from a reputable organization, such as the Idaho Financial Literacy Coalition or the National Foundation for Credit Counseling. These organizations can provide guidance on budgeting, debt management, and financial planning. It is also important to avoid taking out additional payday loans or using other high-interest credit products, as this can exacerbate the debt problem. By taking proactive steps and seeking professional support, borrowers in Idaho can successfully navigate their way out of payday loan debt.

Support Resources

Types of Quick Loans in Idaho

Title Loans Title loans are a type of secured loan that is available to borrowers in Idaho. These loans are secured by the borrower's vehicle title, with the loan amount typically based on the vehicle's value. Title loans usually come with high-interest rates and fees, and failure to repay the loan can result in the loss of the borrower's car. While title loans can provide quick access to cash, they should be approached with caution and considered only as a last resort.

Installment Loans Installment loans are another loan option available to Idaho borrowers. Repayable in installments over time with interest rates determined by creditworthiness, these installment loans can be used for debt consolidation, home repairs, or unexpected expenses - with lower rates and repayment terms than payday or title loans typically applied for.

Lines of Credit A line of credit is a flexible loan option available to borrowers in Idaho that allows them to access funds as needed, up to a pre-approved credit limit. Interest is only charged on the amount borrowed, and borrowers can repay and re-borrow funds as needed. Lines of credit are typically unsecured, meaning they do not require collateral. However, they may require a credit check and may come with higher interest rates than secured loans.

Alternatives to Payday Loans in Idaho

Personal Loans

Personal loans are a popular type of unsecured loan that is available in Idaho. Borrowers use these loans for various purposes, such as home improvements, debt consolidation, or unexpected expenses they might encounter. Personal loans come with fixed interest rates and set monthly payments, making them easier to budget than other types of loans. Borrowers with excellent credit can typically access lower interest rates and more favorable repayment terms from lenders. In comparison, those with poor credit may face higher rates and stringent eligibility requirements from creditors.

Bridge Loans

Bridge loans are a short-term loan option available to those who need to "bridge" the gap between two transactions. For example, a borrower is buying a new home before they have sold their current one. These loans come with higher interest rates and more fees than traditional mortgages but give quick access to cash when needed. Bridge loans are commonly secured by the borrower's current home or the new house being purchased.

Home Equity Loans

Home equity loans are a type of secured loan available to homeowners in Idaho. These loans enable borrowers to use the equity in their home as collateral against borrowing at a fixed interest rate with an agreed repayment term. Home equity loans are typically used for home improvements, debt consolidation, or unexpected expenses. Although they come with some potential perks - including tax advantages - they also come with the risk of foreclosure should borrowers be unable to repay.

Bad Credit Loans in Idaho

Bad credit loans are a type of loan that is available to borrowers in Idaho who have poor credit or limited credit history. These often have higher interest rates and more fees than traditional loans and could require collateral or a co-signer to qualify. Bad credit loans can be used for debt consolidation, home repairs, or unexpected expenses.

Idaho Small Business Loans

Small business loan options in Idaho:

SBA loans: The SBA offers a variety of loan programs, including 7(a) loans, 504 loans, and microloans, to help small businesses access funding for things like, such as working capital, equipment purchases, and real estate investments.
Community Development Financial Institutions (CDFIs): CDFIs are nonprofit organizations that provide financing and other support to underserved communities and businesses, including minority-owned and women-owned businesses.
Business Grants: Various government agencies and private organizations offer grants to small businesses for specific purposes, such as research and development, marketing, and expansion.
Factoring: A financing option where businesses sell their accounts receivable to a third-party company in exchange for immediate cash.
Equipment Financing: A type of loan specifically designed to help businesses purchase or lease equipment, such as machinery or vehicles, with the equipment serving as collateral for the loan.

VA loans in Idaho

VA loans are available to active and retired military members and their families in Idaho. They have competitive interest rates and favorable repayment terms and usually require little or no down payment. VA loans can be used to purchase a new home, refinance an existing mortgage, or make home improvements. This is an excellent option for those who are eligible.

Idaho Student Loans

Many options are available to Idaho students to help finance their college education. These options include:

Federal Student Loans: Low-interest loans backed by the federal government that can be used to pay for education expenses.
Idaho Opportunity Scholarship: A state-funded program that provides financial assistance to Idaho residents attending eligible postsecondary institutions in the state, based on financial need and other factors.
Governor's Cup Scholarship: A state-funded program that provides scholarships to Idaho high school seniors planning to attend an Idaho college or university, based on academic merit and financial need.
Idaho State Loans: The state of Idaho offers a variety of loan programs to help students pay for college, including the Idaho Career and Technical Education (CTE) Student Loan Forgiveness Program, the Idaho Health Professions Loan Repayment Program, and the Idaho Rural Health Education and Services Program.
Private Student Loans: Loans offered by private lenders that can be used to pay for education expenses, with interest rates and terms that can vary widely.

Idaho Income Information

The recently released 2021 U.S. Census reports show Idaho having a median household income of $63,377, somewhat lower than the national median of $70,717. Idaho’s economy is driven by a variety of industries, including agriculture, manufacturing, and technology. Many Idahoans also rely on income from tourism, mining, and healthcare. Idaho’s median household income varies widely by county, with Tenton County being the highest at $73,274, just above the national average, and Clark County being the lowest at $36,429, the state’s poverty rate was 11.0% in 2021.

United States Census Bureau. “Poverty in the United States: 2021.” Accessed on April 19, 2023.
United States Census Bureau. U.S. Census Bureau QuickFacts: Idaho. Accessed on April 19, 2023.

Idaho Payday Lender Complaints

Below are trends associated with some payday lenders in Idaho, as reported to the Consumer Financial Protection Bureau.

Company Name	Count
ENOVO International Inc	6
CURO Intermediate Holdings	4
CNG Financial Corporation	2
Security Finance Corp	2
Advance America, Cash Advance Centers, Inc	2
Big Picture Loans, LLC	1
Total Complaints	415

Consumer Financial Protection Bureau. Consumer Complaint Database. Accessed on April 19, 2023.

Most Common Issues

Complaint type	Count
Can’t contact lender	8
Unexpected fees or interest	8
Payment withdrawal on wrong day	4
Can’t stop charges to bank account	3
Received a loan didn’t apply for	3

What are the main reasons residents of Idaho apply for payday cash advance online or offline

Payday loans are typically used for nonnegotiable everyday expenses like your rent, utilities, and groceries. Per data reported by Pewtrust, the percentage of reasons described below

Reason	Share
Regular Expenses (Utilities, car payment)	53%
Unexpected emergency/expense	16%
Rent/Mortgage	10%
Something Special	8%
Other	5%
Did not answer	2%

Payday Lenders by City

Boise City
Meridian
Nampa
Idaho Falls
Caldwell
Pocatello
Coeur d'Alene
Twin Falls
Post Falls
Lewiston

Rexburg
Eagle
Moscow
Kuna
Ammon
Mountain Home
Chubbuck
Hayden
Jerome
Blackfoot

Garden City
Burley
Star
Rathdrum
Middleton
Hailey
Sandpoint
Payette
Emmett
Rupert

Frequently Asked Questions

Will applying for a payday loan impact my credit?

Payday loans are typically not reported to the three major credit reporting agencies, and most lenders do not conduct credit checks as part of their application process.

What do I need to apply for a payday loan?

To apply for a payday loan in Idaho, you will need to provide proof of income, contact and banking information, and a valid government-issued ID.

Can I cancel my payday loan?

You can cancel a payday loan within one business day of receiving the funds without penalty or fees, but you must return the full amount and cannot take out another loan with the same lender.

Can a payday loan lender garnish my wages?

No, in Idaho, payday loan lenders cannot garnish your wages to collect on a debt.

Can spouses have separate loans?

Yes, spouses can have separate loans in Idaho. Each individual can apply for a loan based on their own creditworthiness and financial situation, and the loan will be in their own name.

When will I receive my funds if I am approved for a payday loan?

If approved for a payday loan, funds can typically be received on the same or next business day through direct deposit or in-person pickup, depending on the lender’s policies.

What happens if I can’t repay my payday loan on time?

If you can’t repay a payday loan on time, the lender may charge additional fees and interest, and take legal action to collect the debt, which can harm your credit score.

When could I apply for another payday loan?

In Idaho, you can apply for another payday loan as soon as you pay off your previous loan.