Idaho State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal

Loan Terms:

Maximum Loan Amount: $1000. Loan cannot exceed 25% of gross monthly income of borrower.

Loan Term: Not Specified

Maximum Finance Rate and Fees: Not Specified

Finance Charge for 14-day $100 loan: N/A

APR for 14-day $100 loan: No Limit

Debt Limits:

Maximum Number of Outstanding Loans at One Time: Not Specified ($1000 aggregate loans outstanding to all licensees)

Rollovers Permitted: Three (renewals)

Cooling-off Period: N/A

Repayment Plan: Yes. Available once in 12 months. At least four equal payments over at least 60 days, no fees.

Collection Limits:

Collection Fees: $20 NSF fee. Limit of two electronic presentments of borrower’s check

Criminal Action: Prohibited

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

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