Payday Loan Amount Limit in Idaho
In Idaho, payday loan lenders are not allowed to provide loans that exceed $1,000 in amount. However, the number of loans a person could possess is not limited. One may obtain multiple loans as he requires at a time, but the total amount borrowed should not be less than $1,000.
Borrowers are not allowed to have outstanding payday loans that are more than 25% of his/her gross monthly income.
Loan Terms Regulations in Idaho
Payday loans in Idaho can be taken out for any length of time as there are no limits on minimum or maximum loan term.
Payday Loan Interest Rates, Fees & Charges in Idaho
The interest rate or actual annual percentage rate(APR) for payday loans in Idaho can be as high as 652%.
Payday lenders in Idaho are able to charge any fees and interest rate for payday loans, as long as the borrower and the lender agree on these terms. All of this, as well as all facts about the transaction itself (amount, fees, interest, APR, and so on), should be made known to a borrower prior to a loan transaction, and the latter should be indicated in the payday loan documents accordingly.
According to Idaho Code, SECT28-46-412, the fees charged for each payday loan is not limited. Such fee shall be considered completely earned as of the transaction date and shall not be considered interest for any legal purposes. Except as expressly provided in the act, no other fee or charge may be levied or collected for a payday loan.
Cost of a $100 Payday Loan in Idaho:
With a 14 days term:
Loan cost: $100*652%*(14/365) = $25
To return: Principal + Loan cost = $100+$25 = $125
It is recommended to examine the licensure of delayed deposit originators (payday lenders) in Idaho using the license search page by Idaho Department of Finance.
- In Idaho, it is not allowed to take out another payday loan from the same lender to pay off an existing obligation.
- Idaho laws prohibit lenders from accepting any property or other type of security for a payday loan, otherwise they could be held accountable.
- Borrowers are granted no more than 3 rollovers in a row. This is the point at which a loan must be paid back. Apart from the specified finance charge, lenders are not allowed to apply any further fees or charges.
- In Idaho, any criminal actions against borrowers are not allowed.
- The non-sufficient funds cost should not surpass $20, and the unpaid amount should be subject to a 12% interest per annum (if disclosed).
The Idaho Department of Finance is in charge of everything relating to payday lending in the state of Idaho. You can contact them if you have any questions or complaints.