Idaho Cash Advance Laws & Regulations
Idaho does not currently have loan term limits and, depending on the privately set terms and conditions of their lenders, borrowers can take out a payday loan for up to $1000. Additionally, there are virtually no fee caps, so borrowers are advised to read the terms of their loans carefully.
Here are some specific Idaho regulations, to protect consumers from predatory lending in the payday loan industry:
- Maximum Payday Loan Term
Not specified - Maximum Finance Charges and Fees
Not specified - Maximum Loan Amount
$1,000 - Number of Rollovers
N/A - Outstanding Loans Allowed at Once
Three - Cool-Off Period
N/A
- Payment Plan
N/A - Collection Fees
One time $20 NSF fee, plus up to 12% interest on unpaid debt - Presentment Limit
One - Private Right of Action
Civil - Military Protection
N/A - Penalties
Attorney fees, plus total cost of loan
As of January 2012, no further legislative mandates governing the cash advance industry in Idaho have been passed.
References:
Idaho Statute 28-46-401 et seq.
Idaho Department of Finance
Consumer Credit Section
700 West State Street, 2nd Floor
Boise, ID 83702
Phone: (208) 332-8000
Fax: (208) 332-8099
Web: www.finance.idaho.gov
Information by City
More Information about Idaho
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Consumer Notice: A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our State Consumer Resource pages to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
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