Payday loans in Idaho
Lenders with a Regulated Payday Lender License under Part 4, chapter 46, of the Idaho Credit Code may offer single-payment payday loans in Idaho, and fees face no cap.
- Payday lending
- Allowed
- Max cost
- None in the law
- Top amount
- No more than 25% of your gross monthly income may be borrowed, with a principal limit of $1,000.
Are payday loans legal in Idaho?
Yes, when a lender holds a Regulated Payday Lender License, payday loans in Idaho are legal per the Idaho Credit Code. Up to $1,000 in principal is available to borrow, representing the loan balance before allowable fees are added. Your gross monthly income also limits your loan, which cannot exceed 25% of that amount. No maximum fee exists under Idaho law. You and the lender agree on the charge, and you may renew no more than three times in a row before full repayment.
An unlicensed lender, even an internet one, makes a payday loan that is void and thus cannot be collected or enforced. First, consult the Idaho Department of Finance licensee search because licensed lenders require no physical location in Idaho. You may request an extended payment plan from your lender one time during any 12 month period. This plan provides at least four equal payments spread over 60 days or more, with no extra interest or fees.
- Idaho imposes no cap on payday loan fees; the statute simply allows a licensee to charge a fee, and finance charges on regulated loans are whatever the parties agree.
- Along with the $1,000 limit, a payday loan cannot go beyond 25% of what the borrower earns in gross monthly income.
- Up to three consecutive renewals are allowed for a payday loan before full repayment is required.
- Since a 2009 change, a payday loan from an unlicensed lender, internet lenders included, is void; in December 2010 the Department told Utah-based Flobridge to stop.
- Starting in 2014, borrowers may request one free extended payment plan per year, which provides at least four equal payments spread over 60 days or longer.
- You may cancel a payday loan for free before the next working day ends.
Idaho payday loan laws
- Law in force
- Idaho Credit Code, Payday Loans (Title 28, Chapter 46, Part 4)
- Cited as
- Idaho Code 28-46-401 through 28-46-415
- Fees under the law
- The statute allows a licensee to charge a fee for each payday loan but sets no maximum amount.
- Most you can borrow
- No more than 25% of your gross monthly income may be borrowed, with a principal limit of $1,000.
- Rollovers
- After no more than three (3) consecutive renewals, the borrower must repay the loan in full.
- Loans you can hold at once
- The total principal from one licensee and related persons cannot go above $1,000 plus allowed fees.
- Repayment plan
- once in any 12-month period, you get at least four equal payments spanning not less than 60 days, with no extra fees or interest
- Installment lending limits
- For loans regulated by the Idaho Credit Code (Idaho Code 28-42-201), the parties decide the finance charge rate themselves.
Also checked against legislature.idaho.gov. Full statute text.
Online lenders that list Idaho
Eleven companies we track say they lend in Idaho: 3 online installment lenders, 1 store and online lender, 6 tribal lenders and 1 loan broker.
| Lender | Kind | Posted APR |
|---|---|---|
 NetCredit | Installment | 34.99% to 99.99% |
 OppLoans | Installment | 99% to 195% |
 Rise Credit | Installment | 60% to 299% |
 ACE Cash Express | Store and online | 122.4% to 769.1% |
 Viva Payday Loans | Broker | Partner lenders quote 4.99% to 1,386% |
Tribal loans in Idaho
Idaho treats a payday loan as void and uncollectible when the lender has no Idaho payday lender licence. The Department of Finance has ordered unlicensed internet payday lenders, Flobridge Group among them, to stop lending to people in Idaho.
On the immunity claim tribal lenders make, see are tribal loans legal.
Six tribal lenders we track list Idaho as a state they lend in. Three of the six publish an APR, from 73.7% to 725%.
| Lender | Posted APR |
|---|---|
 Mobiloans | 73.7% to 405% |
 Spotloan | 99% to 490% |
 BrightLending | 325% to 725% |
 MaxLend | Not published |
 Minto Money | Not published |
| American Web Loan | Not published |
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Idaho and the states around it
| State | Payday lending | Max cost | Top amount |
|---|---|---|---|
| Idaho | Allowed | None in the law | No more than 25% of your gross monthly income may be borrowed, with a principal limit of $1,000. |
| Montana | Banned | 36% APR | $300 (not including the fee) |
| Nevada | Allowed | None in the law | The customer's expected gross monthly income sets a ceiling: the loan and any other outstanding loans combined must not go over 25 percent of it. |
| Oregon | Allowed | None in the law | The payday loan definition sets a $50,000 ceiling and no other dollar limit; rules also cap lending at 25% of monthly net income when a borrower's yearly earnings are $60,000 or under. |
| Utah | Allowed | None in the law | no limit in state law |
| Washington | Allowed | $15.00 per $100 borrowed | The lower figure applies to combined small loans owed at once: $700, or 30% of that borrower's gross income for the month. |
| Wyoming | Allowed | Fees run $30 or 20% monthly, with the higher figure applying. | W.S. contains no set limit. 40-14-363 |
Idaho loans with no credit check
Installment loan rates: For loans regulated by the Idaho Credit Code (Idaho Code 28-42-201), the parties decide the finance charge rate themselves.
See no credit check loans: the checks lenders still run, and the price.
Verify a lender's license in Idaho
- Look the lender up on the license list before you hand over any bank details.
- Lenders here answer to the Idaho Department of Finance, Consumer Finance Bureau.
- Had trouble with a lender? Report the lender.
Sources for Idaho
- Payday lenders must obtain a license and comply with the Idaho Credit Code.; A licensee is not required to have a physical location within Idaho.finance.idaho.gov
- For each payday loan, a fee may be charged by a licensee, with no maximum set in the statute.; A payday loan has a maximum principal of $1,000.; A borrower's check may receive no more than two electronic re-presentments from payday lenders.legislature.idaho.gov
- The total outstanding principal owed by one borrower to a licensee and related persons must not exceed $1,000 plus fees.; No payday loan may be larger than 25% of the gross monthly income of the borrower.; You may renew a payday loan no more than three times in a row.legislature.idaho.gov
- Once in any 12-month period, borrowers may obtain an extended payment plan.; An extended payment plan includes at least four equal payments, spanning 60 days or more.; Charging interest or extra fees for the extended payment plan is not allowed.legislature.idaho.gov
- Parties set the finance charges for regulated consumer loans by mutual agreement.legislature.idaho.gov
- Any payday loan made in Idaho without the necessary licence is void.legislature.idaho.gov
- Internet payday lender Flobridge Group was ordered by the Department of Finance to stop unlicensed lending in Idaho in December 2010.; Internet lenders were the primary target of the 2009 change that voided unlicensed payday loans.finance.idaho.gov
- The Department of Finance operates its own licensee search.finance.idaho.gov
- You file complaints via the Department's online complaint form.finance.idaho.gov