Page last reviewed: 25 Apr 2018
- Loan calculator – compare 11 companies in Idaho;
- Legal information – consumer rights and obligations of lenders;
- Payday loan help – what to do if you are in trouble;
- Cities – detailed review of payday lenders in biggest cities in Idaho;
Payday loans calculator
Information that must be disclosed to borrowers:
- Payday loans are intended to address short-term, not long-term, financial needs;
- You will be required to pay additional fees if the payday loan is renewed rather than paid in full when due;
- You have the right to rescind the payday loan at no cost no later than the end of the next business day following the day on which the payday loan is made;
- Payday loans may contain high-cost features, and borrowers should consider alternative lower-cost loans;
- If you believe that the lender has violated the law, you may file a written complaint with the Idaho Department of Finance. Filing a complaint does not limit nor impair any rights you may have against the lender;
- You have a one-time right during any consecutive twelve (12) month period to convert a payday loan into an extended payment plan with no additional fees.
Other important information:
- Payday lenders may charge an agreed-upon fee for a payday loan. That fee must be expressed in a dollar amount and annual percentage rate in the contract;
- Payday loans are limited to 25% of a borrower`s gross monthly income or $1000.
Summary of consumer rights could be found here – pdf file.
Payday loan help
Consumers who can not pay their loan in time should consider:
1) converting a payday loan into a 60-day extended payment plan with at least four equal installments. This coul be done once during any consecutive twelve month period. You need to contact your lender before the loan is in default. Lender can not charge any additional fees for this service;
2) seeking the assistance of a licensed credit or debt counselor. Listing of licensed credit/debt counselors – Idaho Department of Finance. You can also visit website of the company that provides freemium counseling based in Idaho – Debt Reduction Services.
If you think that your lender has violated reulations about payday loans you may file a written complaint with the Idaho Department of Finance.
For detailed review of payday lenders in each city, please click the link: