(last updated 11/13/2019)
Idaho Payday Loan Laws and Regulations in (ID)
Payday loans and cash advances are legal in Idaho. The Idaho Department of Finance has been regulating Payday Loans and Cash Advances since 2003. As of 01/15/2015 there were 50 licensed lenders and 224 licensed locations in Idaho.
The maximum payday loan allowed in Idaho is $1000. The maximum payday loan as a percentage of income is 25% of your gross monthly income up to $1000. The number of loans that can be open at one time is not specified, but no more than $1000 total. The maximum permissible fees allowed in Idaho is a finance charge of $22.50 per $100 borrowed. The cooling off or waiting period for obtaining another loan is 0 days. The number of rollovers that are permitted is 3 (renewals). The minimum loan term is 8 days. The maximum loan term is 30 days.
This information is for informational purposes only. Although care has been taken to accurately describe the laws and regulations in Idaho, no guarantees are implied or expressed about its accuracy. This is not legal advice. If you need legal advice, please consult an attorney or the Idaho Department of Finance.
The following classes of lending organizations may be exempt from some, all, or none of the regulations and laws set by the state of Idaho. Federally chartered banks, state chartered banks, credit unions and some entities organized under the laws of a sovereign nation (for example) a Native American Tribe or the country of Antigua.