Idaho Payday Loan Laws and Legislation
Payday loans represent short-term cash advances for those people who need cash and quickly. They are expensive as the interest rates are rather high and have to be repaid in due time with a fee.
In the state of Idaho payday lending is regulated by the Idaho Credit Code (Idaho Code Ann. § 28-46-401 et seq.) and by the Idaho Department of Finance. Borrowers are advised not to rush for such loans immediately and consider all the options as such expensive loans are fraught with more financial difficulties in many cases. Also, it is advised by the Federal Trade Commission (FTC) not to borrow excessive amounts in order not to get into bad indebtedness.
According to the Idaho laws, payday loans can be granted for unlimited time period. A lender is free to charge any amount of fee and interest that may seem appropriate to him. Therefore, APR for a $100 loan given for a fortnight period can also be very different as well as very high.
As it has been aforementioned, the federal Truth in Lending Act (Regulation Z) and the Idaho Credit Code regulate all the issues connected with payday lending in the state. According to the laws of Truth-in-Lending, all the borrowers should be made aware of all the aspects of a payday lending transaction, its peculiarities and terms. Moreover, all the payday lending companies should comply with the following requirements in order to operate in the state. First of all, a company should have a license. Secondly, it is prohibited to offer loans that are more than $1,000 in amount. A person is allowed to get as much loans as he needs at a time; however, the total sum of them should not exceed $1,000 as well. Then, all the fees and charges should be indicated in the loan documents in dollars. Also, it is a lender's obligation to make clear to a borrower that payday loans are short-term and should be repaid in due time. Finally, all the renewals may be fraught with additional charges and this also should be made known to a customer.
A borrower is able to cancel a loan application but only if it is not later than the end of the next business day that follows the day the payday loan was applied for. It is also should be made known to a borrower that according to the state laws in Idaho payday lending companies are free to charge as much as they want on payday loans and that these aspects are agreed between the borrower and a lender. All the facts about the transaction (amount, fees, interest, APR and so on) are indicated in the payday loan documents accordingly.
The state of Idaho laws prohibit to get another payday loan from the same lender in order to repay the previous debt. It is also illegal to obtain loan (or several loans) that exceed $1,000 in amount. Lenders can be held liable for accepting any property or any other collateral in general for a payday loan. It is allowed to rollover a loan for not more than three times in a row. This is a limit after which a loan must be repaid. Lenders are not allowed to impose any other fee or charge apart from the agreed finance charge.
All the criminal actions against borrowers are prohibited in the state of Idaho. Non-sufficient funds fee should not exceed $20 and 12% interest per annum on unpaid amount (if disclosed).
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Submission of personal information is strictly voluntary and does not guarantee that you will be matched with a payday lender or will receive a payday loan. Not everyone will qualify for a payday loan.Not all lenders are able to provide the maximum amount of 1000$ in cash funds.
Cash transfer times vary among the different lenders and not all offer one hour transfer service.Payday loans are not available in all 50 states and the list of participating states may change at any time and without notice.