Idaho payday loan laws

Legal Status: Legal

Citation: Idaho Code §§ 28-46-401 et seq.

Loan Terms:

Maximum Loan Amount:  $1000. Loan cannot exceed 25% of gross monthly income of borrower.
Loan Term:  Not Specified
Maximum Finance Rate and Fees:  Not Specified
Finance Charge for 14-day $100 loan:
APR for 14-day $100 loan:  No Limit

Debt Limits:

Maximum Number of Outstanding Loans at One Time:  Not Specified ($1000 aggregate loans outstanding to all licensees)
Rollovers Permitted:  Three (renewals)
Cooling-off Period:
Repayment Plan:  Yes.  Available once in 12 months.  At least four equal payments over at least 60 days, no fees.

Collection Limits:

Collection Fees:  $20 NSF fee. Limit of two electronic presentments of borrower’s check
Criminal Action:  Prohibited

Where to Complain, Get Information:
Regulator:  Idaho Department of Finance
Address:  Idaho Department of Finance, 800 Park Blvd., Suite 200, Boise ID 83712
Phone:  (208) 332-8000 

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