Idaho Payday Loan Resources & Info
There are a lot of different kinds of loans on the market; each designed to do different things and each with their own pros and cons. For example, mortgages are meant to buy houses while bank loans can be used for any purpose but are usually used for longer - term financial needs. Credit cards, on the other hand, are revolving loans, which means you borrow as much as you need to by charging and then pay it off as you go based on the balance you've accrued.
Unfortunately, if you get into debt trouble and you have a history of late payments or bankruptcy, then you will typically have a hard time getting any of these conventional types of credit. Not only that, but also those types of loans are all intended for longer - term needs and not to meet an immediate short term expense that you may have right now.
If you have an expense that you need money for immediately and you don't have the cash, then you may wish to consider a fast cash payday loan. Payday loans allow you to get money very quickly and to borrow the money for just a short term until your next payday comes. You are then supposed to repay the money you borrowed along with the fees and the costs associated with the loan.
Payday loans are a good thing for those with bad credit, since you can qualify with no credit check as long as you have a job and a bank account. Unfortunately, there is a very high cost to taking a payday loan. You end up with a very high annual percentage rate (APR) because you borrow a small amount of money for just a short period of time and you pay a high fee to do it. An APR is used to measure the cost of borrowing even if you don't actually keep the loan for the entire year. While the APR on a credit card is typically less than 30 percent, the APR on a payday loan can be in excess of 450 percent.
Idaho Laws on Payday Loans
Some states have made payday loans illegal because lawmakers view the high fees and high APR as predatory lending. Other states, however, have simply chosen to regulate payday loans to ensure that they are not too abusive to the rights of consumers. In Idaho, for example, there are payday loan laws found in sections 28 - 46 - 401 of the Idaho Code.
According to the fast cash Idaho laws the maximum amount that you can borrow when you take on a payday loan is $1,000. However, there is no specific limit on the number of loans that you are permitted to take on at one time. There is no requirement on the loan tenure (length of the loan), nor does the state cap the fees or finance charges that lenders can charge. Idaho does, however, allow for only three renewals of the loan. You renew the loan when it comes due and you are not able to pay so you simply extend it for another term.
Stay Informed About Payday Loans in Idaho
Idaho provides only very minimal protection in their payday loan laws, much less than many other states that impose minimum loan tenure limits and/or that impose maximum annual percentage rates or finance charges that can be assessed.
It is important to be aware of the Idaho fast cash lending regulations so you will know exactly what protections the law provides against predatory lending. Since the law does not cap the annual percentage rate you can be charged, you know it is very important that you do a sufficient amount of research into any payday loan you might be thinking about taking so you will be able to make an informed choice about whether the loan makes financial sense.