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No cap on what a payday loan costs — Pew found Idaho borrowers paying the most in the country. But the law does give you a right to an extended payment plan, and limits how often they can run your check.
Senate Bill 1314, effective July 2014, requires payday lenders to provide an extended payment plan for borrowers who experience difficulty paying off their loans. It must be timely requested by the borrower.Idaho · RegulatorIdaho Department of Finance announcement on 2014 Payday Loan Act changes — payday lenders are required to provide an extended payment plan for borrowers who experience difficulties paying off their loans; an extended payment plan must be timely requested by the borrower
Six states on this site now have a version of this right: Florida, Washington, Indiana, Louisiana, Utah and Idaho. In every one it is conditional on you asking, usually before the due date.
A payday lender may make one initial presentment of your check and two subsequent re-presentments if it remains unpaid. That is the whole allowance.
It matters because each failed presentment can trigger a bank fee at your end. A lender running your check repeatedly is generating charges you pay, and after three attempts they must stop.
A payday loan is restricted to 25% of your gross monthly income and may not exceed $1,000.Idaho · RegulatorIdaho Department of Finance — the amount of a payday loan is restricted to 25 percent of a borrower's gross monthly income and also cannot exceed a total loan amount of $1,000
There is no cap on the finance charge. Pew’s pricing survey placed Idaho at the top of the country — roughly $668 to borrow $300, an APR near 582%.
A Regulated Payday Lender Licence is required of any company that engages in the business of payday loans, offers or makes one, or arranges a payday loan for a third party lender.Idaho · RegulatorIdaho Department of Finance, Consumer Credit — any company that engages in the business of payday loans, offers or makes a payday loan, or arranges a payday loan for a third party lender is required to hold a Regulated Payday Lender License
That last clause reaches brokers and lead generators. And a licensee need not have a physical location in Idaho — so online lenders are covered on the same terms. A regulated lender wanting to do payday business must hold a separate additional licence.
Verify a licence: Idaho Department of Finance, 208-332-8002.
You can revoke authorisation and instruct your bank to stop the payment, whatever your agreement says.
What Regulation E says about automatic payments →
A payday loan is a consumer debt. If it goes unpaid, two Idaho rules decide what a lender can do next: how long it has to sue you, and how much of your pay a court can order taken.
Being sued over an old payday loan? A collector can still file, but the time limit is a defence you can raise — and you cannot be jailed for the debt. What can and cannot happen if you don’t pay →