Find the Best Payday Lenders in Boise, ID

Payday lending is illegal and unavailable to consumers in some states. Payday loans usually have very high interest rates and carry risk. As with any loan, consumers should have a clear understanding of the fees, terms and conditions of any payday loan before borrowing.

How to get a payday loan in Boise

One of the benefits of a payday loan is you don’t need to have good credit. Generally, Boise residents are able to apply as long as they have a valid photo ID, Social Security number, proof of income and a valid bank account.

If you are approved, you simply write a check to the lender for the principal amount plus fees, which is then cashed on your payday or on a specified date. Some lenders are able to accept funds electronically in place of the borrower writing a check.

Perhaps the most distinguishing feature of payday loans is the high borrowing cost. According to the Idaho Department of Finance, payday loan fees average around $20 for every $100 borrowed over a 14-day period — which amounts to a 521 percent annual percentage rate. In 2016, the average payday loan amount in Idaho was $314.

In Boise, the legal maximum loan amount you can borrow with a payday loan is 25 percent of gross monthly income, or $1,000, whichever is less. Other important points to consider about payday loans in Boise are:

• Lenders must post a notice of fees; this must be displayed as a dollar amount per $100.
• You can rescind a payday loan at no cost up to the end of the next business day following the day the loan is made.
• Lenders are not allowed to accept property, title to property or any other form of collateral besides a post-dated check or electronic transfer equivalent.

Before applying for a payday loan in Boise, consider options with lower interest rates, such as banks or credit unions. Employers, local programs or family members are other possible sources for assistance during a financial crunch.

If a payday loan is your only choice and you qualify, getting a loan will be simple and straightforward. Many lenders allow you to apply online or over the phone, but you will need to supply different forms of documentation. Funds are usually available quickly, even on the same day.

When taking out a payday loan in Boise, only borrow as much as you can afford to repay. If the loan comes due and you are unable to repay, you can roll it over into a new loan (up to three times) or, once per year, enter into a 60-day payment plan with four equal payments. Lenders in Idaho are never allowed to criminally prosecute borrowers who are unable to repay.