If you are in need of money and can’t wait until your next work check, payday loans are an option in Boise. This type of short-term loan allows the borrower to essentially get a cash advance on an upcoming paycheck. Before taking out a payday loan, you should understand how it differs from other types of loans and be certain you are working with a reputable lender. To help with your research, our partners at ConsumerAffairs reviewed the best payday loans 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.
Speedy Cash, founded in 1997, offers payday loans online to Boise residents. Applicants can apply on the company’s website and get a decision within minutes, with no faxing required. Borrowers can get funds easily through direct deposit. Customer reviews say Speedy Cash has a fast and easy process online and recommend the company to others.
CashNetUSA, lending online since 2004, gives customers immediate decisions and same-day funding. Over 3 million borrowers have chosen the company for its easy application process and professional customer service, which is available seven days a week. CashNetUSA gets strong reviews, with many citing convenience and customer satisfaction.
Money 4 You Payday Loans
Money 4 You Payday Loans, which has a physical location in Boise, offers loans from $50 to $1,000. Borrowers pay no interest on their first loan, and a referral program gives customers the chance to earn a free week on every loan. Reviews say the application process is simple and point out the professional and friendly staff working for Money 4 You Payday Loans in Boise.
Xpress Cash, which started in 2000, offers Boise residents multiple locations for help with payday loans. Customers can meet with credit specialists, determine the right lending solution and walk out with cash. Loans from $50 to $1,000 are available. Reviewers from Boise appreciate the excellent customer service from staff at Xpress Cash.