Best Personal Loans In Idaho, Good Bad Credit Loans, Payday Loan Laws 2019 - Elite Personal Finance
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Best Personal Loans In Idaho, Bad Credit Loans, Payday Loan Laws 2019

EPF September 1, 2019
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According to the Idaho Credit Code, APRs for installment loans are negotiable and finalized rates are determined by the borrower and the lender. The state does not impose APR-caps and finance charges are left to the discretion of the two parties involved.

However, state regulations limit delinquency charges to 5% of the unpaid balance or $12.50 – whichever is greater. Lenders also have to wait at least 10 days after the delinquency occurs to levy the charge. As well, delinquency charges can only be administered once, regardless of how long the loan remains in default.

Lenders can also levy a dishonored check fee. And if the value of the check does not cover the lenders interest, collections and attorney’s fees, it can levy an additional 12% annual interest as long as the amount does not exceed $20 or the face value of the check. However, the lender can only impose the charge 15 days after it notifies the borrower that the check has bounced.

All other finance charges are left to the discretion of the lender and the borrower.

Best Bad Credit Loans In Idaho 

Lender:Min Credit Score:Loan Amount:APR:Licensed in Idaho:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
Opploans0$1,000 – $4,00099% – 199%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender

For more information, see our complete guide on bad credit loans.

Best Personal Loans for Good Credit In Idaho

Lender:Min Credit Score:Loan Amount:APR:Licensed in Idaho:
Prosper640$2,000 – $40,0006.95% – 35.99%Yes
Payoff640$5,000 – $35,0005.99% – 24.99%Yes
Upgrade620$1,000 – $50,0007.99% – 35.97%No, but complies with law
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

For a larger selection, see our full list of recommended lenders.

Also give SuperMoney a try. It’s one of the best loan comparison sites.

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Payday Loans in Idaho

Maximum Loan Amount: The lesser of $1,000 or 25% of your gross monthly income

Minimum Loan Term: Not specified

Maximum Loan Term: Not specified

Maximum Fee: Unlimited

Maximum APR: Unlimited, but averages 652%

Rollovers: 3

Loan Limit: Unlimited, up to a total of $1,000

Payday loans are legal in Idaho.

And similar to other loans regulated by the Idaho Credit Code, finance charges are determined by the lender and the borrower. However, payday loans are limited to $1,000 or 25% of your gross monthly income – whichever is less. Borrowers can take out as many payday loans as they want – as long as the total dollar amount does not exceed $1,000. As well, three rollovers are allowed per loan, and every 12 months, a borrower can convert a payday loan into an extended payment plan without penalty. The plan has to allow at least four equal payments over at least a sixty day period.

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Car Title Loans in Idaho

Car title loans are legal in Idaho.

However, loans cannot exceed the retail value of the car – using common motor vehicle appraisal guides to determine fair value – and terms cannot exceed 30 days.

The Idaho Title Loan Act also requires licensed lenders to provide and record the following disclosures:

  • The make, model and year of the titled personal property
  • The vehicle identification number, or other comparable identification number, along with the license plate number, if applicable, of the titled personal property
  • The name, residential address and date of birth of the debtor
  • The date the title loan agreement is executed by the title lender and the debtor
  • The maturity date of the title loan agreement.
  • The name and physical address of the title loan office
  • In not less than twelve (12) point bold type, the name and address of the administrator as well as a telephone number to which consumers may address complaints

The lender must also disclose in at least size-12 font and bold capital letters:

  • This loan is not intended to meet long-term financial needs.
  • You should use this loan only to meet short-term cash needs.
  • You will be required to pay additional interest and fees if you renew this loan rather than pay the debt in full when due.
  • This loan may be a higher interest loan. You should consider what other lower cost loans may be available to you.
  • You are placing at risk your continued ownership of the titled personal property you are using as security for this loan.
  • If you default under this loan the title lender may take possession of the titled personal property used as security for this loan and sell the property in the manner provided by law.
  • If you enter into a title loan agreement, you have a legal right of rescission. This means you may cancel your contract at no cost to you by returning the money you borrowed by the next business day after the date of your loan.
  • If you believe that the title lender has violated the provisions of the Idaho Title Loan Act, you have the right to file a written complaint with the Idaho Department of Finance and the Department will investigate your complaint.

As well, car title loans issued by unlicensed lenders are immediately null and void. The unlicensed lender must return the vehicle and any principal, interest or fees collected.

Alternative Payday Loans In Idaho 

If you’re denied a personal loan, alternative lenders are there to fill the void.

Opploans is a licensed alternative lender in Idaho with typical loans ranging from $1,001 to $5,000. APRs average 160% and terms range from 9 to 18 months.

Credit Unions In Idaho

Name:APR:Amount:
Westmark Credit Union10.30% – 18%+$1,000+
CapEd Federal Credit Union8.09% – 18%$2,001 – $250,000

Westmark Credit Union

At Westmark Credit Union, you can choose between a Personal line of Credit and a Personal Advance Loan:

  • A Personal Line of Credit offers variable financing based on your credit history and credit score. Standard APRs are 18% and terms are revolving. Your minimum monthly payment is 2.5% of the outstanding balance or $10 – whichever is greater.
  • A Personal Advance Loan offers a 12-month term for loans of $1,000 or more and up to a 48-month term for loans of $1,500 or more. For a 36-month loan, standard APRs are 10.30% and for a 48-month loan, standard APRs are 11.55%.

Westmark operates 15 branches across Idaho, with locations in Blackfoot, Nampa, Rexburg, Twin Falls as well as many others.

CapEd Federal Credit Union

At CapEd Federal Credit Union, you can choose between two unsecured loans and one secured loan:

  • A Line of Credit is an unsecured loan that offers funding up to $25,000. Terms are revolving and APRs range from 16.50% to 18%.
  • A Signature Loan is also unsecured and you can borrow anywhere from $2,001 to $25,000. Terms extend up to 60 months and APRs range from 8.09% to 18%.
  • A Share Secure Loan is a secured personal loan that offers lower APRs when you deposit funds as collateral.

Typical Share Secure Loan APRs and terms are:

  • 24 Months: As low as 3.50%
  • 36 Months: As low as 3.75%
  • 48 Months: As low as 4.00%
  • 60 Months: As low as 4.00%

CapEd operates 10 branches across Idaho, with locations in Eagle, Kuna, Meridian, Boise as well as others.

Student Loans In Idaho

Idaho Opportunity Scholarship

The Idaho Opportunity Scholarship is a needs-based grant that offers up to $3,500 per year. However, you must re-apply each year to receive funding – up to a maximum of four years.

To qualify:

  • You must be an Idaho resident
  • You must graduate from an Idaho high school or have an equivalent Idaho GED/HSE
  • You must have a cumulative GPA of at least 2.7
  • You must attend an eligible Idaho college or university

Applications are accepted beginning October 1st of each year and must be submitted no later than March 1st.

Idaho Governor’s Cup Scholarship

Offering up to $3,000 per year for a maximum of four years, the Idaho Governor’s Cup Scholarship is a merit-based grant that requires community service to qualify. Approximately 25 awards are provided each year to high school seniors attending Idaho colleges and universities.

Qualification requirements are similar to above except:

  • You must have a cumulative GPA of at least 2.8
  • You have to write a 500-word essay outlining your future goals and interests
  • You need documented volunteer, leadership and/or public service work

Applications are accepted beginning November 1st of each year.

Federal Housing Administration (FHA) Loans In Idaho

There are 44 counties in Idaho where you can apply for an FHA loan. The lowest FHA loan amount of $314,827 is available in 35 counties, while the highest FHA loan amount of $1,397,400 is available in Teton County.

County:Lowest FHA Loan Amount:Highest FHA Loan Amount:
Adams County$314,827$605,525
Bannock County$314,827$605,525
Bear Lake County$314,827$605,525
Benewah County$314,827$605,525
Bingham County$314,827$605,525
Bonner County$314,827$605,525
Bonneville County$314,827$605,525
Boundary County$314,827$605,525
Butte County$314,827$605,525
Caribou County$314,827$605,525
Cassia County$314,827$605,525
Clark County$314,827$605,525
Clearwater County$314,827$605,525
Custer County$314,827$605,525
Elmore County$314,827$605,525
Franklin County$314,827$605,525
Fremont County$314,827$605,525
Gooding County$314,827$605,525
Idaho County$314,827$605,525
Jefferson County$314,827$605,525
Jerome County$314,827$605,525
Kootenai County$314,827$605,525
Latah County$314,827$605,525
Lemhi County$314,827$605,525
Lewis County$314,827$605,525
Madison County$314,827$605,525
Minidoka County$314,827$605,525
Nez Perce County$314,827$605,525
Oneida County$314,827$605,525
Payette County$314,827$605,525
Power County$314,827$605,525
Shoshone County$314,827$605,525
Twin Falls County$314,827$605,525
Valley County$314,827$605,525
Washington County$314,827$605,525
Ada County$331,200$636,900
Boise County$331,200$636,900
Canyon County$331,200$636,900
Gem County$331,200$636,900
Owyhee County$331,200$636,900
Blaine County$646,300$1,242,900
Camas County$646,300$1,242,900
Lincoln County$646,300$1,242,900
Teton County$726,525$1,397,400

Business Loans in Idaho

If your business needs immediate capital, the online lenders below offer exceptional service and provide financing at an affordable rate:

Lender:Min Credit Score:Loan Amount:APR:Licensed in Idaho:
LendingClub630Up to $500,0009.77% – 35.98%Yes
LendingTree500Varies5.99% – 35.99%Yes
Kabbage0Up to $250,00024% – 99%Not a direct lender

Conclusion

Unlike other states we’ve analyzed, Idaho is pretty lax when it comes to loan regulations. Their legislative policies are quite vague and don’t provide much protection against predatory payday lending. APRs are unregulated in the state and finalized rates are determined by lenders and borrowers. And with several other charges negotiable as well, desperate borrowers are in a vulnerable position when applying for a loan. Car title loans are regulated in a similar fashion. We couldn’t find any APR policies, however, terms cannot exceed 30 days and common motor vehicle appraisal guides are used to determine the fair value of the loan.

Elite Personal Finance

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