According to the Idaho Credit Code, APRs for installment loans are negotiable, and the borrower and the lender determine finalized rates. 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 lender’s 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 notifying the borrower that the check has bounced.
All other finance charges are left to the discretion of the lender and the borrower.