Payday loan help for Idaho people
As per 28-46-402 of Idaho Code, "No person shall engage in the business of payday loans, offer or make a payday loan, or arrange a payday loan for a third party lender in a payday loan transaction without having first obtained a license under this chapter. A separate license shall be required for each location from which such business is conducted."
Top Queries
- How do I know if a lender is licensed in Idaho or not?
- How much amount can lenders charge as fees?
- What if my check bounces?
- Where to forward my queries and complaints about payday loan?
How do I know if a lender is licensed in Idaho or not?
Browse "Credit Code Licence" section of the Department of Finance of Idaho to check if your lender is licensed to do business in your state or not.
How much amount can lenders charge as fees?
Idaho state code does not specify limits on fees; however, principal amount of any payday loan should not cross $1,000 and every payday loan transaction should be initiated by a written agreement that clearly describes the chargeable fees in terms of dollars and in APR. The notice should also include a statutory declaration that says payday loans are not for long-term financial needs.
Licensed lenders are not allowed to renew a payday loan for more than 3 consecutive months and any payday loan should not be repaid by renewing an older payday loan.
What if my check bounces?
Lenders cannot initiate any criminal proceedings, however, a fees of $20 can be added, no treble damage can be claimed.
Where to forward my queries and complaints about payday loan?
Department of Finance regulates the payday loan industry, all queries and complaints should be forwarded to them.
