Payday Loan Consolidation in Idaho

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A Complete Guide to Payday Loan Consolidation in Idaho

Payday loans in Idaho are a haven for lenders who want to take advantage of borrowers. With few regulations in place to curb predatory practices, borrowers can face some of the most predatory interest rates and fees around. For those who have fallen victim to Idaho payday lenders and their practices, there is a solution in sight: payday loan consolidation. 

Payday loan laws in Idaho

Idaho has some of the most relaxed payday loan laws in the country. The annual percentage rate (APR) is uncapped and is often around 650%, one of the highest in the United States. There is no limit to additional finance charges and the terms of a loan have no set criteria either. This means lenders can set these rates as unreasonably high as they want, as long as borrowers agree to it. 

Borrowers are limited to only $1,000 or less for the total sum of payday loans they have taken out, one of the few restrictions in place in Idaho. This amount can be divided into as many loans as the borrower wants and successfully qualifies for. Three rollovers are allowed per loan, allowing lenders to draw out almost every loan they give in order to trigger more fees. 

Lenders are required to be licensed and must indicate to the borrower all the rates and fees they plan to charge. Payday lending in the state is regulated by the Idaho Credit Code and the Idaho Department of Finance. 

What will happen if you can’t repay a payday loan in Idaho

All criminal actions against borrowers who are unable to repay their loan are prohibited in Idaho. Lenders in Idaho can still pester borrowers, especially due to the contact information borrowers must supply during the application stage. Lenders have the ability to call you, send letters in the mail and could potentially bring you to civil court in order to get their money back. Lenders don’t have to check a borrower’s ability to pay back the loan, so be wary before entering into an agreement with a payday lender. Lenders don’t have free rein to harass you, however, and you can contact the Idaho Department of Finance to file a complaint

What is the statute of limitations on payday loans in Idaho?

Idaho has a five-year window on the statute of limitations for payday loans. This means lenders have five years to try and collect the amount borrowed via the court system if the borrower is unable to pay back their loan.

How to consolidate your payday loans in Idaho

Payday loan consolidation offers borrowers a more manageable way to pay down their debt. Borrowers will work with a third-party company that will pay off your original debt to the lender for you. In exchange, borrowers will pay a fixed monthly payment at a much lower interest rate over a certain period of time. No more harassing lenders on your back or astronomical interest rates to deal with. Just a straightforward repayment method to get you debt-free as soon as possible. 

Another option borrowers can consider is to take out a separate loan that you would use to wipe out your other loans. This allows a borrower to get their loans onto a single plate with only one interest rate and payment to worry about. These are usually called debt consolidation loans. This strategy has the added bonus of potentially saving you money on overdraft fees and late payment fees since you only have to deal with one payment a month. The problem is this option has a few drawbacks, such as additional loan fees, a potentially higher monthly payment and the risk of taking on additional debt when your other accounts are paid off with the loan proceeds. This can be an affordable option, but will only work if you have the discipline to address your spending problems.

Borrowers could also try a debt management plan (DMP) instead. This method rolls all of a borrower’s loans together into one with a single, lower interest rate. The difference to the payday loan relief option is that this plan is between the borrower and the lender directly. The plans are usually set up by a nonprofit credit counseling agency. Some lenders might be wary to agree to this strategy but they’ll usually work with you if it means getting their money.

Borrowers who are struggling with payday loan debt should consider using one of these payday loan consolidation methods to ease their burden and get back to living their best life. 

By the numbers: Payday lenders in Idaho

  • Max loan term: Not specified
  • Average loan amount: $400
  • Maximum loan amount: $1,000 (or 25% of gross monthly income)
  • APR Cap: None, average is 652%
  • Number of payday lenders in Idaho: 196
  • Average 14-day payday loan APR: 652%
  • Collection fees: Unlimited fees (determined by the lender) plus a non-sufficient funds fee that should not exceed $20 and 12% interest per annum on the unpaid amount
  • The poverty rate in Idaho: 11%


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How can I get help paying my payday loan in Idaho

Idaho is one of the worst places in the U.S. to take out a payday loan. Though some limitations on loan totals are in place, the fact that interest rates and additional fees are determined by the lender alone means borrowers can quickly face financial difficulties. In order to break away from a debt trap, borrowers should seriously consider payday loan consolidation to regain their financial footing. 

Idaho Department of Finance

800 E Park Blvd #200, Boise, ID 83712

Phone number: 208-332-8000

Additional state resources to utilize: 


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