With more and more consumers across Idaho, as well as the rest of the country, living paycheck to paycheck, it’s no surprise that the number of cash advance storefronts across this state is closing in on 1,000. These stores, as well as Internet sources, will loan you a small amount of cash (usually under $1,000) for a short amount of time (usually until your next payday, averaging two weeks) to help you through financially until your next payday.

The payday loan industry has been put into place to assist consumers with those unexpected financial emergencies that just can’t wait until your next payday. Say, for example, the exhaust falls off of your car, leaving you without transportation to work. You don’t have the extra cash right now, but you will have it next week on your next payday. A cash advance is the ideal alternative to calling out of work.

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Cash advance lenders aren’t like typical banks and financial institutions, as they don’t use the information found on your credit report to decide on your loan amount. Instead, they utilize the information found on your paycheck (gross and net pay, etc.) to grant you the cash you need. In many instances, having your employer directly deposit your paycheck into your checking or savings account will yield a higher loan amount.

Idaho law protects all involved parties engaged in a cash advance or other payday loan:

Loan cannot rollover (refinancing one cash advance with another) more than 3 times.
There is no cap on assessed loan fees.
Returned check fees cannot exceed $20, plus 12% interest on an unpaid amount.

All cash advance and payday lenders must be licensed in Idaho and need to renew their license annually.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.