What a payday loan costs — before Idaho’s rules
A payday loan typically costs $15–$20 per $100 borrowed for a two-week term — roughly 400% APR — and is due as a single lump sum on your next payday. That single-payment structure, not the fee on any one loan, is the trap: most fees come from borrowers who cannot clear the balance in one go and roll it over. Where a state caps rates below payday levels, licensed payday lending disappears and a loan above the cap is generally void — not legally collectible, whatever the contract says.
The law in Idaho
- Rate cap
- No effective rate cap — Idaho sets no ceiling on payday interest or fees (loans limited to $1,000).
- Key law
- Idaho Credit Code (Idaho Code § 28-46-401 et seq.), regulated by the Department of Finance.
- Enforcement
- No major state action against tribal lenders verified.
Idaho imposes no interest-rate or fee cap on payday loans — some lenders charge over 625% APR.
What it means for a Idaho borrower
With no APR cap, high-interest loans (including tribal loans) are broadly permitted and enforceable, though payday lenders must be licensed. Some Idaho payday APRs exceed 625%.
Before you borrow in Idaho
- File a complaint with the Idaho Department of Finance, Consumer Finance Bureau.
- Verify licensing — but note there is no usury cap to void the rate.
Cheaper first — try these before a payday loan in Idaho
Payday Loans and tribal lenders in Idaho
Many online lenders that market payday loans to Idaho residents are tribal lenders arguing their sovereignty places them outside state rate caps — a separate legal question this site tracks in depth. For which tribal brands lend to Idaho residents and how state law applies to them, see the Idaho tribal-lending page.
Tribal loans in Idaho →Frequently asked questions
Are payday loans legal in Idaho?
In Idaho, payday-style loans are legal and enforceable, commonly at around 400% APR. The speed is real; so is the cost and the rollover trap. Compare the total dollars repaid before you borrow, and try a credit-union alternative first.
What is the maximum payday loan rate in Idaho?
No effective rate cap — Idaho sets no ceiling on payday interest or fees (loans limited to $1,000).
What can I do about a payday loan I already have in Idaho?
Idaho allows this lending, so the loan is generally enforceable — but you can still revoke ACH authorization in writing, avoid taking a second loan to cover the first, and file a complaint with the Idaho attorney general or the CFPB if the lender breaks the rules.