Payday Loans in Boise, Idaho: Subprime Report
Boise is the capital of Idaho and the 99th largest city in the United States, with a population of 218,677. The city is located alongside the Boise River, which is lined with numerous trails and parks. Boise is a cultural center known for its theater, music, and art. It’s also home to one of the largest Basque communities in the United States, with a large Basque festival held every 5 years.
Boise’s unemployment rate is 2.4%, compared to an overall rate of 2.9% in Idaho. While this is less than the national unemployment rate, Boise’s poverty rate is 14.1% compared to 15.2% within the state of Idaho.
Boise residents also struggle with debt. Credit card balances for Boise residents average $3,507, non-mortgage debt averages $32,497, and the average mortgage debt in Boise is $132,398. Combined with a high poverty rate, a significant number of Boise residents are likely struggling to earn enough income to manage their debt and expenses.
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Payday Loans in Boise
People with bad credit in Boise who are not served by traditional banks or credit services may turn to predatory payday loans if they can’t cover their expenses. Unfortunately, Idaho payday loans have some of highest average annual interest rates in the nation at 582%. All too often, these high interest rates trap borrowers in a cycle of insurmountable debt.
What is a Payday Loan?
Payday loans may seem like a quick fix for borrowers who need a no credit check loan in Boise. These short-term loans are advertised as a way for people to cover emergency expenses by using their future paycheck as collateral. However, payday lenders impose high interest rates and fees that can make it difficult for borrowers to pay back their loans on time. So, what initially seems like an easy solution becomes a long-term problem for low-income individuals.
Why Should You Avoid Payday Lenders in Boise?
For individuals with bad credit in Boise who lack financial resources, a payday loan may seem like the only option in an emergency. But it’s often impossible to pay back a payday loan in the time allotted, which means many borrowers must take out repeat loans. This is a problem, because with every new loan, payday lenders impose new fees and mounting interest rates. In many cases, borrowers will end up paying more in interest and fees than the original amount of the loan.
Local Resources to Help Boise Residents Avoid Predatory Lenders
When finances are strained, it can be hard to cover typical expenses like food and rent or a mortgage payment, let alone the added cost of an emergency. Sadly, unexpected expenses arise when you’re facing:
- Car or home repairs
- Family emergencies
When dealing with these serious problems, it’s more than likely that you may need financial assistance to help you through. Even day-to-day expenses can be difficult to cover, especially since the minimum wage in Idaho is only $7.25, and Boise residents’ overall expenses, on average, tend to be higher than the rest of the nation. Though there has been a recent decline in the number of payday lenders currently operating in Idaho, there are still nearly four times as many payday lenders in the state as McDonald’s restaurants. It’s no surprise that so many individuals turn to payday loans in Boise when they need to borrow money.
Total per Household
Apparel & Services
Food Consumed at Home
Life and Other Insurance
Pensions and Social Security
Food Assistance Resources in Boise
Nearly 13% of Ada County residents are at risk of becoming hungry, and only 42% of that population are eligible for Idaho’s Supplemental Nutrition Assistance Program (SNAP), a food stamp program that helps low-income families with purchasing food. To apply for assistance, click here.
Some families will not be eligible for SNAP, and others will still struggle even with the assistance of food stamps. Thankfully, there are also many food pantries, soup kitchens, churches, food banks, and other organizations that provide meal assistance to individuals and families who are struggling to cover the cost of food. The following resources can help:
The Idaho Foodbank
3562 TK Avenue
Boise, ID 83705
Boise Rescue Mission Ministries
308 S 24th Street
Boise, ID 83702
St Vincent De Paul Food Bank
3209 W Overland Road
Boise, ID 83705
Healthcare Resources in Boise
Unexpected healthcare costs can plague families that already have trouble making ends meet. Because the Affordable Care Act (ACA) is still not affordable for many in Idaho, the state has been exploring scaled-back options that violate the ACA, allowing insurance companies to offer lower premiums. Supporters of the plan say that any insurance plan is better than no insurance.
Eight percent of Ada County residents are uninsured, leaving them vulnerable to the high costs associated with general healthcare and medical emergencies. To make matters worse, rising healthcare premiums in Idaho may leave even more residents without insurance in the future.
Fifteen percent of Boise residents have medical debt in collections, compared to 12% for all of Idaho. For Boise residents who have received calls from collection agencies, taking out a payday loan in Boise may seem like a tempting solution, but the high interest rates will likely only perpetuate their financial hardship. Fortunately, there are other options available for people who can’t afford healthcare in Boise.
If you are currently uninsured, visit Your Health Idaho to find out if you are eligible for Medicaid. You can also visit one of these free or sliding-scale health clinics noted below:
704 S Latah
Boise, ID 83705
Rent Assistance in Boise
Housing costs across the country take up a significant percentage of most Americans’ income, and Boise residents spend even more on housing than does the rest of Idaho. Just over 70% of Boise residents with mortgages on their homes pay a median monthly cost of $1,265, and those who rent spend a median of $834 per month.
With 13% of Boise residents making less than $15,000 per year, it’s no wonder many individuals have difficulty covering their housing costs. Those facing eviction or who are otherwise in need of emergency rent assistance can apply for help here. The services and programs below may also be helpful:
The Jesse Tree of Idaho – provides one-time rent assistance for those at risk of becoming homeless
1121 Miller Street
Boise, ID 83702
Ada County Indigent Services – helps eligible individuals with medical costs, rent, and some utilities
252 E. Front Street, Suite 199
Boise, ID 83702
- Less than $20,000:15.3%
- $20,000 to $34,999:15.7%
- $35,000 to $49,999:13.8%
- $50,000 to $74,999:17.7%
- $75,000 or more:34.3%
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