A Guide to Payday and Title Loans in

Boise, ID

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.

Poverty Rate in Boise vs. Idaho
Boise
Idaho
14.1%
15.2%
Poverty Rate
2016 Credit and Debt Statistics for Boise vs. Idaho vs. U.S.

 

Ave. Number of Credit Cards:

Ave. Balances on Credit Cards:

Ave. Number of Retail Cards:

 

Ave. Non-Mortgage Debt:

Ave. Mortgage Debt:

Ave. Retail Debt:

90 Plus Days Past Due Delinquency:

 

Boise

2.11

$3,507

1.07

 

$32,497

$132,398

$651

11%

Idaho

2.01

$3,477

1.03

 

$35,044

$137,113

$587

10%

United States

2.35

$5,551

1.51

 

$39,216

$196,014

$1,081

32%

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:

  • Illness
  • Disability
  • Accidents
  • Addiction
  • 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.

Consumer Spending in Boise vs. Idaho vs. U.S.

 

Total per Household

Apparel & Services

Dining Out

Food Consumed at Home

Entertainment/Recreation

Health Care

Housing

Life and Other Insurance

Pensions and Social Security

Transportation

Boise

$63,255

$1,945

$3,002

$4,775

$2,762

$4,905

$19,776

$374

$6,430

$7,676

Idaho

$56,583

$1,735

$2,732

$4,196

$2,577

$4,712

$17,080

$346

$5,949

$6,836

United States

$57,311

$1,803

$3,154

$4,049

$2,913

$4,612

$18,886

$322

$6,509

$9,049

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
208-336-9643

Boise Rescue Mission Ministries
308 S 24th Street
Boise, ID 83702
208-343-2389

St Vincent De Paul Food Bank
3209 W Overland Road

Boise, ID 83705
208-331-1460

Medical Debt in Ada County vs. Idaho
Ada County
Idaho
8.0%
14.0%
% Uninsured
15.0%
12.0%
% with Medical Debt in Collections

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:

The Marie Blanchard Friendship Clinic

704 S Latah
Boise, ID 83705
208-429-6678

Terry Reilly Health Services

Multiple locations
208-467-4431

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
208-383-9486

Ada County Indigent Services – helps eligible individuals with medical costs, rent, and some utilities

252 E. Front Street, Suite 199
Boise, ID 83702
208-287-7960

Monthly Housing Costs as a Percentage of Household Income in Boise
  • 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%
Boise vs. Idaho Median Housing Values and Monthly Costs

 

Median Housing Value

% of Housing Units with a Mortgage

Median Monthly Cost (w/ mortgage)

Median Monthly Cost (w/o mortgage)

Median Rent

Boise

$191,000

70.7%

$1,265

$397

$834

Idaho

$167,900

66.1%

$1,179

$345

$764

Works Cited