Payday Loans in Idaho Falls: Subprime Report
An OppLoans Guide to Getting The Help You Need


Idaho Falls is often cited as great place to live and raise a family, especially for outdoorsy-types, with easy access to the Yellowstone, the Snake River and the Craters of the Moon National Monument.(1) But life can still be tough for many people who live in Idaho Falls. There are folks who struggle to afford the cost of food or housing, who lack health insurance and have low incomes that make it hard for them to save for emergencies. These are people who need some help when tough times come knocking. Fortunately, there is help right there in Idaho Falls. From responsible lenders to government programs to non-profit institutions, there’s always someone in town who’s willing to lend a hand.

Borrowing Money in Idaho Falls

Emergencies are stressful, especially where money is involved. For a lot of people who live in Idaho Falls, they don’t have the savings or the income to weather these situations alone. Plus, many of them also don’t have access to traditional financial institutions where they could get a low-interest personal loan to help cover expenses. More often than not, these people end up taking out loans from a predatory lender, the kind of businesses that advertise with flashy commercials and loud promises, when really they are peddling high-interest loans that can have lasting consequences — most of which are bad.

Before taking out a loan in Idaho Falls to pay for unexpected bills, take some time and check out these resources on the different kinds of loans that are out there — many of which it would be best to avoid.

Payday Loans in Idaho Falls
You pay a lot for a little and could end up owing so much more.

Payday Loans are most often sought to meet short-term cash needs. For instance, there is a bill that’s due at the end of the month but there isn’t money to pay it until payday comes around at the beginning of next month. These cash advance loans are usually secured by a check made out to the lender for the amount owed that is then post-dated to the borrower’s next payday. However, while these loans are mostly used to address short-term needs, they can have very long-term consequences.

A borrower in Idaho can take out up to $1,000 with a payday loan.(2) There are no restrictions on term length, but they are usually somewhere between 7 and 31 days, with 14-days being the average length.(3) There also aren’t any restrictions on how much a lender in Idaho can charge in interest in fees on a payday loan, but the average annual percentage rate for a payday loan in Idaho is 495%.(4) And that’s just an average, which means that there are many payday loans whose rates are much higher.

Borrowers in Idaho can rollover a payday loan three times before payment is due. When someone rolls over a loan, they are extending the terms in return for getting charged additional fees and interest. While the additional time is nice, the rate at which these interest rates add up is not. Rolling over payday loans is an easy way to get trapped in a cycle of debt, which can lead to garnished wages in order to pay the loan back in full.

There are better loans out there for people who need fast cash in Idaho Falls, loans that won’t put their long-term finances at risk. To find out more or to report a payday lender in Idaho Falls, contact the Idaho Department of Finance at (208) 332-8000 or the Consumer Financial Protection Bureau at (855) 411-2372.

Title Loans in Idaho Falls
If you’re going to risk losing your car, you should at least have to pay lower interest rates.

The most important thing to remember about title loans is that they are not to be address long-term financial needs. They are intended to meet short-term financial needs only. The second most important thing to remember about title loans is that it’s a bad idea to use them to address short-term financial needs — mostly because it could end up causing serious problems for your long-term financial needs.

Title loans are secured by the title to the borrower’s car, truck or vehicle, which they hand over to the lender to serve as collateral for the loan. They are 30-day loans but they can be extended beyond that. In Idaho, there isn’t any cap on how much title lenders can charge in fees and interest, but studies have shown that the annual percentage rates for these loans are between 240% and 504% with 327% being the average rate.(5) Those rates are very high, especially for a loan where the lender is pretty insulated from risk due to holding the borrower’s car title as collateral.

The reason title loans can so dangerous is that failing to pay one back gives the lender the legal right to repossess the borrower’s vehicle. For many people in Idaho Falls, losing their car is not an option that they could ever consider. And if losing your car isn’t an option, then a title loan can’t be an option either. To find out more or to report a title lender in Idaho Falls, contact the Idaho Department of Finance at (208) 332-8000 or the Consumer Financial Protection Bureau at (855) 411-2372.

Pawn Shops in Idaho Falls
They risk nothing, while you risk your valuable stuff.

If you’ve ever stood in a pawn shop and admired the old guitars they have for sale, or the awesome sports memorabilia or the fine jewelry, take a moment to think about where all the stuff came from. A lot of it came from loans the pawn shop issued that were never repaid. The pawn shop held onto the items as collateral, and when the borrower couldn’t pay up, they slapped a price tag on them and put them up for sale. Think about all the cool stuff that you would own that has value but that you would never want to part with, because if you take out a pawn shop loan, you might see them up for sale too.

Pawn shop loans are like any other loans in that they come with fees and they accrue interest. But unlike other kinds of personal loans, those fees and interest pretty much represent pure profit for the pawn shop. After all, they have the borrower’s collateral and can resell it if the loan isn’t repaid. They might even make more from selling the collateral than they would have from the loan itself.

Because pawn shop loans are secured by the value of smaller items — as opposed to loans secured by a car, a boat or even a house — they usually come with pretty low principals. This makes them a poor fit for covering unexpected expenses. There are better loans available in Idaho Falls, one that can lend you more money without asking you to possibly sacrifice your stuff.

To find out more or to report a pawn shop in Idaho Falls, contact the Idaho Department of Finance at (208) 332-8000 or the Consumer Financial Protection Bureau at (855) 411-2372.

Idaho Subprime Reports

See more local Idaho guides below:
Boise | Idaho Falls | Rexburg

Works Cited:

  1. “Idaho Falls Makes Top 100 Places to Live.” Idaho City Government. Accessed March 11, 2016. https://www.idahofallsidaho.gov/live/top-100-places-to-live-idaho-falls.html.
  2. “Idaho State Information.” PayDay Loan Consumer Information. Consumer Federation of America. Accessed March 11, 2016. https://www.paydayloaninfo.org/state-information/20.
  3. “How Payday Loans Work.” PayDay Loan Consumer Information. Consumer Federation of America. Accessed March 11, 2016. https://www.paydayloaninfo.org/state-information/20.
  4. “Idaho Credit Code Fast Facts.” Idaho Department of Finance. Accessed March 11, 2016. https://www.finance.idaho.gov/ConsumerFinance/Documents/Idaho-Credit-Code-Fast-Facts-With-Fiscal-Annual-Report-Data-01012016.pdf.
  5. “Idaho Credit Code Fast Facts.” Idaho Department of Finance. Accessed March 11, 2016. https://www.finance.idaho.gov/ConsumerFinance/Documents/Idaho-Credit-Code-Fast-Facts-With-Fiscal-Annual-Report-Data-01012016.pdf.

*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.