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

Everyone struggles financially from time to time. For some though, the financial difficulties seem to never let up. For these people, an unexpected financial expense like a medical or car repair bill could mean financial disaster. Thankfully, the people of Rexburg have ways to get help when they need it.

Borrowing Money in Rexburg

You may need cash for a reason that isn’t listed above. There are several different types of loans available in Rexburg, but you should be careful when choosing one. Because when you learn the ugly truth about payday, pawn shop and car title loans, you’ll discover that some of these loans are extremely risky and even dangerous.

Payday Loans in Rexburg
Quick cash at a big cost.

A financial emergency is sometimes impossible to avoid. And in tough situations, a little bit of cash can go a long way. This leads many people to take out payday loans, but it’s important to know that payday lenders often take advantage of people in financial predicaments. In fact, many payday lenders prey on people in low-income communities.

To take out a payday cash advance loan, you give the lender a post-dated check or your bank account information in order to receive a cash loan. You are required to repay the loan at your next payday, but the amount you repay the lender also includes extremely high interest rates and additional fees.

You can borrow up to $1,000 through a payday loan in Idaho. And state law in Idaho does not limit the amount of interest a lender can charge, making it one of the more expensive places to take out a payday loan.(3)

With no cap on interest rates, it’s not hard to see how these loans can get expensive for borrowers. But there’s another way that lenders profit on payday loans. They also make money through something called “rollover“. Rollover is when a borrower cannot repay their loan and the lender agrees to extend the due date for additional fees. Many states have outlawed rollover, but in Idaho, a borrower can rollover their loan as many as three times.(4)

The high fees, interest rates and rollover fees are three of the reasons that many payday loan borrowers in Idaho get stuck in these predatory loans.

Contact the Idaho Department of Finance if you have any questions or complaints about payday lenders in your area.

Title Loans in Rexburg
Risk your vehicle for a costly loan.

If you own a vehicle, it’s not too hard to take out a title loan in Rexburg. But these loans run you the risk of losing your car, truck or motorcycle, in addition to costing you a small fortune in interest rates and fees.

With a title loan, you borrow an amount of cash in exchange for allowing the lender to hold the title to your vehicle. The loan you receive is typically for a fraction of the value of your car. And if you fail to repay the loan, the lender can legally seize your vehicle and sell it in order to make their money back. This process is commonly known as “repossession“. And with high fees and interest rates these loans are difficult for many borrowers to repay.

In Idaho you can borrow as much as the value of your vehicle with a title loan. And there is no limit to how high interest rates can be — making Rexburg and the rest of Idaho one of the most expensive places to take out a title loan.(2)

Life in Idaho would be difficult without a car. Consider the alternatives carefully before taking out a one of these loans.

If you have a question or a complaint about a title loan, contact the Idaho Department of Finance.

Pawn Shop Loans in Rexburg
Risk losing valuables for a pricey, small loan.

Pawn shops are a fun place to shop for used and antique goods in Rexburg. But they’re also places where people can take out high-interest cash loans.

To take out a pawn shop loan, a borrower brings in a valuable item that they “pawn” or use as collateral in exchange for the loan. The pawn shop lender will appraise the item and offer a cash loan that is usually for a fraction of the item’s actual worth. By using the item as collateral, the borrower agrees that if they cannot repay the loan, the pawn shop can sell it in order to recoup the money they loaned out.

In Idaho, there are very few laws governing pawn shop loans. Lenders can charge exorbitantly high fees and interest rates, so these loans can be extremely expensive, in addition to risking your valuable possessions.(5)

Before you risk losing items of monetary and sentimental value, you should learn the pros and cons of pawn shop loans.

Idaho Subprime Reports

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

Works Cited:

  1. “Veteran Homelessness Facts” Green Doors. Accessed February 19, 2016. https://www.greendoors.org/facts/veteran-homelessness.php
  2. “Car-Title Loan Regulation” Consumer Federation of America. December 2012. Accessed March 10, 2016. https://www.consumerfed.org/pdfs/Resources.CTL.StateLawTermChart12.2.12.pdf
  3. “Payday Loan Consumer Information” Consumer Federation of America. Accessed March 10, 2016. https://www.paydayloaninfo.org/state-information/20
  4. “Payday Loan Consumer Information” Consumer Federation of America. Accessed March 10, 2016. https://www.paydayloaninfo.org/state-information/20
  5. “50 States Pawn Shops Interest Rates and Statutes.” Online Pawn Shop Consumer Reports. Accessed March 10, 2016. https://www.pawnshopsonline.info/state-regulation-interest-rates-comparisons/.

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