Idaho Title Loan Laws and Regulations

Find out if short-term Title Loans are legal in Idaho and what amounts, interest rates, and repayment terms are set by the state's Legislation.

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michigan title loans Rates and Terms

Legal Status

Legal Status

The status of a loan type according to the Federal laws and regulations. What concerns Payday Loans some states consider them legal, some – illegal and some restrict them in terms of amounts and interest rates.

Illegal
Maximum Loan Amount

Maximum Loan Amount

It’s the maximum sum of cash advance allowed to apply for in the state. It usually ranges from $500 to $1000. But it may vary depending on the lender and his requirements.

$600
Minimum Loan Amount

Minimum Loan Amount

It’s the minimal amount of cash advance you can apply for. It’s not always stated, the average sum is $100. But it may vary depending on the lender and the state’s regulations.

$100
Maximum Loan Term

Maximum Loan Term

It’s the maximum period of time within which you are to allowed to pay off your loan.

31 day(s)
Maximum APR

Maximum APR

The maximum percentage allowed that actually represents annual cost of your loan. The APR is based on several things, including the amount you borrow, the interest rate and costs you’re being charged, and the length of your loan.

300.00%
Legal Car Title Loans in Idaho

Table of Contents:

What do Idaho Title Loan Laws Regulate?

Why are Title Loans so important for Idaho borrowers?

Idaho Laws aim at Title Loan consumer protection

Title Loan repossession Laws in Idaho

How You’re Protected from Repossession in Idaho

Title Loans Lenders regulation in Idaho

What are the main Title Loan Rules in Idaho?

How the law regulates Title Loan Interest rates and Fees in Idaho

What are Title Loan Terms based on Idaho laws?

What are Title Loan Requirements in Idaho?

What You Need to Know about Title Loans in Idaho

What do Idaho Title Loan Laws Regulate?

Everybody can’t but admit that short-term Car Title Loans are a great way to get quick cash, especially if you have bad credit.

You only need a valid driver’s license and a vehicle that’s titled in your name to get a guaranteed lender’s approval. However, every borrower must consider loan interest rates and terms, as well as any Idaho laws and regulations that may apply to Title Loans.

Why are Title Loans so important for Idaho borrowers?

Federal laws don’t actually regulate title loans, it’s the responsibility of each state. At the federal level, the Consumer Bureau for Financial Protection is in charge of making sure that lenders offer Title Loans only to borrowers who can repay the money. It’s done to protect borrowers from predatory lending.

Idaho Title Loan regulations determine:

  • what the lender can do in case of a defaulted payment;
  • limit interest rates that may be charged;
  • if renewals and rollovers are allowed;
  • limits on maximum and / or minimum Title loan amount;
  • maximum and/or minimum terms of Title Loan repayment;
  • any penalty fees, etc.

Title loans are Legal in Idaho. The laws setm minimum and maximum 30 day(s) loan terms, but there is no limit on the amount that a consumer may borrow. So, Title Loan terms in Idaho are up to 30 days. The interest rate is capped to up to 30 days which is 25%/mon. Lenders can charge . These regulations are all established by The Idaho Title Loan Act, https://legislature.idaho.gov/.

Study these regulations carefully before applying for a Title Loan in Idaho. Pay special attention to repossession laws. They state the lender’s behavior and consumer’s rights in case of loan default. It will be good to know in advance whether the lender is legally allowed to repossess the vehicle and sell it in order to cover the financial loss if a borrower doesn’t repay the loan on time.

Idaho Laws aim at Title Loan consumer protection

As Title Loans are designed for covering short-term urgent financial needs, they should be considered only as solutions for emergency expenses. No credit check requirements for title loans make them more available than traditional bank loans but, on the other hand, riskier. That’s why the Idaho state has established title loan laws and regulations whose main idea is to protect consumers. Make sure you understand all the details before choosing a Car Title Loan for quick funding in Idaho.

Title Loan Repossession Laws in Idaho

Repossession laws are probably the most important part that consumers must clarify before applying for a title loan. In Idaho, the car title is used as collateral to secure a title loan.

According to Idaho title loan regulations, a consumer can lose the vehicle if he or she falls behind on title loan payments or violates the terms of the title loan in some other way. The lender has the right to repossess the vehicle, sell it, and use the money of the sale as compensation for a defaulted loan.

It’s necessary to mention, that in some states, title lenders are not allowed to keep the surplus from the sale of a repossessed vehicle. In some states there exists the consumer right to cure period. It’s about a month on average. It means a borrower has this additional time to repay a defaulted loan in order to get back the vehicle.

If a customer doesn’t pay the money back even after this period, the vehicle will be repossessed.

How You’re Protected from Repossession in Idaho

  • First of all, Idaho protects its residents by setting certain repossession laws.
  • Secondly, the Government takes care that lenders offered additional repayment time, or plan to redeem the title by paying the loan back.
  • The state also determines whether the vehicle can be sold and how much percent of the sale proceeds a lender can take.
  • Title lenders are obliged to maintain detailed records regarding all title loan transactions.
  • Idaho title loan lenders violating these laws may be fined up to $1,000.

Title Loans Lenders regulation in Idaho

Make sure the lender you apply to is licensed to provide Title Loans in Idaho. They are to pay a certain fee annually for licensing. If you know that you borrow from a legitimate lending company, you may stay assured that your rights will be protected.

What are the main Title Loan Rules in Idaho?

Title loans in Idaho are regulated by The Idaho Title Loan Act. The official body that controls the lenders of Idaho and protects consumers’ rights is Consumer Finance Bureau. In case of any question, or complaint you can always address. Find all the contact information on their website - https://www.finance.idaho.gov/.

How the law regulates Title Loan Interest rates and Fees in Idaho

Under Idaho title loan laws, lenders are allowed to charge APR. The maximum 30 day(s) Title loan term for Idaho is also set by the state’s law. If the loan is not paid in full within up to 30 days repayment temrs, the borrower takes a risk of having his or her vehicle repossessed.

What are Title Loan Terms based on Idaho laws?

Under Idaho Title Loan laws and The Idaho Title Loan Act, there are up to 30 days terms. The maximum loan amount allowed to borrow against a car title in Idaho is also limited and usually depends on the following factors:

  • Gross monthly income
  • Value of the vehicle
  • Requested loan amount
  • Term of the loan

What are Title Loan Requirements in Idaho?

Though Title Loanlaws differ by state, most lenders have similar requirements:

  • A car title, or sometimes physical possession of the vehicle title.
  • Proof of income from any source – alimony, child support, Social Security, workers’ compensation, or disability.

Besides, an applicant will be asked to provide the following information:

  • An accurate description of the vehicle (make, model, year, mileage, etc.)
  • Type of ID and ID number presented by you
  • Amount of the loan
  • The agreed-upon repayment date of the loan and the amount due
  • The monthly rate and charges
  • Your full legal name, address, contact number, and date of birth

Title Loan requirements for Idaho residents are:

  • State Issued Photo I.D.
  • Lien-Free Title to Your Vehicle
  • Your Vehicle for Inspection 

In a nutshell: What You Need to Know About Title Loans in Idaho

  • Idaho Title Loan laws require lenders to be licensed, which means the state protects consumers against fraud. Good for you, as in any case when something goes wrong you can take legal action to stay safe.
  • Title loans in Idaho are regulated by The Idaho Title Loan Act.
  • Any false advertising and selling or charging for any kind of insurance are considered predatory actions and lenders may be fined for them by law.
  • All these and more – limits on Idaho Title loan amounts, rates, terms, etc. are stated in the laws which you’d better study carefully before taking out a Title Loan.
 
What does Idaho law say about Lost, Stolen, or Destroyed Title Loan Contracts?
 
Local Title Loan laws in Idaho
 
Title loan alternatives in Idaho

File a complaint on Title Loan lender in Idaho

If you need to file a complaint about your title loan service, or lender, you may contact Consumer Finance Bureau online at https://www.finance.idaho.gov/ or by phone.

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