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Installment Loans in Idaho :
An installment loan is a kind of loan that is required by an individual against a paycheck that is due on the next payday after taking out the loan. Say for example you may need urgent cash say up to $100 and you still have two weeks left until your next payday. In this case an individual can opt for a cash advance and secure it via a personal check or an online electronic funds transfer.
Suppose they need an installment loan for $100 then they have to write out a check for and/or agree to transfer $120 to the installment lender on the agreed upon date.
The additional $20 is a fee for processing the installment loan. On the next payday the lender will deposit the check to recover the loan amount in case the individual cannot pay the full amount then he has an option of extending the installment loan period by paying an additional fee of $20. This is also known as a rollover and most Idaho installment loans cannot be rolled over more than three times. The finance charge for acquiring a installment loan is $20 for every $100 borrowed and is as high as 521% for the full year. If the loan is rolled over three times the finance charge amounts to $80 for $100 loan.
Idaho installment loans are controlled and regulated by the Department of Finance in Idaho. The Idaho credit Code educates those who need installment loans of their rights and legal options. Moreover the Department of Finance also urges all borrowers to carefully consider the need and also alternative choices of lower annual percentage rates (APR) before borrowing from a installment loan lender.
Other Alternative Choices Apart from Installment Loans laid out the by the Department of Finance :
It is in the best interest of the borrower to consider and study options and finance charges of all lenders or companies who are willing to offer Idaho installment loans.
An individual is also asked to consider other options such as credit unions, small banks or finance companies, borrowing from friends and families and even considering employer loans. All these options would definitely be less expensive in terms of APR's or finance charges as compared to installment loans.
In the unlikely event that none of the above options work out then loan borrowers are requested to consider their actual need and borrow only what they can afford to pay back using their next paycheck while also having enough money to sustain and survive without borrowing till the next installment.
Borrowers who are finding it to pay their Idaho installment loans on time are requested to get in touch with their lenders to seek an extension without adding interest. Most installment loan lenders or companies do offer an interest free period in order to help borrowers with their debts. Individuals can also take help of licensed credit counselors and debt consolidation companies who are registered with the Idaho Department of finance to help them in managing their debts. A list containing all licensed credit and debt counsellors in Idaho is listed on the website http://finance .Idaho.gov .
Federal And Idaho State Laws Concerning installment Loans :
installment loan lenders or companies are regulated and controlled by the Federal Truth In Lending Act (Regulation 2) and also fall under the Idaho Credit Code which lists most of the points mentioned also in the Truth in Lending Act. One of the most prominent features of this act is that it requires installment loan companies or lenders to disclose all aspects considering the loan in clear and simple terms.
The Idaho Credit Codes Requirements Are Listed below :
All companies offering installment loans in the State of Idaho are required to licensed and authorized by the State Government. In the event of an unauthorized entity offering a installment loan comes up with a dispute then that loan shall treated as non recognizable, non collectible and non forcible.
Idaho installment loans offered by any company to a particular individual should not exceed more $1000.
Every authorized and licensed installment loan lender must mention clearly the finance charges or loan fees in dollar amount for every $100
It is the duty of the lender to explain to the borrower that installment loans are considered to be short term loans and that the individual will have to pay an additional fee if the loan is renewed or rolled over for an extended period
Upon receiving a installment loan the borrower cannot cancel it after the following business day ends.
A installment loan company or lender can charge any amount of interest of fees on the loan as long as the borrower agrees to pay. The agreed fee amount or finance charges must be declared in the form of an Annual Percentage Rate on a Truth In Lending Form and duly signed by both parties.
Restrictions, Violations and Prohibitions Under the Idaho Credit Code :
installment loan lenders or companies cannot receive the payment of a installment loan by made by means of another installment loan offered by the same company or lender
No installment loan lenders are allowed to have an outstanding amount of $1000 or more with a particular individual.
All lenders are to refrain from unfair practices and deceptive promotions and advertising concerning installment loans.
All Idaho installment loans are unsecured loans and do not require any collateral. installment loan companies or lenders are banned from accepting any collateral security in any form for a installment loan.
No borrower or lender is allowed to renew or rollover a installment loan more than three times. In the event of a renewal of three times, the borrower must pay in full before the lender can offer him a loan again.
A lender is not allowed to charge any other fee or amount in the form of late fees or whatsoever other than the agreed finance charges and fees.
In the event of any violations on behalf of the lender on the above points individuals can take help form the Consumer Affairs Responsive Program. The Consumer Affairs Responsive program is an attempt to solve disputes amicably among both parties with mutual understanding. However there may be some disputes which may not be solved and may end up in the civil or law enforcement courts.
The department of Finance in Idaho though tries its best to assure availability of quality consumer financial services which follow fair lending practices alongwith ethical collection practices. A list of licensed lenders or companies offering Idaho installment loans can be found on http://finance.idaho.gov .