Installment Loans in Idaho
An installment loan is a type of loan where a borrower is allowed to take up a loan and repay it in equal installments. Installment loans are meant to help borrowers meet their emergency obligations until payday. As a result, it is a common form of loan for salaried persons or people with a reliable source of income. Are you looking for financial institutions that offer installment loans in Idaho? If yes, get in touch with us, and we will help you get an online installment loan. Installment loans Idaho can change your life positively if you are in need of emergency finances. If you are looking for affordable installment loans Idaho and want a flexible online loan application, contact us today to inquire about Idaho installment loans online.
How do you apply for an installment loan on our website?
Applying for Idaho installment loans involves the simple steps outlined below:
- Click on the loan application icon.
- Fill in the required fields. You will need to provide your official names, a functional email address, and the loan amount you want.
- Submit your application for installment loan online for review by our personnel. Once you have submitted your loan application, our staff will get in touch with you to confirm your loan application.
- Loan application review. Once you confirm it, the team will review it and approve or decline the loan application based on our installment loan estimate procedure. This is designed to determine whether you qualify for the loan amount you have applied for.
- If your loan is approved, we will contact you and ask you to come and pick your money. Alternatively, we can deposit it to your account based on your preference.
- If your installment loans Idaho are not approved, our personnel will advise you on how to review your application to qualify for our loans.
Benefits of Installment Loans
Installment loans come with numerous benefits. Some of the benefits of taking up an installment loan are:
- Installment loans give you access to more extensive borrowing options. Are you having a huge financial undertaking and your savings are inadequate? If you are, you can opt for an installment loan. Installment loan providers will allow you to borrow the money you need to meet your demands and repay it in equal installments.
- When compared to other forms of loans, installment loans offer a more extended repayment period. Since loans can be a source of financial pressure, it would be wise to go for a loan option that has flexible repayment terms. If you want a loan that you repay conveniently, you should consider going for an installment loan. As a result, installment loans are gaining popularity over paydays.
- They are easy to apply for: Installment loans have minimal requirements, thus making the application process easy. When applying for an installment loan, whether online or by visiting a lender physically, the process is straightforward, and you will find little difficulties.
- You enjoy instant disbursement of your loan amount. If you want a loan that you apply for and receive the cash instantly, then you should seek an installment loan. Idaho online installment loans are disbursed to you immediately once your application has been approved. If you would like to deal with a firm that gives you access to instant installment loans online, contact us today.
How do installment loans differ from other types of loans?
a. Installment loans vs. payday loans
An Idaho online installment loan is repaid for an extended period with equal installments, and they are designed to meet huge financial needs. On the other hand, payday loans are usually short-term loans and are usually repaid within 30 days. Installment loans also have a lower interest as compared to payday loans.
b. Installment loans vs. car title loans
When taking a car title loan, your car title is used as collateral to secure the loan. As a result, you are required to surrender it to the lender until you repay your loan. Car title loans are short-term in nature, while installment loans are repaid over a an extended period that can vary from a few months to several years.
c. Installment loans vs. cash advance loans
Cash advance loans are short-term loans that you could go for to cover short-term financial demands that can't wait for your next monthly income. Cash advance loans have a shorter-repayment period and can vary from one week to a maximum of one month. Installment loans, on the other hand, are long-term in nature and are repaid in equal monthly installments.
Requirements to Apply
- Age requirement: You have to be 18 years or older to be apply.
- A checking account: You must have an active checking account.
- Living in the USA: Only permanent residents and/or citizens of the USA can be approved for a loan.
- Documented income: Evidence of a documented income will be needed to be approved.
State Regulatory Agency
Idaho Regulatory Agency Contact Information:
- Idaho Department of Finance
- 9700 West State Street, 2nd Floor
- P.O. Box 83720
- Boise, ID 83720-0031
- Phone: 208.332.8000
- Fax: 208.332.8097
Legal Regulations for Idaho Installment Loans
- Statute Citation: Idaho Credit Code 28-41-201(1)
- Regulator: Department of Finance
- Interest and Permissible Fees: What is agreed upon between the parties to the transaction; 5% delinquency charge on the unpaid amount of installment or $12.50, whichever is greater.
- Idaho Average APR: 299%
- Maximum Loan Amount: $5,000
Credit Counseling Information
Personal installment loans should not be used as a long-term financial solution. They are geared for short-term financial needs only. A customer with credit difficulties should look into credit counseling. For more information, please see below:
- National Foundation for Credit Counseling: www.nfcc.org
- Consumer Credit Counseling Services: www.credit.org/credit/
- The Credit Counseling Professionals: www.consumercredit.com
- Credit Counseling Services: www.consolidatedcredit.org
Example of Installment Loans Terms and Repayment
- Loan Amount - $500
- Biweekly Payment - $85
- Duration in weeks - 26
- Total Due - $1,105
- APR - 360%
- Loan Amount - $1,000
- Biweekly Payment - $132
- Duration in weeks - 52
- Total Due - $3,432
- APR - 328%
- Loan Amount - $2,000
- Biweekly Payment - $258.29
- Duration in weeks - 34
- Total Due - $4,390.93
- APR - 275%