In Need Of Payday Loan Debt Help In Idaho?

By Shawn Lee Martin


help with payday loan debt forThe state of Idaho has the highest interest rate for their payday loans in the nation and many of this state’s population are in need of payday loan debt help in a hurry!

At the rate of 582 percent, this puts Idaho at the very top of a list and the reasons for this are many.

All but seven states in the USA have caps on the amount of interest allowed for these short-term high-interest loans and you can guess that Idaho is one of those seven states that do not have any limits on the amount a lender may charge for these types of loans.

Need Help With Payday Loan Debt In Idaho Or Any Other State?

We Can Help! Click Here To See How!

Payday Loan Debt Help For Idaho


Speaking of lists, Idaho is also at the top of the list of states that are in the highest need of help with payday loan debt by it’s residents.

Of course, this makes sense considering the interest rates they are charging are the highest but that is only a small part of the story.

There are other reasons why this state is having so much trouble with these kinds of loans and changes need to be made to stop this trend before it ruins more lives than it has already destroyed.

Let’s take a look at why this state’s problems are so large:

  • Lack of regulation – Many legislators are in the payday loan companies pockets as this industry spends huge amounts of money on lobbyists and on making deals with politicians.
  • Too many loans – States that are allowing a person to have more than one payday loan at a time are creating an extremely dangerous cycle of debt as most people will borrow to be able to pay and that leads to a disaster every time it is created. People will not be able to maintain this pace and when they crash they usually burn badly.
  • No interest Caps – States that allow no caps on the interest payday loan companies can charge for these loans are only adding to the risk of borrowers getting caught in the payday loan trap. By simply creating the situation where the lenders will encourage the borrowers to extend their loans thus creating a whole new interest charge, the borrowers find themselves ending up with huge amounts owed in a very little amount time.
  • Extensions – By allowing payday loan extensions as explained above, states that do this are opening up the borrowers to all kinds of huge interest charges that can turn a $500.00 two week loan into several thousand dollars owed in a matter of weeks.
  • Too Much Political Power Held By The Lenders – The states with the highest interest rates and default rates with this kind of debt all have politicians who are backed by the payday loan industry. This gives this industry way too much power when it comes to influencing the passing or non=passage of laws involving their trade.

Summary


When a state ends up on top of one or more lists like Idaho has involving payday loan debt the people who do the voting must take a good look at what is causing this and do their best to elect people who will make the changes that are needed.

These loans should be two-week maximum time frame loans that can be paid back in full on the due date.

No extensions, no multiple loans and a cap on the interest charged with an established payback plan for any loan that ends up in default would level the playing field for the borrowers who so far are getting the bad end of the deal.

If all payday loans could be regulated this way across the board people who are desperate for cash would still have a way to get fast money but also be able to pay it back without selling everything they own and risking so much for so little!

Return to the top of this page

Need Help With Payday Loan Debt In Idaho Or Any Other State?

We Can Help! Click Here To See How!

6 thoughts on “In Need Of Payday Loan Debt Help In Idaho?”

  1. All free market are demand based. Where’s there’s a need, someone will jump in and fill it. The purpose of regulation is to cap excesses and is always challenged by those who stand to make the most. Politicians need to take leadership on this. At the same time, those who are disadvantaged by this should seek help with non profit organizations such as consumercredit dot com. Ultimately however, we need to understand that no amount of regulation will protect those who refuse to take on their own accountability.

    1. Hi Soloing!

      I could not put it better. Take responsibility. There are cases though beyond ones power like illness and homelessness that can come up[ unexpectedly and I agree caps need to be there for those examples.

      Taeing advantage of the disadvantages is so not right. 🙁

      Shawn>>

  2. Pay day loans are scary! I am so glad you are raising awareness and that your site is all about helping people get out of them, especially in Idaho. I think the best advice is to not even get involved with pay day loans in the first place. Too many people use compound interest against them and should be focused more on saving and investing. Great site!

    1. Hi, Greg!

      Thanks for stopping by and I agree, no payday loans are the best payday loans!

      Help spread the word that we are here to help!

      Shawn>>

  3. Wow, I cannot believe some of these payday loan agencies, it’s like they’re criminals. Why would they want to put people in need through so much headache? To think they will give yo an extension only to increase your interest owed and turn your debt from a $500 to several thousands! That’s nuts! We need a better system. I used to live in Florida and they had an Amscot that was not too bad (like 11% interest). When I would need an extension, they wouldn’t increase my debt owed either.

    1. Hi, Johnathon,

      Its all about the money to these sharks and this is how they make t, off the backs of the hurting.

      Help spread the word that we are here to help anyone who needs it.

      Shawn>>

Leave a Reply

Your email address will not be published. Required fields are marked *

*