The $1,000 Loan Cap
Under Idaho Code § 28-46-413, a single payday loan can't exceed $1,000, and no lender can hold more than $1,000 in outstanding principal to the same borrower at once. That's a notably higher ceiling than most states set.
No Rate Cap — And What That Means
Idaho currently places no limit on the finance rates and charges a payday lender can apply. In practice, that's translated to some of the highest average APRs in the country, with rates around 521% reported in past state data — among the steepest of any state that still permits the product.
Legislative Efforts to Change This
That may not stay the case indefinitely. Recent legislative sessions have seen proposals — including Senate Bill 1285 — aimed at capping payday and title loan rates, with one version proposing a 36% APR ceiling matching the federal Military Lending Act standard. As of this writing, no cap has passed, but it's an active area of debate in the legislature.
| Factor | Idaho Rule |
|---|---|
| Loan cap | $1,000 outstanding principal |
| APR cap | None currently |
| Reported average APR | Around 521% in past state data |
| Pending legislation | 36% cap proposals under active debate |
Because Idaho has no rate ceiling right now, comparing the actual dollar cost across multiple lenders is the single most important step before borrowing here.
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