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Title Loans in Idaho: Everything You Need to Know

Maybe you don't have any emergency funding for surprise medical bills. Perhaps there's an unexpected home repair.

Either way, you fell into a financial crisis, you're out of money, and you need quick cash - NOW.

As long as you have a vehicle that can qualify - whether it's a car, a motorcycle, or a truck - you'll be able to get a car title loan in Idaho in less than a week!

In this article, we'll teach you how Idaho title loans in Idaho work.

When Should I Get an Idaho Title Loan?

A car title loan in Idaho is meant for emergency funding.

Title loan proceeds are intended primarily for personal and household purposes. It can be for a medical crisis, a home repair, or an overdue bill you can't ignore.

It's expensive, though. The annual percentage rate is enormous compared to the usual loans.

But for many loan customers, the convenience and easy access far outweigh the costs.

Idaho Title Loans Are Fast and Accessible

If you're trying to find loans in Idaho, there's no faster way to get a loan than an Idaho title loan!

The ease, accessibility, and speed of the title loan process are tremendous benefits. It can be approved with bad credit and little paperwork in a few days!

And "instant cash" is no exaggeration - it can take up less than four business days to get money.

You might even get a cash advance the same day you apply for the loan!

Plus, you can drive around with the car you registered as collateral!

Repaying and Borrowing

When it comes to Idaho title loans, how much you can borrow and how much you'll have to repay depends on a handful of factors.

Your financial charges and interest rate (i.e., how much you'll repay), as well as the loan amount (i.e., how much you can borrow), depending on the following:

  • The payment plan (whether it's one lump sum or multiple payments),
  • Your ability to pay back the loan, and
  • The vehicle year, condition, and value.

How Much Can I Borrow?

Again, it depends on the factors above.

But you can't get more cash than what your car costs. The maximum loan amount is only a portion of your vehicle. Usually, the loan amount is 25% to 50% of your car's actual value.

Generally, expect a loan amount between $1,000 to $1,200. But some can even go beyond $25,000.

But don't get excited if your vehicle can give you a large loan. To avoid debt, don't borrow more than you need. Borrowing more money now means paying more money later.

How Much Cash Will I Repay?

Car title loans are costly, whether in Idaho or New York. The interest rates are notoriously high - the annual percentage rate is rarely lower than 100%!

They usually have an average monthly fee of 25%. That means if you borrow $1,000 and you're expected to make a payment in 30 days, you'll have to pay a finance charge of $1,250.

That does not include other loan-related fees, like processing or documentation fees.

So keep your maximum sum to a minimum. Don't get more than you can afford.

What Will Happen to My Vehicle?

If you stick to the contract, you'll still get to keep your vehicle. The lending company only deals with the legal title until you miss payments.

However, some lenders install a GPS device or make a copy of your keys.

But if you miss your payments, you might lose your car! You won't be able to drive away from Idaho! They'll be able to repossess your car - even by force. 

Either way, even if your vehicle title is on loan, you'll be able to cruise in your car. The title loan process is hassle-free!

Can I Still Apply for Idaho Title Loans Without a Car Title?

Sometimes. Even if you'll usually need a free, clear vehicle title to get car title loans. 

But some lenders allow them for vehicles when most of the vehicle loan is paid off. Of course, you'll still need a vehicle they can repossess if you fail to meet the payment dates.

Are Title Loans Legal in Idaho?

Not all states allow title loans, but Idaho does!

But check their site online to ensure the lender is registered in Idaho.

The Federal Trade Commission requires lenders to be registered in the state they provide their service.

And if a loan company doesn't provide the full terms and conditions before you sign the contract, don't take their service.

They might be lending illegally, or you might lose a lot of cash.

But Make Sure It's a Title Loan!

Some direct lender companies disguise consumer installment loans as title loans.

But consumer installment loans have even higher annual percentage rates.

Though their repayment period lasts longer, it's much more costly, and you'll lose a lot of money.

Does a Bad Credit Score Make Title Loans Impossible?

Many title loans are advertised towards loaners with poor credit - and even borrowers without a credit score!

That being said, NOT ALL customers get approved. Approval might be more challenging with a bad credit score.

The loan amount might cost more if you have low creditworthiness and still manage a loan.

But don't fret if a lending company requires a credit check. A credit check is usually a good sign that the company wants to give exceptional service.

Can I Still Apply for Title Loans Without a Bank Account?

Not likely, but there's no harm in trying. Having a bank account is a common requirement when getting a loan.

If you don't have a bank account, you'll have to find a lender who focuses on borrowers with similar situations.

Just don't expect to pay through a debit card if it's not connected to your bank account.

Do I Have to Be Employed to Get Title Loans?

Maybe, but not likely.

Being employed is a huge benefit when you're getting a loan. It's one of the factors that help lenders decide whether to let someone borrow or not. 

While you don't need to be employed to get Idaho title loans, the chances are much lower.

How to Apply for Title Loans in Idaho

Each lender has slightly different processes and times when they're available. But most auto title loans in Idaho follow the same process.

Step 0: Before Starting

Auto title loans generally have fewer requirements and less paperwork, whether in Idaho or California. But it would be best if you consider the following BASIC QUESTIONS:

  • How much money do you need? Don't get tempted by high loan amounts.To ensure you'll pay on time, borrow only as much as you need.
  • What vehicle will you use? Sometimes they won't even need a clear car title or full ownership! It still counts as acceptable property.
  • How much can you pay? What annual percentage rate can you afford? Is your income enough to make payments by each due date?
  • What payment plans? What's your funding period? Will you be able to pay in one lump sum in 30 days - a single-payment loan? Or would you prefer installments - paying multiple payments within three to six months?

Step 1: Choose a Lender in or Near Idaho

Search for online title loans in Idaho for convenience. Most lenders have a website where you can check their loan proposals and additional information.

You can also try an online service connecting you quickly to Idaho title loans.

You want to ensure you won't lose your car, so study the lender carefully. A trustworthy lender will state their interest rates and repayment conditions.

But how do I choose between lenders?

After you find a few trustworthy loans that cater to Idaho residents and fit your needs, you probably want to get a good deal.

To see which loans cost the least, compare the APR of the car title loans. The lower the APR, the less your finance charges.

Step 2: Prepare the Required Documents

Unlike traditional loans in Idaho, online title loan requirements are much fewer.

That being said, it's still a loan. You probably have to prepare at least some of the following documents, just in case:

  • Clear vehicle title (or at least with most of the loan for it paid off)
  • Valid government-issued ID
  • Vehicle photos, odometer, and identification number
  • Social security card
  • Proof of residency (e.g., utility bills, contract of lease)
  • Income proof (e.g., bank statements, evidence of social security benefits)

Step 3: Complete the Online Application Form

While some walk-ins to the physical site might be available, applying online is probably easier. Many online lenders give out title loans online.

The lender's website should help you apply online. They usually ask for basic details.

You'll likely provide your name, address, and contact details like a phone number so you can receive updates and be contacted over issues.

They'll also probably ask for your car information - like its model and release date.

Step 4: Review the Loan Terms and Conditions

Many skip the tiny legal text, but it's important to know what you're signing up for. You don't want to get into unexpected issues, pay too much cash, or lose your car.

Some things you might want to know about when getting a title loan:

  • If the loan amounts to less than 25% of your vehicle's estimated value, that's a red flag and a lousy deal.
  • Are there vague terms you want to clarify with the staff?
  • Check the payment terms. You might also want to look at the additional fees and pre-payment penalties.
  • Does it follow Idaho loaning laws?

According to Idaho loaning laws, a lending company should provide the following in their contract:

  • The office's company name and address
  • The phone number and name of the title loan administrator

If you don't think you can stick to what their proposal offers, you can contact them by phone or email to negotiate.

You can also call their phone to ask for additional information and so they can answer questions about confusing vague terms.

Step 5: Wait for Your Money

The approval process can take up to 3 business days or less than 24 hours.

Same-day funding isn't uncommon. Don't be surprised if you get your cash on the same day or if you get conditional approval within hours.

After the final approval, you might be asked how to claim your money. You can opt for a direct deposit in your bank account, wire transfer, check, or hard cash.

If you're unsure whether your payment method is valid, you can call the phone number of your lender or contact them through their website.

That's it! It's that EASY to borrow money.

Can I Get Into Debt?

You can get in debt with an Idaho title loan - but only if you're not careful!

But if you're not careful, you can risk a debt spiral.

The Consumer Finance Protection Bureau reports that one out of five people who roll over their title loans end up losing their car.

Just remember to set up reminders to make payments for each due date. And don't borrow more money than you need.

You Can Pay Early

You can pay the loan earlier if you're not at risk for pre-payment penalties. You can deliver before the due date if you have extra money.

After all, you shouldn't be punished for paying before the due date.

You can pay through debit card, cash, wire transfer, or Western Union.

Payday Loans vs. Title Loans

With emergency loans, the payday loan usually enters the discussion. The best way to choose between these two is to compare them.

How Similar Is a Title Loan and a Payday Loan?

A payday loan relies on income - how much money you'll borrow and pay back depends on your salary.

In some sense, they're the income-based counterpart of a vehicle-based title loan.

In Idaho, both payday loans and title loans are used for emergencies. They're much easier and more accessible than traditional loans.

Both are also expensive because the interest rates and the average annual percentage rate are infamously high.

Many customers of loan companies have a hard time choosing between them!

What Are the Differences Between a Title Loan and Payday Loan?

While these loans are both very similar, there are key differences:

  • While the annual percentage rate for a title loan is known to be very high, the APR of a payday loan is even higher!
  • There are no installment payment plans for a payday loan. You usually have to pay in 30 days by the time you receive a paycheck.
  • Payday loans typically require a credit check, whereas a title loan in Idaho often doesn't.
  • Car title loans are secured loans. You can lose your car if you don't make the payments by the due date!

Are There Any Other Alternatives to a Car Title Loan in Idaho?

Are you trying to get cash quickly in Idaho, or do banks keep rejecting your request to borrow money? A bad credit loan - like title loans or payday loans - might still be the best option.

But losing your car can cost much more than your loan cash if you don't think you can pay in time. If that's the case, you can consider trying the following:

  • Negotiate your debt to make it more manageable.
  • Ask for an extension from the creditors.
  • Pay in advance through your credit card.
  • Ask for money from family and friends.

Frequently Asked Questions

Title loan lending is fast and easy, but you might still be confused. Don't worry - we'll try to answer all your burning questions in this FAQ.

What Is the Difference Between a Car Title Loan and an Auto Title Loan?

A car title loan and an auto title loan are synonyms.

There is NO DIFFERENCE between them, and these terms are used interchangeably. Car title loans in Idaho aren't limited to cars.

What Vehicles Can Be Used as Collateral?

As mentioned before, car title loans aren't limited to cars.

Trucks, boats, recreational vehicles, and motorcycles are usually qualifying vehicles.

Ask the loan companies you have interest in to find out what they count as qualifying vehicles.

Is an Auto Loan a Title Loan?

As similar as they sound, an auto title loan and an auto loan are different.

They both require a vehicle title to be used as collateral. But they're meant for different purposes.

An auto loan is a loan meant to purchase a vehicle. Usually, the vehicle being purchased is used as collateral.

If you're using an auto loan to purchase a car, you can make payments to buy the car in installments instead of paying the whole cost at once.

But you'll lose your car if you fail to pay in time.

Meanwhile, you can use an auto title loan to borrow money for any reason.

Can I Refinance My Title Loan? 

It's possible. You'll need approval first. Lenders will want to see if you're willing to repay on the new refinanced terms.

If you're having trouble with approval, consider local banks, credit unions, and online peer-to-peer lenders.

In desperate times, you can request someone close to you to co-sign the refinance request. 

Can I Get Military Benefits?

If you performed military service, you might have access to lower costs. This is definitely a huge benefit for families who have members who served in the military

You can find additional information regarding Military Lending Act on this website.


Most loans in Idaho don't get approved quickly and easily, and you can't just rely on banks or a debit card.

Even if you have a decent credit score, it'll take a lot of paperwork and time before you can get loan approval. That's not great for emergencies.

But title loans in Idaho are different. They might not be cheap, but their accessibility and speed can get you out of any financial pinch.

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