The Price Of Idaho Payday Loans

The sight has become more common than ever for Idaho’s storefronts — including those in the Magic Valley. Brightly colored signs offer passersby the promise of quick cash to make ends meet before payday. Thirteen payday lending stores operate in Twin Falls alone, with 10 of them lining the city’s well-traveled Blue Lakes Boulevard. Twin Falls isn’t alone. Licensed payday lending operations in Idaho have multiplied by 37.6 percent since 2002, up from 162 state-licensed lending locations to 223, according to the Idaho Department of Finance. There’s no shortage of business for the lenders. In 2010, Gem State payday lenders awarded 499,704 loans for a combined $185.3 million, according to the state finance department’s annual lending report. Compared to some of its neighbors, Idaho’s regulations create a haven for payday lenders/ Ben Botkin , Twin Falls Times-News. More here. (AP file photo)

Question: Have you ever known someone caught in the tangle of payday loans?