Compare legal limits, fees and the true cost of small loans in your state before you talk to any lender. Compare legal limits, fees and the true cost of small loans in your state.
Credit Unions vs Payday Loans in Boise, ID
2 credit unions are headquartered in Boise, with 28,428 members in total. Credit unions are member-owned and often offer small personal loans and payday alternative loans (PALs) at far lower rates than payday lenders.
- Credit unions
- 2
- Members
- 28,428
- Federal
- 1
- State-chartered
- 1
Credit unions vs payday loan stores in Boise
Boise has 14 payday, installment and title loan stores but only 2 credit unions headquartered here — about 7.0 loan stores for every credit union. Local credit unions count 28,428 members — roughly 11 memberships per 100 residents.
Credit unions
2
0.8 per 100k residents
28,428 members
Payday & loan stores
14
5.3 per 100k residents
8 store chains
Biggest loan store chains in Boise: Dollar Loan Center (5), Moneytree (2), Security Finance (2), Cash Store (1), Check 'n Go (1).
What a $500 loan costs over 3 months
| Option | Payment | Total cost |
|---|---|---|
| Payday loan, re-borrowed 6 times (~652%+ APR) | $75.00 every 2 weeks | $450.00 |
| Credit union PAL, 3 monthly payments (28% APR + $20 fee) | $174.50 a month | $43.51 |
- You keep with a credit union PAL over 3 months
- $406.49 payday costs 10× more
Payday: a typical fee of $75 on a $500 loan for 2 weeks (ID limits are not set in dollars), paid 6 times in 3 months. PAL: payday alternative loan from a federal credit union, capped at 28% APR with an application fee of up to $20.
What it means for a household in Boise
- Median household income
- $84,006
- Payday fee of $75, share of two weeks' income
- 2.3%
- Hours of work to pay the $75 fee
- 3.6 hours
- PAL payment of $174.50, share of monthly income
- 2.5%
- A $400 emergency equals
- 1.7 days of income
- Households earning under $25,000
- 10.8%
- Residents below the poverty line
- 10.3%
Income and poverty: U.S. Census Bureau, American Community Survey, by ZIP code; figures for Boise are population-weighted and approximate. Hours of work are based on the median individual income.
Payday loans vs credit union PALs: the rules in Idaho
| Payday loan in ID | Credit union PAL | |
|---|---|---|
| Legal status | Allowed | Offered by many federal credit unions |
| Loan amount | $1,000 or 25% of gross income | $200 – $2,000 |
| Fee limit | No strict state limit (N/A) | Application fee up to $20 |
| Typical APR | ~652%+ | Up to 28% |
| Term | Usually 2–4 weeks, due in one payment | 1 to 12 months, in installments |
| Credit check | Usually none; a bank account and income are required | Membership required; payments can be reported to credit bureaus |
Payday rules: Idaho law as summarized on our Idaho payday page. PAL rules: National Credit Union Administration (NCUA) rules for federal credit unions (PAL I and PAL II); state-chartered credit unions may offer similar small loans.
Credit unions headquartered in Boise
| Credit union | Address | Members | Website |
|---|---|---|---|
| Trugrocer Federal Credit UnionFederal | PO Box 8145 Boise, ID 83707 | 22,572 | trugrocer.com |
| Idaho United Credit UnionState-chartered | PO Box 2268 Boise, ID 83701 | 5,856 | idahounited.org |
Payday and installment loan stores in Boise
For comparison: storefront payday, installment and title lenders in Boise with addresses, phone numbers and hours. Check a credit union first — a PAL or small personal loan usually costs far less.
| Address | Phone | Hours | Google rating |
|---|---|---|---|
| 10484 W Emerald St Boise, ID 83704 | (208) 906-0707 | — | 4.6 |
| 1624 S Broadway Ave Boise, ID 83706 | (208) 510-5979 | — | 4.7 |
| 421 N Orchard St Boise, ID 83706 | (208) 922-7942 | — | 5.0 |
| 5253 W Overland Rd Boise, ID 83705 | (208) 775-0230 | — | 4.9 |
| 5800 W Fairview Ave Boise, ID 83704 | (208) 306-0404 | — | 4.7 |
| 6493 Fairview Ave Boise, ID 83704 | (208) 375-2274 | — | 4.8 |
| 8485 W Overland Rd Boise, ID 83709 | (208) 375-6665 | — | 4.9 |
| 10530 Fairview Ave Boise, ID 83704 | (208) 378-0231 | — | 4.5 |
| 548 S Vista Ave Boise, ID 83705 | (208) 338-9594 | — | 4.2 |
| 8170 W Overland Rd Boise, ID 83709 | (208) 376-7868 | — | 4.4 |
| 10654 W Overland Rd Boise, ID 83709 | (208) 658-8855 | — | 4.9 |
| 5157 W Overland Rd Boise, ID 83705 | (208) 343-1670 | — | 4.6 |
| 9506 W Fairview Ave Boise, ID 83704 | (208) 323-8222 | — | 3.7 |
| 1290 W Myrtle St #410 Boise, ID 83702 | — | — | 4.6 |
More about Boise
Only credit union headquarters are listed, with the address on file with the NCUA; phone numbers and branch locations are on each credit union’s website. Many credit unions also have branches in Boise and nearby — check membership requirements, as some are open to anyone who lives or works in the area. Loan stores: storefront locations of major payday, installment and title lenders; call ahead to confirm hours.