Montana Payday Loans
If you’re thinking about Montana payday loans, it’s best to first be aware of the different rules and regulations surrounding the transaction.
Have you found yourself low on cash and are looking to borrow a small amount of money? You may be considering a payday loan. Find out how payday loans work in Montana and what you’ll need to know when applying for one.
Can I get a Payday Loan in Montana?
Payday lending is legal but restricted in Montana. The maximum amount of loan is $300 while the minimum is $50. The loan term should not exceed 31 days. Moreover, no renewals or rollovers are allowed and a lender cannot force a borrower to take a new loan to repay the previous one.
What does a payday loan in Montana cost?
Per Montana State Law Mont. Code Ann. 31-1-701, payday loans are restricted. Although technically legal, lenders are not allowed to charge more than 36% APR. Lenders must be licensed by the state before they can offer loans, and Montana law highly regulates lenders to help protect consumers.
- Minimum loan amount: $50
- Maximum loan amount: $300 or 25% of your gross monthly income
- Loan Term: 31 days or less
- APR: Montana law caps payday loan APR at 36%
- Finance charge: A 14-day $100 loan costs $1.39
- Collection fees: Lenders may charge one $30 non-sufficient funds (NSF) fee
- Rollovers: none
So be sure you’ll be able to repay what you borrow before you agree to a contract. Defaulting on loans is expensive and can lead to a cycle of debt that can be hard to get out of.
Before you take out a Payday Loan
Payday loans, short term loans and installment loans come with high rates and fees which can trap you in a cycle of debt. If you find yourself in a reoccurring financial debt problem, seek advice from the Montana Division of Banking and Financial Institutions.
Consider alternatives before opting for a Payday Loan:
There are lots of alternatives for payday loans if you’re not too sure about getting one. The first and most obvious option is by borrowing cash from friends and relatives. You can also try selling some of your items or going directly to your employer for a cash advance. All these options let you avoid the burden of interest rates. If these aren’t possible, you can pawn off an item or simply use your credit card to make the purchase.
How can I apply for a Payday Loan?
All lenders require that you be 18 years old, an American citizen or permanent resident and have a regular source of income.
- The borrower must be 18 years old or above
- Must be a resident of Montana and the US
- Have a stable source of income
- Must own a savings or checking account
When applying for a loan in Montana, you’ll have to provide some personal details. This includes your Social Security number, your home address, how much you make and your current employment situation.
Apply for Montana Payday Loans today
All of us are faced with short term financial problems at some point, and payday loans can be a way of bridging the gap until you get paid again. Simply get started with our registration form today or apply now below, and the whole process can be completed online in a matter of minutes!