Borrow up to $20,000 with same-day funding — but only for residents of California.
When you’re hit with an emergency and need a loan fast, your options are limited if you don’t have the best credit. An auto title loan from Montana Capital could help. It offers loans as large as $20,000 with terms up to three years to residents of California. But with limited state regulations, these loans can get expensive — and you risk losing your car if you’re unable to afford repayments.
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What is Montana Capital?
Montana Capital is a direct short-term lender that offers car title loans to residents of California. You could borrow between $2,600 and $20,000 by using your lien-free car title as collateral.
Unlike other car title lenders that require you to repay your loan within just a few weeks, Montana Capital offers terms of up to three years. Your interest will depend on the amount you borrow, the value of your car and your ability to pay back your loan — though you shouldn’t be surprised to see APRs reach the triple digits.
What are the benefits of a car title loan from Montana Capital?
No bank account needed. If you’d rather receive a check or cash, Montana Capital has you covered.
Quick processing time. When you visit a Montana Capital branch, you may be able to get your funds in just a few hours.
Long loan terms. You could take up to three years to pay back your loan with Montana Capital.
No DMV paperwork. Montana Capital takes care of the DMV paperwork so you don’t have to worry about transferring the title.
What to watch out for
Government action against the company. Montana Capital broke state law last year by overcharging on interest for loans under $2,500 and had to reach a settlement with the government.
Short-term loans are known for their high interest rates, especially in California where there’s little regulation. Though the interest rates are capped at 15% for loans under $2,500, there’s no cap on loans over that amount.
In fact, Montana Capital was in hot water last year for surpassing that interest rate cap on loans it issued that were under $2,500. The California Department of Business Oversight ordered the company to refund consumers who were illegally overcharged.
If you choose to borrow from Montana Capital, carefully examine the fees you’re charged to make sure it’s abiding by state law.
Is it safe to apply with Montana Capital?
Montana Capital has a secure website, but unlike many of its competitors, it doesn’t provide details as to what it uses to protect your personal information. While this is certainly a negative point, it’s not all bad — Montana Capital doesn’t actually collect much data about you beyond normal website traffic.
The online application only asks for your name, phone number and email address, whereas other lenders may collect more sensitive information like your Social Security number. If you’re unsure about giving your info to Montana Capital through its website, you can call or visit one of its many physical locations to begin the application process instead.
What do other customers say about Montana Capital?
Oddly, not much. Montana Capital has been around since 2007, but there aren’t many reviews out there. The company isn’t accredited by the Better Business Bureau (BBB) and earns a B rating due to the government action taken against it. There aren’t any reviews on the BBB website, and only three complaints have been filed against the company. The one complaint that’s visible to the public centers around difficulty setting up an online account to make payments.
Am I eligible?
To qualify for a title loan from Montana Capital, you’ll need to meet a few basic criteria:
Have a lien-free car title.
Provide proof of income.
Provide proof of car insurance.
Be a resident of California.
Be at least 18 years old.
How do I apply?
You can begin by visiting a physical location, calling 888-700-8900 or following these steps to apply online:
Visit the Montana Capital website and click Apply Now.
Select the loan amount you want to borrow and click Next.
Select the year, make, model, style and mileage of your car. Click Next.
Enter your full name, phone number and email.
Once you’ve finished, save your reference number and wait for a Montana Capital agent to contact you. You’ll need to gather any necessary documents, including your car title, before visiting a branch location to verify your information and discuss your loan terms.
If approved, Montana Capital may be able to get your funds to you that same day or the following day. At this point, you’ll likely need to have a GPS device added to your car — though Montana Capital doesn’t offer much info about this on its site. To learn more about what this entails, reach out to the customer service team.
I got the Montana Capital auto title loan. Now what?
Once you’ve taken out your loan, it’s time to start thinking about repayments. Pay online or on the phone using a debit or credit card, at a MoneyGram location using cash or by mailing in a check or money order. Your first payment is usually due 30 days after receiving your funds.
To fully pay off your loan ahead of schedule, call Montana Capital to verify your payoff amount. You’ll need to make your final payment at a Wells Fargo branch or MoneyGram location. You won’t be on the hook for extra fees, as it doesn’t charge a prepayment penalty. Once your loan is payed off, you can have your GPS tracking device removed and your title returned to you.
If you live in California, an auto title loan from Montana Capital could help you through a financial rough patch. But watch how much interest you’re charged, as the company’s been cited for illegally overcharging customers in the past. Carefully consider how much you borrow and if you can afford repayments, since you risk having your car repossessed if you default.
No. There is no penalty or fee if you want to pay your auto title loan off before the due date.
It might. To confirm your identity and ensure you’re eligible for a loan, Montana Capital may need to check your credit.
Yes. While Montana Capital doesn’t outright state on its site that it puts a GPS device on your car, it mentions that you’ll need to have it removed at the end of your loan period. For more information, reach out to customer service.
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