Payday loans in Montana | finder.com

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Lake McDonald MontanaHere’s what you need to know before applying for a payday loan in Montana.

If you find 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.

CashUSA Installment Loans

Our top pick: CashUSA

Need a quick cash loan as high as $10,000? This loan connection service could help.

  • Min. Loan Amount: $500
  • Max. Loan Amount: $10,000
  • Loan Term: 90 days to 72 months
  • Turnaround Time: As early as 1 business day
  • Requirements: Must have a monthly income of $1,000+ after taxes and valid checking account.

    What does a payday loan in Montana cost?

    Payday lending is legal in Montana. They are governed by Montana Code Annotated 31-1-701 et seq., which is the Montana Deferred Deposit Loan Act. 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

    You are not allowed to roll over or refinance your loan 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.

    Be careful of online lenders

    Montana has a 36% interest rate cap on payday loans, even for online lenders. If you’re shopping online and comparing offers, be sure to note how much the lender plans on charging you in the form of APR. In the past, some tribal lenders have been charging more than the legal interest to consumers. This can cause major debt, so you’ll want to avoid any loan that doesn’t abide by Montana law.

    Compare short-term loans in Montana

    Rates last updated December 15th, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Max. Loan Amount Turnaround Time Requirements
    CashUSA Installment Loans
    A connection service for quick cash loans up to $10,000.
    $10,000
    As early as 1 business day
    Must have a monthly income of $1,000+ after taxes and valid checking account.
    Jora Installment Loans
    Installment loans with repayment terms up to 30 months, depending on your state.
    $2,600
    1–2 days
    Must have an active checking account, regular source of income and email address.
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $5,000
    1 business day
    Must have direct deposit and meet minimum income requirements
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    LendYou Short-term Loans
    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
    $15,000
    1 business day
    You must be a US citizen or permanent resident, age 18+ and have a regular income.
    Check into Cash Payday Loan
    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.
    $1,000
    1–2 business days
    You must be at least 21 and an American citizen and have a bank account, email address and phone number.
    ACE Cash Express Short-term Loans
    Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
    Varies by state
    Generally receive the money the next business day
    Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.

    Compare up to 4 providers

    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.

    Whether you apply online or at a store location 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. If you choose to apply online, you’ll also have to supply access to your personal checking account so the lender can deposit your loan amount and debit your payment when it’s due.

    What should I consider before taking out a payday loan in Montana?

    Because payday loans can be expensive, you’ll want to consider some other options before applying. Montana offers programs to help people with low incomes. If you’re having trouble paying your bills and your debt, you may want to look into Low-Energy Assistance, the Supplemental Nutrition Assistance Program (SNAP) or Temporary Assistance for Needy Families (TANF).

    You may want to consider other types of credit, too. Installment loans and credit card cash advances offer longer repayment periods, though they have high interest as well.

    Find more payday loan alternatives

    Bottom line

    If you need a payday loan, Montana law has good regulations in place to protect consumers. It’s always a good idea to look at your budget and make sure you can afford to pay back your loan, but if you’re short on cash, a payday loan can be the solution you need.

    Have more questions about Montana payday loans?

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    US Payday Loans Offers

    Important Information*
    CashNetUSA Loan

    Apply for a short-term loan with an easy online application and dedicated customer service.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

    LendYou Short-term Loans

    Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.

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