What do you need to know before applying for a payday loan in Montana?
If you find yourself low on cash and looking to borrow a small amount of money, you may be considering a payday loan. This guide explains how payday loans, sometimes referred to as payday advances or cash advances, work in Montana and the issues you’ll need to know when applying for one.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
Are payday loans legal in Montana?
Payday lending is legal in Montana. They are governed by Montana Code Annotated 31-1-701 et seq, cited as the Montana Deferred Deposit Loan Act.
The minimum you can borrow through a payday advance in Montana is $50. The maximum amount is $300, which excludes any applicable fees.
A lender can offer payday loans in MT only after receiving a license from the state’s department of administration. An out-of-state lender that wishes to offer payday loans online can also apply for a payday lending license in Montana.
Consider these lenders for a short term loan in Montana
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
Reasons a Montana payday loan might benefit you
- Several options. Dealing with a short term loan provider directly in Montana is one option, or you can get a loan matching service to do the groundwork for you. With direct lenders, you have the option of applying online or visiting a storefront. Loan matching services tend to only cover online lenders.
- Bad credit is okay. Providers of payday loans in Montana look at more than your credit score as part of their lending criteria. You can think about getting a payday loan if you have a regular source of income and can display an ability to repay the amount you wish to borrow.
- Use funds for different purposes. You can use proceeds from a payday advance in Montana for any legitimate purpose. This includes paying medical bills, repairing your vehicle or simply getting by after a temporary setback.
- Quick and easy process. Applying for a payday loan takes no more than a few minutes, whether you apply online or in-store. Approved storefront applicants can get their money almost immediately. If you apply online you can get the money in your bank account by the next business day.
What fees and charges do Montana payday loans come with?
Payday loans laws in Montana govern how much a lender can charge in interest and fees. Here’s what you need to know:
- Maximum finance rate and fees. When it comes to low APR payday loans, Montana is amongst the few states that delivers. The state’s payday regulations limit the interest a lender can charge to 36% APR on the amount advanced. This excludes any applicable insufficient funds fee. The maximum finance charge for a 14-day $100 loan is $1.39.
- Collection fees. A payday lender can charge an NSF fee of $30. If mentioned in the loan agreement, a lender can move to recover reasonable attorney fees and court costs.
- Rollover fees. You cannot rollover or extend a payday loan in Montana, so rollover fees don’t apply.
How can I apply for a Montana payday loan?
One way is to submit an online application and the other is to apply by visiting a storefront. In both cases, you have to meet these eligibility criteria:
- You should be at least 18 years of age
- You should be an American citizen or a permanent resident of the US
- You should have a regular source of income
To complete your application successfully, prepare to submit some basic information:
- Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Important information about payday loans
While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.
Have any more questions about Montana payday loans?
What is the maximum loan term of payday advances in Montana?
The maximum loan term of payday loans in this state is 31 days.
Can I find no-interest payday loans in Montana?
Unfortunately, this is not possible. As with any kind of credit, payday loans attract interest.
I don’t meet payday loan requirements of Montana because my driver’s license shows me to be a resident of North Dakota. Can I still get a payday loan?
If you don’t have any valid form of ID that shows you to be a resident of Montana, you can consider applying for a North Dakota payday loan over the Internet.
Who should I get in touch with to file a complaint about a Montana payday lender?
You should contact the Division of Banking and Financial Institutions.