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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. This guide explains how payday loans work in Montana and what you’ll need to know when applying for one.

Check into Cash Payday Loan

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!

    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.

    Consider these lenders for a payday loan

    Check the websites of any providers you’re interested in to confirm they operate in Montana.

    Rates last updated November 20th, 2017
    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 Maximum Loan Amount Term of Loan Turnaround Time Requirements
    LendUp Payday Loans
    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.
    $250
    7–30 days
    generally receive the money the next business day
    Be 18+ years of age and have a checking account that can accept electronic transfers.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    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.
    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
    Varies by state
    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 Payday Loans
    Quick short term, installment and title loans come with no prepayment penalty and a 72-hour satisfaction guarantee.
    Varies by state
    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 in-store, 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.

    Is there anything I should consider before taking out a payday loan?

    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 Aisstance 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 intrest as well.

    Find more payday loan alternatives here

    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 any more questions about Montana payday loans?

    You should contact the Division of Banking and Financial Institutions.

    Montana law doesn’t limit the amount of loans you can take out at once, but you shouldn’t take out more than one loan at once because these are high-cost, short-term solutions. If you’re having trouble with debt, consider credit counseling instead.

    No. Montana law forbids rolling over or refinancing your loan.

    Not legally, but it’s always a good idea to take some time off between loans.

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    US Payday Loans Offers

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    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    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.