Find Payday Loans in Montana
The payday loan industry is thriving in Montana at the present moment; however check advance lenders and companies are required to abide by specific laws and are regulated by the Montana Department of Administration. All payday loan businesses must be registered with the state to legally issue check advance loans to consumers. Lenders are banned from loan splitting, the practice of dividing a payday loan into two separate loans to benefit from charging two separate fees. Finally, borrowers are allowed to have a total of two payday advance loans at once, with a $300 maximum loan amount.
Consumers can obtain cash advance loans with a face value ranging from $50 to $300.
Borrowers can hold payday loans for a period up to 31 days.
Payday loan rollovers are not permitted under Montana law.
Interest and fees are capped at 25% of the loan’s principal.
In Montana, a $100 payday advance loan with a loan period of 14 days would have a finance charge of $25 and an APR of 650%.