Current Payday Lenders in Montana – Terms, Rates, Legislation

The list of payday lenders in Montana

1. Open Cash Advance
   • Website: https://opencashadvance.com/
   • Address: 30 N GOULD ST, STE R, Sheridan, WY 82801
   • Service: Online
   • State: Almost all US states
2. COMPACOM
   • Website: https://compacom.com/
   • Address: Unknown
   • Service: Online
   • States: Alabama, Alaska, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, Wyoming
3. Snappy Payday Loans
   • Website: https://www.snappypaydayloans.com/
   • Address: 398 Dania Beach Blvd #468, Dania Beach, FL 33004
   • Service: Online
   • States: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming
4. RISE Credit
   • Website: https://www.risecredit.com/
   • Address: P.O. Box 679900 Dallas, TX 75267-9900
   • Service: Online
   • State: Alabama, California, Delaware, Georgia, Idaho, Illinois, Missouri, New Mexico, North Dakota, Ohio, Oregon, South Carolina, South Dakota, Texas, Utah, Wisconsin
5. MoneyLion
   • Website: https://www.moneylion.com/
   • Address: 30 West 21st Street Ninth Floor New York, NY 10010 USA
   • Service: Online
   • State: Almost all US states
6. MaybeLoan
   • Website: https://maybeloan.com/
   • Address: Unknown
   • Service: Online
   • States: Almost all US states

Are payday loans legal in Montana?

Montana legitimates payday loans however, with some restrictions. From 1999 to 2010 the payday lending industry flourished. During this period, interest rates reached 400%. However, the situation altered with the accepting of HB 118. As of today, payday lenders can legally serve the citizens. The lenders should meet one requirement: the 36% APR cap.

Takeaways:

• Legal: Yes, but heavily regulated
• Rate cap: 36%
• Maximum loan amount: $300
• Maximum term: 31 days
• Minimum term: 14 days
• Number of rollovers: 0
• Finance charges: $1.39 for a $100 loan given for 2 weeks
• Statute of limitations: 8 years (from the last payment)
• Database loan tracking: No

Am I eligible for a payday loan in Montana?

• Be at least 18 years old or over;
• Be a legal Montana resident (confirmed by an ID);
• Have income at least $1,000 per month (not confirmed by cirtificates);
• Have an active phone number and a valid email.

Payday loan amounts in Montana

Montana citizens allow to issue maximum $500 at one lender. Rollovers are not allowed. The min amount starts from $50.

Maximum term for a payday loan in Montana

• According to the Montana regulations, payday loans in the state are issued for 14 – 31 days;
• No rollovers, renewals, refinance, or extensions are allowed;
• It is also illegal for a lender to make a borrower get a new loan in order to pay the previously issued one back.

Rates, fees and other charges in Montana

Montana licensed lender is not licensed to collect any charges for issuing or managing a payday loan that is greater than 36% per year. Payday loans in Montana state are controlled by Mont. Code Ann. 31-1-722. Any loan of $100 taken out for 2 weeks may impose a fee of no more than $1.39.

Consumer info

In terms of collection, payday lenders in Montana are permitted to collect one insufficient funds fee in the amount not being up $30 and also some reasonable attorney fee. Any criminal actions are banned in the described state.

More information about payday loans in Montana can be found on the official website of the Division of Banking and Financial Institutions.