Montana Loan Laws and Regulations

In order to get a loan in Montana, you need to follow a few simple rules:

  • you must be a US citizen and a Montana resident;
  • you must be 18 or over;
  • you must have a valid ID, e-mail and phone number;
  • minimum monthly income of 1,000$;
  • not be a regular or reserve member of the Army, Coast Guard, Air Force, Marine Corps or Navy (or be a dependent of someone who is) serving on active duty under a call or order that does not specify a period of 30 days or fewer.;
  • if you apply online, you must provide a valid security number.

Legal Funding from Montana Legit Lenders

Online loans in Montana have a lot of advantages. So, the main ones are:

  • you do not need to spend time on the road, filling out paperwork and standing in lines;
  • you can compare several offers at once and choose the best for yourself;
  • the ability to apply for a loan 24 hours a day, 7 days a week;
  • the application process is very simple and fast;
  • the chances that you will get a loan even with a bad credit history are very high;
  • most lenders do not check credit history at all.

Montana Payday Loan Laws

 The amount of a payday loan in Montana is from 50 to 300$ with a maximum loan term of 31 days. The maximum APR can reach up to 36%. Such things as rollovers, default penalties and extension, repayment plans are not allowed in Montana. The collateral or guarantor are not required.

Montana Title Loan Laws

As for title loans in Montana, the loan can be from 100 to 300 dollars and is issued for a maximum period of 31 days. According to the laws of Montana, the lender can change the APR at its discretion. Whether you get the maximum loan amount depends on:

  • Term of the loan;
  • Value of the vehicle;
  • Monthly income growth;
  • Requested loan amount.

The government regulates the following industries:

  • maximum interest rate;
  • lender’s rights in case of non-payment of a loan;
  • if the loan repayment period be extended;
  • maximum/minimum term/loan amount;
  • any additional fees.

Montana Personal Loan Laws

The amount of a personal loan in Montana is from 1,000$ to 35,000$ with a minimum loan term of 90 days and a maximum loan term of 60 months. The minimum APR can reach up to 4,99%. The collateral or guarantor are not required.

Montana Interest Rate Laws

Montana has an official interest rate of 10% annually. If you get a written agreement, the interest rate is 15% or 6% higher than the interest rate set by the Federal Reserve.

Interest rates in Montana are regulated by Section 106, Title 31, Chapter 1 of Montana Code. Section 31-1-107 says that individuals can change the interest rate up to 15 percent. Section 31-1-108 specifies penalties for usury. Under Section 31-1-106 the interest rate must be at least 10 percent unless there is a written agreement. Also, subject to Section 31-1-108, provided that a person reserving, receiving, or charging an interest rate higher than that specified by law, he must pay twice that rate of interest. However, there are some exceptions, which are specified by Section 31-1-112. An adjustable lender is exempt from all interest rate restrictions. Also, a financial transaction that finances transactions between merchants is exempt from restrictions on  usury. Under Section 25-9-205, court-ordered interest in this state is 10 percent per annum.

Who regulates banks in Montana?

The Division of Banking and Financial regulates the work of financial institutions and public banks in order to protect the public and provide a reliable system of public financial institutions.

What are other legit ways to get instant cash in Montana?

  • Bank or credit unions;
  • Debt Consolidation Loan;
  • Borrow from colleagues, friends and family;
  • Find a side job that will bring more income;
  • Pawn shops;
  • Cash apps.

No matter which financing source you choose in Montana, make sure it’s safe and legal first. Security is #1 priority when it concerns money matters.

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