Loans in Montana (MT)

Payday Loans and Installment Loans in Montana (MT)

Montana is known for its beautiful sceneries that attract tourists from all across the world, hoping to take a good picture. Wealthy people choose to spend their vacation there, and they leave the place with plenty of great memories – and a time well-spent.

However, things are a bit different for the people that are actually living in Montana. The average income there is just enough for people to survive from one month to another – and about 13.3% of them are living in poverty.

All things considered, it is understandable why so many of them choose payday loans and installment loans in Montana to save themselves from this situation. When the problem is pressing, a quick loan such as this can be a lifesaver.

Are online loans legal in Montana?

Yes. Payday lending is legal in Montana.

Montana payday loan laws

In Montana payday lending is restricted by state caps of 36% APR with maximum loan amount $300  given for a period of 31 days maximum.

How Do Payday Loans Work?

Montana payday loans and installment loans are small, short-term loans that were designed to support you until you get your next paycheck. These kinds of loans can cover anything from groceries to rent and emergency repairs.

The money is given fairly quickly. The application only takes about 15 minutes, and the money is generally delivered in less than 24 hours. Most applicants receive the money on the same day – or at the latest, the next day if the application was made in the late afternoon.

Depending on the amount borrowed and different other factors, the interest rate may vary. You can pay up to 30% in interest – which means that for every $300 you borrow, you might have to pay around $90-$100 in interest. Unless the problem is urgent and you have the means of paying back the money, this option might be more troublesome than it is convenient.

Installment loans work in a similar way, on a short-term, and with the same high interest rate – the difference being the timeline. With these bad credit loans, you can generally pay in installments over a few months – which is why the amounts borrowed can be higher.

Requirements for Payday Loans and Installment Loans in MT

There are not many difficult requirements for online payday loans – which is why so many people prefer them to other loan types. They are the “one string attached” type of loan – and that string is your promise that you’ll pay the money back by due date.

Overall, here are the only demands that the borrower will have to respect:

• The borrower needs to have an active bank account where the lender can transfer the money – as well as get it back.
• The borrower needs to provide identification documents (ID, address, etc.)
• The borrower is required to provide proof of income
• The borrower needs to be at least 18 years of age

The loan amount received will depend on various things such as the lender or your income. Needless to say, you cannot borrow an amount that is higher than your monthly pay – because that cannot be deducted.

It is recommended that you never borrow more than 25% of your monthly income – and the less, the better. This way, you won’t find yourself in the same situation in the following month.