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Montana Payday Loans

A payday loan is a small, short term loan that is generally paid to the borrower in cash and is to be repaid on the borrower’s following payday. An exception can be sometimes made if the borrower is unable to repay the lender on the due date of the cash advance in the form of a loan extension. The borrower would have to repay the original amount of the loan in addition to any interest originally accrued as well as additional interest and fees for the loan extension.

Personal loans are regulated on a state to state basis and due to this, the legality and regulations vary within the United States. Cash advances are legal within Montana, although the state has regulated the way in which a payday loan can be given. There is a legal minimum and maximum amount for payday loans and the interest rate is also capped, along with the interest rate for a penalty on an unpaid loan. Similar to most states, Montana also has a limit to the amount of time that a loan can be taken for.

The Process

Payday loans are best used when correctly understood by the borrower. This way there will be no surprises when it comes to the terms of these short term cash loans. The amount of time in which these loans are meant to be repaid is usually a very short period of time, as they are set up to be repaid when the borrower receives their next paycheck.

Montana cash lenders will generally require that an individual proves that they are currently employed and will be able to repay the loan plus any additional fees on the due date. A list of what a borrower can be expected to need in order to provide is as follows:

  • Proof of current employment (using pay stubs, bank receipts, etc.).
  • Personal identification (using a state issued driver’s license, or other form of identification).
  • A valid checking account (sometimes the checking account must be at least three months old).
  • A way to secure repayment of the loan and fees (a postdated check or authorization for the lender to withdraw the amount owed).

Obtaining a Montana Cash Advance

As previously stated, payday loans are legal in Montana and they are also regulated by various rules and limits. The minimum amount that one can borrow for a cash loan in Montana is $50, while the maximum amount that one can borrow in Montana is $300. One must keep in mind that you can only borrow up to 25% of your take home income according to Montana state law, so if you do not make more than $1200 per month, your maximum borrowing amount will be even lower. The maximum loan term that one can borrow for is thirty days.

After considering the terms of the various payday loans that are available in Montana, you can either find a lender locally or online. Online lenders can provide a quick and easy transaction via electronic transfers and can deposit funds via direct deposit. When the time comes for the borrower to repay the loan amount, the transfer can again be done electronically, directly from their bank account.