Payday Loans or “Quick Cash” loans come in real handy when you are short on cash. Today you can go to brick and mortar business for a payday loan or cash advance loan and you can even get online payday loans. The interest rates are a little healthy, but the speed and convenience of getting the cash quick to cover an unexpected expense overrides the costs.
These are the rules, laws and regulations of payday loans in Montana.
Montana Payday Loan Laws
Montana Legislation State Information
Legal Status: Legal
Citation:
Mont. Code Ann. § 31-1-701
Payday Loan Terms:
Maximum Payday Loan Amount: $300
Payday Loan Terms: Max: 31 days
Maximum Finance Rate and Fees: 25%
Finance Charge for 14-day $100 payday loan: $25
APR for 14-day $100 loan: 650%
Payday Loan Debt Limits:
Maximum Number of Outstanding Payday Loans at One Time: Two
Rollovers Permitted: None – You cannot renew, repay, or refinance)
Cooling-off Period:
Repayment Plan:
Collection Limits:
Collection Fees: One $30 NSF fee; Court Costs; Reasonable Attorney’s Fees if disclosed
Criminal Action: Prohibited
Regulator: Montana Department of Administration
Address: Division of Banking and Financial Institutions
301 South Park, Suite 316
P.O. Box 200546
Helena MT 59620
Phone: (406) 841-2920
Fax: (406) 841-2930
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