Payday loans in Montana
| Rank | Lender | Amount | Fee | Notes |
|---|---|---|---|---|
| 1 | AmeriAdvance |
No details disclosed, see below | No details disclosed, see below |
High approval rates No Faxing |
| 2 | Check City |
No details disclosed, see below | No details disclosed, see below |
Popular choice No Faxing |
Terms specific to Montana by law
Maximum Amount: $300
Maximum Days of Loan: 31 Days
Maximum Charge for a 14-day $100 loan: $25
Number of Outstanding Loans at One Time allowed: Not more than 2 loans at a time
Rollovers Permitted: None (the borrower cannot repay, renew or consolidate the loan)
Cooling-off Period: Not Available
Repayment Plan: Available
What are Payday Loans and How Does it Work?
- Payday loans are short-term loans, preferred by people in times of an economical crisis. These loans are issued in accordance to the borrower’s income. For the most part, these loans are offered for about 2 weeks, until the borrower gets the next paycheck.
- Payday loans usually vary from $100 to $1000, based on the legal maximums in your state. These loans can cost about 400% annual interest, also known as annual percentage rate. The finance charge to borrow $100 for 14 days would also vary from one lender to another.
- Therefore, you must do your own research before getting started with your payday loan lender. According to the financial experts, it has been estimated that a payday loan is more expensive than other cash loans.
- The best part about payday loans in Montana is that most lending companies are available on the Internet as well. People can submit their applications on the Internet and as a result, the loans are approved faster.
- In order to qualify for these payday loans, a borrower must have valid identification documents, a steady source of employment and a bank account. As soon as these documents are submitted, your loan shall be approved within 24 hours.
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