Amount of Payday Loans in Montana
- The maximum allowed is $300.
- The minimum amount set is $50.
How Much Does A Loan Cost in Montana?
- The fee for making or maintaining a payday loan charged by lenders shouldn’t exceed 36% of the total amount annually except for the “insufficient funds” fee.
- Loan agreements must contain provisions that a consumer can rescind their transaction by 5 p.m. of the lender’s first day of business after the loan is initiated as long as the borrower fully pays back the amount of borrowed loans.
What’s the Total Cost of a $100 Payday Loan for 14 days in Missouri?
Loan cost: $1.4
How Long Can I Keep a Payday Loan in Montana?
- Every borrowed payday loan in Montana should be cleared for 14 to 31 days according to the law.
- Rollovers, renewals, refinance, or extensions are not allowed.
- Lenders are forbidden to offer a new loan to a borrower for repaying the previous one.
- Lenders are not allowed to check on a borrower’s solvency ability.
- As for the collection, payday loan lenders are allowed to charge one insufficient funds fee within $30 as well as some reasonable attorney fee if necessary.
- Payday loan debts and non-repayments are considered a civil offense only, thus criminal actions are prohibited in Montana. Borrowers unable to repay the debt should get in touch with the lender in a written form in advance. Don’t get scared of the threats about criminal prosecutions. After all, lenders are also unwilling to handle law disputes. Understanding the state law and negotiating with the lender will work.
Get more details about payday loans in Montana on the official website of the Division of Banking and Financial Institutions.