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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.

Payday Loans Montana

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.

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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.

Have a question?


Short-term loans represent a type of emergency borrowing meant to help you with immediate financial issues. They can only become pricey products once you use them for long-term purposes.‘s operator and owner is not a lender, so he isn’t involved in making credit decisions that include lending and making loan offers. This website actually works as a matching service, helping you contact with lenders and third parties. You are not charged any fee for our service. Moreover, you are not forced to initiate contact with any lender or third party or accept any of their offers.


The data that is presented on our website regarding short-term loans and the industry is here for information purposes only. We do not uphold a particular lender, and we’re not responsible for a lender’s actions or inactions. Moreover, doesn’t collect or store your data concerning fees and charges associated with the lenders. Basically, we don’t have access to this data in the first place.


Not every state approves of short-term loans. Also, not every lender in our network is able to provide loans of up to $1,000. We don’t guarantee that a consumer will get approval for any loan product or lender or will be matched with a lender. If matched, it doesn’t mean he/she will receive the requested short-term loan.


In addition, a lender may want to do a credit verification. This takes place to ensure that you have a reliable credit, and to determine the scopes of credit products to offer. Additional verification may be needed, including your driving license number, social security number, national ID or other documents that help with identification. Keep in mind that scopes vary from one lender to another based on various factors. These factors include the terms determined by each lender and credit standing of the applicant.


APR Representative

Annual Percentage Rate, or APR, is the loan rate that’s calculated for the annual term. Considering isn’t a lender and doesn’t own information about any detail of short-term loans offered by individual lenders, they can’t estimate the APR. So, the APR provided won’t be the exact one charged by any of the loan products lenders offer.


APRs are very different from one lender to another, one state to another and they depend on various factors, including the credit standing of an applicant. There may be additional charges associated with the loan offer. Some of these charges include late payment, late payment reporting, non-payment penalties, and debt collection actions.


These actions have nothing to do with our website. Moreover, we do not have any information about actions taken by the lenders. The financial and non-financial charges and actions can be disclosed in a particular agreement in a clean manner.


The APR is calculated as the annual charge, and it’s not a financial charge for a short-term loan.


Late Payment Implications

If something happens and you won’t be able to repay a loan on time, it is recommended you contact the lender. Once this happens, late payment charges and fees may be applied. Federal and state regulations may vary from one case to another, and they are determined for late payment cases. Information regarding costs and procedures when it comes to late payment should be discussed before signing any related document. So, make sure you review these with your lender, and they will be disclosed in the loan agreement.


Non-payment Implications

If you don’t pay a loan or miss the payment, there may be some financial and non-financial penalties. Any financial charges or fees in case of late payments should be disclosed in the loan agreement. Other actions related to non-payment, renewals, for instance, may be implied upon given consent. Renewal terms are going to be disclosed in each loan agreement individually. Keep in mind that renewal may also come with additional fees and charges.


Debt collection practices and any similar procedure will possibly be performed. Any action related to these practices is adjusted to the Fair Debt Collection Practices Act regulations. It is also adjusted to other applicable state and federal laws to ensure the consumers’ protection against negative borrowing and unfair lending experiences. Most lenders don’t refer to outside collection agencies. They will rather collect the debt through in-house means.


Late payment and non-payment may significantly impact a borrowers’ credit score and decrease it. Lenders may report these bad experiences to credit bureaus, including Transunion, Equifax, and Experian. If this happens, the consequences of late payment or non-payment will stay in a borrower’s credit reports for a certain amount of time.