Cash Advance and Payday Loans in Montana
Even if you've faced past rejections from creditors, online lenders may be able to offer funding via cash advances. Payday advances are short-term, high-interest loans typically sought after by consumers who need funding to cover an emergency expense. They can be used for practically any expense, from home repairs to medical bills to car payments, making them a versatile product. However, since cash advances are short-term, they can be relatively pricey.
Luckily, Montana caps APR at 36%, making cash advances in the state some of the cheapest in the nation. They are typically marketed to consumers who have a low or nonexistent credit score. While they are not practical for regular use, they can be useful in times of emergency when a consumer has few other options.
Montana Cash Advance and Payday Loan Rules and Regulations
Cash advances are legal in Montana; however, some strict regulations apply. The minimum advance amount is $50, and the maximum amount is $300. The term is between 14 and 31 days, and you are not allowed rollovers. Finance charges are set at $1.39 for a two-week $100 loan. The APR is capped at 36%, and lenders cannot set higher rates. Additionally, lenders are not allowed to pursue criminal charges against the borrower.
How do Payday Loans Work?
When you need cash before your next paycheck, payday lending may be a useful source of money. However, keep in mind that you must pay the money and the charges back on a designated date, typically set within a couple of weeks from the issue date. Additional fees and interest if the loan is not repaid in time. If you're unsure whether you'll be able to repay the advance on time, it's best to steer clear altogether.
Online lenders and many storefront lenders have request forms available online. After filling out a request form and attaching the required documentation, a lender may approve or deny your request.
If you're approved, the lender may extend an offer, which you must then read and sign. A payday agreement is a legally binding contract, so be sure you understand all the terms and conditions set by the lender.
Montana Cash Advance Lenders by City
You may be able to find a fast cash source when you work with a local lender. Here are a few storefront payday lender locations in Montana.
OneMain Financial is a national lender operating in states throughout the U.S. with headquarters in Indiana. They have branch locations in Helena, Bozeman, Billings, Missoula, and Great Falls. They offer the convenience of an online request form with the added security of a physical location. It's always a good idea to go into a branch and meet one-on-one with a lender if you have any questions about the process. OneMain Financial offers fixed rates and terms for loans and no prepayment fees. The company provides both secured and unsecured advances in amounts ranging between $1,500 and $20,000. Terms range between 24 and 60 months, and APR ranges between 18% and 35.99%.
Aspen Financial in Billings is a privately owned and operated lender with many positive reviews and testimonials. They offer personal, auto, and debt consolidation loans to the community. They offer funds up to $20,000 with a term of up to 28 months. Their second-chance lending service makes their services accessible to many credit profiles. According to their website, they cannot deposit money directly into borrowers' bank accounts, but they may give borrowers a cashable check.
Cascade Financial of Great Falls is a locally operated business serving north-central Montana. They offer personal, auto, ATV, and consolidation loans at fixed rates. They consider applicants with nontraditional credit information such as in-house payment histories, rent payment histories, employment stability, and residency stability. Damaged credit may be forgiven because the company considers all the above factors.
Please keep in mind that we present the above list for informational purposes only. We do not ensure that we operate with any of the lenders mentioned above. Additionally, you may obtain more city links at the end of this article.
How To Get A Payday Loan in Montana
Many customers in Montana often require assistance to cover abrupt cash emergencies. Cash advance providers may be a good place to begin, as these lenders often operate with an extensive range of borrowers.
You may fill out an online cash advance request to save time. A cash advance application usually requires the following:
Personal information, such as your name, address, and phone number
Business information, such as your employer or revenue source
Bank information, such as your account number
If the provider approves you for a cash advance, you may get your cash in as little as one business day.
Installment Loans in Montana
Installment loans are another short-term product; however, they are distinct from payday advances. Although installment loans are still short-term loans, their repayment term is often much longer than the typical payday loan term. Whereas payday loans are repaid in two weeks with one large payment, installment loans are paid over several months in a series of small monthly payments. Installment advances in Montana can reach up to $5,000.
Installment Loan Regulations for Montana
The Montana state legislation applies specific laws when it comes to installment advance restrictions and requirements. For instance, the interest, excluding other authorized fees, may not surpass 36% a year.
If offered in the contract, the lender may obtain a deferral, which delays the due date of the earliest installment and all following installments. If mentioned in the contract, a lender may impose a price for any amount past due, whether it is a consequence of a default under the original contract terms or a default under the terms of an extension agreement. The fee required may be either $15 or 5%—whichever is greater.
Requesting Title Loans in Montana
If you find yourself unable to attain a payday advance, you may request a title advance. Title advances accept your car as collateral. If you cannot pay back the amount borrowed, the lender may seize your automobile.
The term for this cash advance is between 15 and 30 days with an APR over 100%. This is higher than other cash advance products.
Car Title Loan Laws in Montana
Montana presents strict rules when it comes to acquiring a car title advance. As with any financial product, lenders must be authorized by the state to provide this service.
All title advances must be expressed in writing through a written agreement. Each contract must present the following:
The title lender allows money to the borrower. The borrower accepts, providing the title lender with a security interest in the borrower's private property.
The borrower consents to the title lender holding the certificate of title.
The borrower has the independent right to obtain the certificate of title by repaying the money in whole and abiding by the title advance agreement for an agreed period.
Title Loan Requirements
Residents of Montana may request a title advance by presenting the following information:
Valid government-issued photo ID
Proof of residence
Photos of your vehicle
Lien-free car title
Montana residents who find themselves in need of fast, reliable funding can turn to our online request form. We work with a network of lenders who have helped over a million consumers. To get started, complete the form on this page.
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