Payday Lenders in Montana
Montana has implemented specific regulations on lenders, including caps on interest rates and term restrictions. As a result, the number of licensed payday lenders in Montana has decreased over the years until they have become all but non-existent.
Payday Loan Laws
Montana has stringent laws in place to regulate payday loans, aiming to protect consumers from predatory lending practices. Under Montana law, payday lenders are required to adhere to interest rate caps and other restrictions to ensure fair and affordable lending. The state prohibits rollovers or renewals of payday loans and mandates a minimum repayment term of 31 days. Additionally, lenders must be licensed and comply with specific disclosure requirements, promoting transparency in loan agreements.
The State of Montana has one major piece of legislation that governs payday loans:
Loan Terms and Conditions
Maximum loan amount: $300
Maximum Interest Rate: 36%
Minimum loan term: 14 days
Maximum loan term: 31 days
Number of rollovers allowed: None
Finance Charge: 1.38%
Legal action: 8 Years
Certified Payday Lenders in Montana
|Company Name||Company score||License Status|
|LDF Holdings, LLC||7.4||Valid|
|Populus Financial Group, Inc.||7.1||Valid|
|Big Picture Loans, LLC||6.8||Valid|
|Opportunity Financial, LLC||6.2||Valid|
History of Montana Payday Loans
How to file a complaint
Montana Payday Loans Debt Relief
How to Get out of Payday Loan Debt?
Types of Quick Loans in Montana
Alternatives to Payday Loans in Montana
Montana Income Information
United States Census Bureau. “Poverty in the United States: 2021.” Accessed on May 9, 2023.
United States Census Bureau. U.S. Census Bureau QuickFacts: Montana. Accessed on May 9, 2023.
|LDF Holdings, LLC||3|
|Populus Financial Group, Inc. (F/K/A Ace Cash Express)||2|
|Big Picture Loans, LLC||2|
|Opportunity Financial, LLC||1|
Consumer Financial Protection Bureau. Consumer Complaint Database. Accessed on May 9, 2023.
|Unexpected fees or interest||12|
|Struggling to pay loan||5|
|Received loan didn’t apply for||2|
|Can’t contact lender||2|
|Problem with payoff process||1|
Payday loans are typically used for nonnegotiable everyday expenses like your rent, utilities, and groceries. Per data reported by Pewtrust, the percentage of reasons described below
|Regular Expenses (Utilities, car payment)||53%|
|Did not answer||2%|