Montana is one of the few states in the nation that prohibit online payday loans or cash advances. They offer deferred deposit loans, instead, to help consumers who are in dire financial straits.
You can get approved and have the cash in hand the same day. If you apply online, the funds will arrive in your bank account in as little as 1 business day. When it’s time to repay the loan, the lender will draw the amount they’re owed directly from your bank account.
Options For Loans in MT
Deferred deposit lenders are regulated by the Division of Banking and Financial Institutions in Montana.
Requirements
You may qualify for a loan if you meet the following criteria:
- Are 18 years of age or older and a legal resident of Montana
- Have a verifiable source of income that’s at least
- Own a checking or savings account that’s in your name and accepts direct deposit
- Have a working phone number and valid email address
- Are not a current debtor in bankruptcy
Not all lenders have the same policies, though. Reach out before applying to confirm their qualification criteria.
Credit Affects
Applying for a deferred deposit loan in Montana will not impact your credit. There’s no credit check, and payment activity is not reported to the credit bureaus. But if you fail to repay your loan and it goes to collections, your credit score could take a hit if the issue isn’t resolved promptly.
Max Loan Amount
Per Mont. Code Ann. 31-1-701, deferred deposit loans in Montana are limited to $300 or 25% of the borrower’s monthly net income. So, if your monthly income is $1,000, you’re limited to a loan of $250. Even if you earn $3,000 per month, the maximum amount you can borrow is still $300.
The total amount due, including principal, interest and any applicable fees must be repaid within 31 days, and the finance rate is capped at 36% APR.
Penalties
The lender is allowed to assess a one-time NSF fee of up to $30 if you default on the loan. You could also be assessed an NSF fee from your financial institution for the returned payment.
Also, know that rollovers are not permitted. If you’re having trouble repaying the loan, ask the lender for a payment plan. Doing so allows you to break the balance down into amounts you can afford to pay on a weekly, biweekly or even monthly basis.
Payday Loan Alternatives in Montana
Cash strapped consumers with credit challenges often resort to deferred deposit loans when they need relief, and for a few valid reasons. They’re easy to get, the application only takes a few minutes and all credit backgrounds are welcome.
Unfortunately, few consider the costs that come with these loans and spend far more than they should to get fast cash.
If you’re desperately seeking financial help, consider these options before settling for a deferred deposit loan.
Other Options
Not entirely sold on the idea of a payday loan in Montana? Maybe $300 isn’t enough, or you’re afraid it’ll end up costing you a fortune in interest? There are other ways to get over the financial hump.
Use your credit card to cover any emergency purchases and make a payment when your next payday rolls around. If this isn’t an option, you can sell some stuff to earn extra cash or pawn a few items.
As a last resort, relatives and friends may be willing to lend you the money. If you choose this option, it’s a must you get the arrangement in writing to avoid any confusion or disagreements later on down the line.
Instacash
How does an interest-free cash advance sound? With Instacash from MoneyLion, you may qualify for advances of up to $250. There are no credit checks, and you’ll repay what you borrow in a few weeks.
To apply, download the MoneyLion mobile app. Create an online profile and register for a MoneyLion membership. You can link your checking account to apply for Instacash, and an Instacash offer will appear. If you accept, funds will be deposited into your account right away.
You’ll have 24/7 access to interest-free fast cash when you need it. And it beats forking over interest to a deferred deposit lender.
| Instacash | |
| How Much Can You Borrow? | $250 |
| Fees & Interest | $0 |
| Credit Check | No |
| Availability | Online & Mobile |
| Wait Time | Instantly |
| Next Steps | Sign Up |
Get the Cash You Need in Montana!
Deferred deposit loans don’t have to be your only option when you need fast cash. MoneyLion offers far better lending alternatives that can help you win at the money game.
Consider an Instacash cash advance that lets you borrow without paying a ridiculous amount of interest.
