Payday Loans Regulations in Montana

We have all had those months. The boiler breaks down and we’ve not budgeted for this and with winter coming we need the job done quickly. The result is that your pay check won’t extend to cover all your outgoings.  1 hour payday loans promise a helping hand. If you live in Montana you may well find that your ability to get such a loan is different than if you live in Oklahoma.
In the US there are many differences in how accessible can be to the general public and this may affect your ability to borrow quickly. Oklahoma, where loans are less difficult to acquire, has had more than twice the average rate US of short term loan funding by %age of the population in the last five years. 13% of Oklahomans had borrowed from a pay day loan source in the last five years (source).

In states such as Arkansas pay day loans are not allowed to be purchased on the main street and it may be that in these states obtaining short term cash funding will be difficult to achieve and more traditional forms of financing; bank loans or credit card use may be more appropriate.In Montana regulations are probably as tight as they can be in the US payday loans market and the limitations to both lenders and those seeking to borrow mean it is not always an attractive option.

Comparison of Payday Loans regulation in Montana and Oklahoma
Maximum Amount$300$500
Maximum Term31 days45 days
Maximum APR650%390%

In Montana your loan could cost you almost twice as much & be paid back in 33% less time. And if you are looking to borrow more than $300 then it is likely that you will have to look at an alternative to a cash advance to help you replace that broken boiler.
It’s important to handle payday loans carefully and to think through the situation carefully before borrowing money â“ this situation would be the same with any mainstream lender regarding credit facilities. For further information, read the citizen’s FDIC guidelines for payday lending.

How I Paid off $6,000 In Credit Card Debt

credit card debtI didn’t have credit card debt for long. I didn’t suffer for decades. I never had creditors calling me, and I wasn’t in bad enough shape to get turned down for a loan. Yet, I still felt the weight of it every day. That’s the reality of credit card debt. Whether it’s $500 or $50,000, it’s still a nagging feeling, something extra on your to do list, and something that’s quite difficult to improve if you’re not willing to change habits and get in the right mindset.

How It Started

I got my very first credit card at age 22 for one purpose and one purpose only: to buy my husband (then fiance) his wedding ring. I didn’t have the money to buy something so expensive at the time, so I wanted to put it on a zero percent card and pay it over time. Of course, you probably know how it goes. Something that started out innocently enough grew into putting gas on it here or there and then we used it to fund a little bit of our honeymoon, etc. I’m not proud of how it started, but I do like to be honest about it.

When It Got Worse

We were managing our debt well enough and always paid above the minimum. I suppose I always felt that I was trying to get it back to zero, but I never sat down to figure out how much it would take. We both had steady jobs and were never late on a payment. Then, my husband decided to apply to medical school. We spent hundreds in application fees, and then when he got into a Caribbean school, we lost his income.

The Peak

As someone who is a personal finance blogger now, I shake my head knowing exactly what we did wrong. We didn’t track anything we were spending, which is just absolutely amazing to me now, as someone who plugs everything we spend into an excel spread sheet throughout the month. But that’s now, and we’re talking about then. We had good jobs and a comfortable life, but we didn’t have enough in savings, and we certainly didn’t have enough for international plane tickets to send the hubs to school. At the peak, we both maxed out a $3,000 card each.

Chipping Away At It

Before that $6,000 peak, we were actually trying to pay it down. Like I said, I was always aware of our debt, and I often felt the weight of it. I always paid above the minimum, and even managed to knock out a credit card for a TV we owned prior to my husband going back to school. (Yes, I know. Credit card for a tv = bad. My how things have changed.)

18 Months of Work

It wasn’t until 18 months ago that I laser focused my efforts on this challenge. For 18 months straight, I focused heavily on paying it off. I wanted it gone. I wanted it out of my life. We were accruing student debt due to my husband’s medical school tuition, and I didn’t want the credit card debt to get out of hand too. I started working as a freelance writer on the side. It was slow at first, but a year later, I am able to add a considerable amount of extra money to our monthly income. I have used this extra income every month to slowly pay off the debt.


I was hoping for victory by the end of this year, but it came sooner in the form of a promotion at work. That first paycheck was all I needed to finish off the credit card debt once and for all. I’m actually very proud of myself. While my husband certainly contributed to these efforts by not spending needlessly and not complaining about modest meals, I feel as though this is a personal victory too because it showed me how much can be accomplished with good old fashioned hard work. We now have $500 extra dollars a month (an amount I had been paying on our credit card debt for almost 10 months). It’s time to go to the next goal, which is paying down our student loan interest and maybe saving for a vacation. We’re so excited, relieved, and proud to be here saying we’re credit card debt free. If we can do it, we know anyone else can.

Who else is working on their goal of being debt free?

photo by vectorportal

Overview on APR and Emergency Payday Loans

Payday loans have been given a lot of negative press over these years. However, the benefits of getting quick loans still satisfy consumers. The fact that the application of these loans is done in a quick and easy manner through Internet cash loans and a quick loans no fees same day❠procedure, makes them much more appealing than a traditional loan that is paid on a long term basis.

Though bank loans offer much lower interest rates, consumers have been getting overdrafts which add up higher penalty on loans translating to a much higher repayment scheme. APR or Annual Percentage Rate is defined as the amount of interest added to the total sum of borrowed money. Payday loans are paid over a short term period. They’re intended for individuals who are in need of urgent funds to be used in emergency situations. Recently, study shows that emergency payday loans are fairly inexpensive when compared to bank loans, so long as the amount is paid back on time. In a bank loan scheme, repayments cost more than short term loans because of the compounding annual interest. With the emergence of internet cash loans, borrowers get immediate help for emergency funds set for bills and other financial urgency. Lending companies have integrated systems like quick loan cash❠to better assist individuals who require instant funds.

There are several factors that establish APR loan. These include the amount borrowed, frequency of payment, payday loan’s interest rate and the term and conditions set on the loan. Since payday loans are paid in a short period of time, usually 30 days upon receipt of loan, interest rates will seem to be unaffordable if APR is implemented. With the lending regulations that feature APR, payday loan is confusingly represented. Therefore, payday loans should not be compared with yearly loans because of these factors. Also, it should be noted that APR is a method that is used for money borrowed and paid over a twelve months period or longer, depending on borrower’s request. These interest rates are calculated annually.

Emergency payday loans are of great help to individuals who are in need of immediate funds and do not have available savings on their account or credit cards. Since internet cash loans do not require a credit check, it is a reliable source to obtain money for emergency purposes. Payday loans are easy and fast to process. Funds are usually available a day after application is approved but most lending companies release the money within the day. Lenders offer quick loans no fess same day❠process to provide convenience to their consumers. It is important for individuals to get the right information about short term loan solution so they will not get confused about the annual percentage rates. Borrowers should only consider the total amount to be repaid plus the interest rate rather than comparing the sum on APR. Before applying for a payday loan, it is necessary to get loan details like the requirements and documents needed in processing the application. It is also essential to understand the terms and conditions of repayment for a smooth and successful transaction.

What are Specialist Cards and are they Right for Me?

If you’re looking for an exciting new way to manage your finances,  one of the specialist credit cards available could be just what you need. They’ll make a great addition to your wallet and will help you support your favourite charity, club or society just by spending â“ so let’s find out more.

Football credit cards

With the new Premiership season in full swing, now’s the perfect time to take out a football credit card. You’ll benefit from great introductory offers, fantastic football rewards and competitive rates and will earn points every time you use your card â“ helping you to claim special merchandise and a wide range of goodies. What’s more, for each approved credit card application and on-going card purchases, reputable banking groups will make a contribution to your football club â“ at no extra cost to you.

Rugby credit cards

Do you take regular trips to Welford Road to watch the Leicester Tigers play? Perhaps you have a season ticket to Franklin’s Gardens to watch the Northampton Saints? If so, a rugby credit card could be right up your street. Your club’s logo will be proudly blazoned across the front and your new card will be colour-coded to match your rugby scarf or strip. You’ll also feel part of an exclusive rugby supporters club and will have access to a wide range of promotions and deals, so  find out more about the credit card application process today  and earn points as you spend.

Charity credit cards

Whether you want to support the RSPCA or The National Trust, a charity credit card will help you fund the work of your favourite charity cause. That’s right; every time you make a credit card purchase â“ be it fuel or food â“ your bank will make a contribution to your charity at no extra cost to you. This means the more you spend, the more they’ll donate, so it’s worth looking into this option carefully. You’ll also enjoy great introductory rates as well as all the features of a traditional credit card including online card services, paperless statements, fraud protection and much more.

Travel credit cards

If you’re a frequent flier, a travel credit card will help you earn airline miles whenever you spend. These can then be redeemed for flights, upgrades, special offers and travel deal across the globe and should save you money in the long-run. Travel credit cards also offer other great travel benefits including discounted airport parking, discounted car hire, reduced luggage charges and hotel deals and provide a higher level of fraud protection abroad. Of course, travel deals are specific to the airline and their credit card reward programme, so take the time to read the small print.

There is a wide range of credit cards available today, so why not browse the web for all the latest information?

Applying for Credit Cards for Fair Credit is Easy

applying for credit cardsCredit card issues may not be headlines all around the world, but they are huge concerns to owners and applicants alike. Assurances short of military grade are offered as safeguard against fraud. Marketing strategies highlight best deals. But the primary issue for many is fraught with more intimate concerns, quite possibly:

What plastic is truly (madly, deeply) meant for me?

Will someone, anyone, tell me how to get a credit card with no credit?


Credit Scores Are Not Just Numbers

Having no credit could be the death sentence for your application. A poor credit history may be synonymous to the lowest probability of getting the card that you need â“low interest rates and preferably no annual bills. You only think that because there were no venues that present the deals out there. Now, choices are laid down for all credit levels and types. The aim, eventually, is for (credit) world domination. But let us try not getting ahead of ourselves.

Fair credit does not mean average benefits. Bank offers vary but the prizes are never limited for those with an average payment record. Terms are given, and introductory promotions posted in huge fonts and attractive colors that can’t be missed. Credit cards for fair credit are generally for people with not so perfect payment history. But do not fret. The idea is for the user of the interface to find the pearl in a sea of pearls. The assumption is, if one needs a lifeguard, there’s always someone in the water to point the way to the shore, or to deeper water if that’s your thing. But enough with metaphors– just saying, it’s easy.


A High FICO Means You Are a Winner

If you have good or excellent credit, you are in many ways the master of the credit card application Multi-verse. Without much ado, a review of your credit history leads to entitlements not available to those who do not possess a very much sought after record. Almost always, applications that come back with a check-mark are worth likable shout-outs and status updates:

  • Low fixed rates!
  • Zero percent APR for balance transfers!
  • Cash back!
  • Rewards, Rewards, Rewards!

But remember, you can’t do everything yourself. Your excellent score still need to be matched. Here’s one more, irresistible perk. There’s a place where you can do this at your own convenience, guaranteeing safety and confidentiality.

On that note, your personal financial decision-making guide ought to be trusted to monetary experts. An ideal collaborator will help you not just with conflict resolution (To apply or not to apply now?) but also with a perfect plastic fit for you. A real partner extends a hand in advancing your credit limit, if your aim is an increase in FICO score from a not so lowly 750 to a high and mighty 850.


Credit Card Application 101

You realize, after many rejections that your knowledge base or lack thereof is the key to your downfall. A crash course is herein provided. The first step is always the hardest. Get your credit report. If you have no idea what this is, browse and click a button. Then cross-check the data with any reference you may have in order to spot the irregularity, if any. It is best to be vigilant, especially in personal financial matters. While you are at it, get your credit score at the click of a button and claim the result within thirty days (it is free!). What do you need your credit score for? How to get a credit card with no credit? Read again, from the top.

photo by alancleaver

Person to Person Lending Guide

person to person lendingIn 2011, we saw banks completely shut down credit lines, homes were foreclosed and interest rates were raised.  It really was a war-zone for a while.  What if I told you that you don’t have to rely on banks for lending?!

Banks are not the “end all” for every type of situation.  Yes, they’re useful under certain circumstances, but you really don’t “need” a bank.

So, what if you get stiff armed by a bank?  What do you do?  Where do you go…

Well, this is where person to person lending comes in, also known as peer to peer lending.  At it’s core, it’s exactly what it means.  A person has cash sitting around and would like to make some additional interest on their money.  So, that person would lend their money to someone in need.  As a return the borrower would pay interest to the lender.  It’s as simple as that.

Don’t know where to start?  You can head over to Lending Club or Prosper and get an account. Both are excellent companies with a long track record.  Both offer personal loans with interest rates that rival big name banks!  I personally haven’t used either of these companies but my friend Peter from Bible Money Matters has.  You can check out his experience with Lending club here.

So, what are these two companies all about?  It’s actually pretty simple how they work.  If you are a borrower, you can apply for a personal loan.  If I was a lender I would agree to loan out my money or pass up on an offer.  Once the agreed amount is set in stone and the person has enough lenders, the full loan amount is given out and the borrower makes monthly payments.  It really is a cool concept and opens p doors for small businesses to get the loans they need or for people to skip out on banks for smaller loans.


What borrowers need to know

If you’re seriously interested in taking out a personal loan, the first step is to fill out an application. You’ll be asked about your credit history, how much you want to take out, and the reasons you want a loan.  it’s all pretty straightforward stuff.  The flexibility of a person to person loan is greatly beneficial for someone starting a business or even paying off a college loan!  In terms of loan schedules, a typical contract length is 3 years.  However, a five year loan is now becoming more and more common.  Once your loan is approved you can transfer the money you requested and start making payments to your lending site.


What lenders need to know

These types of sites make it so incredibly easy to become a lender and be successful at it.  You can lend as little as $25 and make your own decision on which borrower to lend your money to. Both Lending Club and Prosper provide a wealth of information on the people you’re lending money to.  Like all things in life, there is a risk of being a lender: the borrower could default on your loan.  Although this is rare if you do the proper research, you shouldn’t be surprised if it happened. All in all, being a lender is awesome because you’re making money off of other people.


Who can get a person to person loan?

There are some basic requirements to get a peer to peer loan.  They’re pretty basic:

-Must be a US citizen

-Ownership of a valid bank account

-Be of at least 18 years of age

-Have a social security number


Applying for a person to person loan

So now that you’re ready to apply for a personal loan, what’s next?  On either site, you’ll have to open an account where you will input your basic information like email address and contact info. Once this step is complete, you will be checked for good credit.  Have all pertinent information ready just in case you’re asked for it.  Once a loan is approved, you can easily transfer the money into your personal checking or savings account.  It really is as simple as that.  Peer to peer lending companies want to make it clear as to what you need to do to get a loan approved.  It’s a win-win if you get approved for a loan!


What are the benefits with person to person lending?

The benefits are too great to list out here but person to person lending is a wonderful way to get capital fast when you need it most.  This is an especially great route if you have some high interest credit card debt.  Instead of paying 15% interest on a credit card, you could be paying it off with a low interest loan from one of the lending companies mentioned above!

At the end of the day, peer to peer lending provides an excellent opportunity to avoid banks and manage your money the way you want.

Again, here are the only peer to peer lending companies that I recommend to Free Money Wisdom readers:


Lending Club



What are your experiences with person to person lending?  Please comment below!

When Borrowing Money is a Responsible Act

There are a multitude of Bible verses that speak to the hazards of borrowing money. And they speak a truth: being in debt that is hard to manage can force a compromise of the person who is in debt. Owing money is about more than dollars and cents â“ it’s something that can plague the soul and force decisions that the borrower might not have to otherwise make.

And yet, we live in a world that is structured around debt. It is impossible for anyone in the middle class to get a four-year college degree, purchase a home or even purchase an airline ticket without taking out a loan (with a credit card). Whether that loan comes from a family member, a credit union, a bank, a credit card or another type of lender, a loan still amounts to debt.

Because of the cultural-situational necessity of borrowing, we have legal instruments that help all involved â“ lenders and borrowers â“ approach these loan agreements with honor and honesty. When you agree to a repayment plan, and you honor the agreement, you are fulfilling your obligations. Sometimes, insurance is built into such plans â“ such as the PMI (private mortgage insurance) attached to home loans where the down payment is less than 20 percent of the home’s purchase value. That insurance is taken out for the sake of the bank, and the borrower pays the premium because it is a required responsibility built into the lending agreement.

Quick loans (such as paycheck cash advances) are in many ways the same thing. This is the kind of loan that is readily found online (here is one example, the quickquid loan), replacing the bricks-and-mortar version of quick loans that have existed for decades. The borrower needs to weigh whether this type of short-term loan at a modest amount is the right thing to do.

The decision might be seen as the following choice, between (a) and (b):

(a) The purpose of the fast cash loan is to purchase a plane ticket to visit an ill relative, or to pay bills on time (to avoid late fees or service cut off), or to repair a car that is necessary for commuting to a job.

(b) The purpose of the quick loan is to take an R&R❠trip (such as a beach vacation), purchase gifts, purchase finer clothing or entertainment electronics.

For reasons that should be obvious, choice (a) is the most responsible choice. All of which is to say, your reasons for using the loan funds â“ in addition to honoring your repayment agreements â“ are the means for evaluating the rectitude of taking out the loan .

Debt Repayment and Payday Loans

debt repayment I don’t know if you’ve heard of a pay day loan but it really is an interesting concept.  In times of crisis, many companies have cash on hand and want to loan it to you.  You will have to pay a hefty price for that “emergency money” with high interest rates and other associated fees.

We never know when emergencies will come up.  Things like medical emergencies, car breakdowns, and job loss are all unplanned emergencies.  We would never wish these situations on other people and many times it causes financial strain.  This is where payday loan companies come in.

Typically, a payday loan is no longer than two weeks and they will charge you a high interest rate for that period.  You will probably have the option to roll this loan over to a second one after the two weeks are up.

These types of payday loans serve people well in times of stress and serious emergencies.  The other side of the fence believes that this time of lending is unethical and borders on predatory lending.  You don’t want to be taken advantage of and find yourself looking for free debt consolidation.

So, how do you know if this type of loan is for you?  Well, one should look at their finances and be confident that you will repay the interest after the loan is complete.  This is critical to avoid added debt and financial ruin.  They are here to lend money in times of need, however, they want their interest and they will get it.  You need to understand what you’re getting involved in and make a  conscious, thoughtful decision.  You will want to avoid debt in all thee cases.

At the end of the day, you need to take a good hard look at your  time frame  and decide whether or not a payday loan is made for you.  Interest will pile on extremely quick so taking too long to pay off the loan is a reason to avoid this situation altogether.  If it’s a small, easily manageable situation, a payday loan may work for you.

photo by alancleaver_2000

Biblical View on Paying with Cash to Get Out of Debt

cash to get out of debtHow many times do you hear or read that Credit Card A pays X-percent on their rebate program, or Chevyotassan Motors is offering zero percent financing on their 2011 model Q cars? How about 90 days financing as good as cash?❠Or the favorite of all credit offers–buy now and pay NO interest until January 2013?

You can’t blame businesses for trying to grease the wheels of their sales by offering too-good-to-pass-up financing deals. And maybe these packages are even all that they say they are. Does that mean you should jump and buy if they are?

Not if you’re already in debt. In fact your plunge into debt may have started with just such an offer. You get into one easy payment planâ, which is followed by another and still more. Before too long you’re on a debt treadmill that you aren’t sure you can get off of.

Getting into debt is always easier than getting out of it. There are different ways to get out of debt once you have too much of it, but the foundation of it all is changing your financial behaviorâ”and learning to pay with cash. And by cash, I mean debit cards, checks, automatic debits and the Federal Reserve Notes in your wallet that most of us refer to as moneyâ.


Getting out of debt starts with not using credit anymore

Part of the problem with debt is that it’s cumulativeâ”if you’re adding new debt before you’ve paid off old debt, the pile is only getting bigger. The first, best way to get out of debt then is to stop taking on new debt, and the way to do that is to put away your credit cards, ignore the come-on loan offers and pay cash on the barrel.

Cash is the only way to guarantee that you’re living within your means. People get caught up in favorable terms, like low interest rates or zero interest rates or no payments for six monthsâ, ignoring the basic fact that even if you have no interest to pay, you still have a debt to be serviced. Worse, you’re still paying with money you don’t have.


Use of debt is a form of voluntary bondageâ”at first

The rich rule over the poor, and the borrower is slave to the lender.ââ”Proverbs 22:7

Slave is a heavy word, and in a world that’s been running on easy credit for several generations, it isn’t one we normally associate with borrowing. Yet if you’re in debt to anyone, you have entered into an arrangement that approaches slavery on some level. For example, you are legally bound to pay the loan according to the terms of the loan agreement, which is to say that you’ve given at least partial control of your incomeâ”and even you’re assetsâ”to the lender.

No matter what soft or emotionally comforting labels you may place on your debt, your freedom of action will be limited by the loan. If you have several loans, the servitude will be even greater. Bankruptcy and foreclosure occur when lenders have control over more of your resources than you do.

Even if your debt situation doesn’t require bankruptcy or foreclosure, it will still restrict your life. You may not be able to change jobs, do mission work or make a geographic move because of your debt obligations.

You’ll free yourself of those limits when you come to equate cash with freedom, and debt with bondage.


Debt says I can❠when reality screams I can’t!â

Credit has become something like a financial drive-through window; its purpose for existing is mostly to keep the economy running. Don’t have any money? No problemâ”drive up to the credit window, get a loan, then pick up you’re merchandise at the front desk.

We’re paying a steep price for that convenience. Credit gives us the option to buy what we know we can’t afford, and sooner or later you’ll use that option even when the little voice inside❠is telling you otherwise.

Even if you pay your credit card balances in full each month, you’re still living on a floatââ”paying this months bills with next months income. If next month has a major expense surprise, or if your income is disrupted, this month’s bills might not be paid next month, but carried into the following month where it becomes permanent debt. That can’t happen if you pay for this month’s expenses in cash. Everything you buy is paid for so there’s never any debt being carried forward.


Like anything else that isn’t good for us, debt is mostly a bad habit

One of the problems with debt is that today we have a benign view of it. It’s less of a thing or event than it is a lifestyle. You generally see people who are either debt adverse, and therefore debt free, or those who see debt as a convenient enabler to get them from where they are to where they want to be. For people in the latter category, credit becomes a habit, a way of doing business. What’s so bad about that?

And lead us not into temptationâ¦ââ”Matthew 6:13

Is it a sin borrow money? Probably not. But it’s pretty safe to say that it IS a temptationâ”one that draws us to spend money we don’t have, to buy things we often don’t need and to extend ourselves into bondage. How well are we able to resist temptation when we put ourselves so close to it?

If we can put some distance between ourselves and creditâ”maybe not to see it as a sin, but not to view it as holy eitherâ”we take ourselves out of harms way. Cash is the best way to do this.


The simplicity of cash to the rescue

You’ll enjoy the following benefits if you begin paying cash for all of your purchases:

  1. You’ll never spend more money than you actually have
  2. You’ll never get stuck paying last months bills this month
  3. You won’t live in fear that you might have charged too much
  4. Your debts will stop growing, and as you pay them, they’ll eventually disappear
  5. As your debts fall, you’ll have even more cash either to spend or to save
  6. If you choose to save your extra cash, your savings will eventually replace credit as your preferred source of extra money
  7. As your savings grow, you can pay cash even for major purchases, like repairs, furniture and even cars
  8. When every thing you own is owned free and clear, YOU’LL be free and clear!

So simple, yet so powerful. Pay cash from now on, pay your debts faithfully and even if you do nothing else, in a few years, you’ll be debt free.