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.