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Home State Regulations

Payday Loan Laws in Montana

Loan Term:31 days
Loan Amount:$50-$300
Fees and Finance Charges:25% of face value of the check
Laws:In Montana, the law stipulates that loans are not allowed to cost more than $300, including fees. The total cost of a loan cannot be under fifty dollars. It is also illegal for a loan to constitute more than a quarter of a borrower's wages, and borrowers are not allowed to have more than two loan at once, but each loan together cannot equal more than three hundred dollars. Payday loans cannot be renewed and must be dealt with on the spot. The term of a loan can be increased, however, without additional cost. According to. S.B. 165 borrowers can return all funds within one day without being charged any additional fines.