Across Montana, as well as the rest of the country, more and more consumers are living paycheck to paycheck, which can create some problems when even the smallest financial emergency occurs. This is when the payday loan industry and its cash advances come in quite handy, with their short terms and almost immediate cash availability.

Let’s say that you have an extremely bad toothache and your dentist won’t accept your insurance as form of payment. You need to pay the dental fees up front and then will be reimbursed by your insurance. You won’t have any extra cash until your next paycheck, which isn’t until next Thursday. Instead of being in agonizing pain for the next two weeks and risking an infection and/or missed time at work, a cash advance would be a simple solution to your problem.

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Even if your credit isn’t great, you can still qualify for one of these short term, single payment loans. Instead of using your credit score to decide your eligible amount, the cash advance lenders utilize your paycheck information (gross and net amounts) to create a short term loan for you, usually payable on your next payday. Some lenders may even suggest that you write out a post-dated check, payable to the cash advance lender, for the full amount of the loan plus applicable fees.

Montana legislation has created some laws for the protection of both lenders and consumers regarding the payday loan industry:

31 day maximum loan time frame.
Fees cannot exceed 25% of the cash advance amount.
Borrower cannot have more than two loans out at any time.
No rollovers allowed (repaying one cash advance with another).
Borrower may rescind (change their mind) the loan within 24 hours without penalty.
One $30 NSF fee for returned check, plus all court costs may apply.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.