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Personal loans in Montana

Personal loans for bad credit in Montana

Personal loans are allowed in Montana from state-licensed lenders (Consumer Loan license). Here are the limits Montana law sets, what a typical loan can cost, and where to get free help if you need it.

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Last updated .

Part of the Montana guide

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What people use personal loans for

A personal loan is a lump sum repaid in fixed monthly payments, often for a larger cost such as a car repair, a move or medical bills; the examples below stay within Montana limits.

What personal loans can cost

These examples show how cost adds up. They are illustrative, not a quote. Your lender sets the actual rate and terms.

Representative example

Amount borrowed
$3,000
Annual percentage rate (APR)
29.99%
Repayment
12 monthly payments
Payment
$292.45
Finance charge
$509.40
Total of payments
$3,509.40

Example: a $3,000 installment loan at 29.99% APR repaid in 12 monthly payments of $292.45 costs $3,509.40 in total, including a finance charge of $509.40. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

Representative example

Amount borrowed
$1,000
Annual percentage rate (APR)
29.99%
Repayment
12 monthly payments
Payment
$97.48
Finance charge
$169.76
Total of payments
$1,169.76

Example: a $1,000 installment loan at 29.99% APR repaid in 12 monthly payments of $97.48 costs $1,169.76 in total, including a finance charge of $169.76. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

Representative example

Amount borrowed
$500
Annual percentage rate (APR)
29.99%
Repayment
12 monthly payments
Payment
$48.74
Finance charge
$84.88
Total of payments
$584.88

Example: a $500 installment loan at 29.99% APR repaid in 12 monthly payments of $48.74 costs $584.88 in total, including a finance charge of $84.88. Illustration only; your lender will disclose your actual APR, payment schedule and total cost before you accept a loan.

What Montana law allows

Personal loans in Montana
ProductStatusAPR capAmountTermLicenseLaw
Installment and personal loans[1][2][3][4][5] Allowed 36% APR Not set by statute Not set by statute Consumer Loan license Mont. Code Ann. 32-5-101 et seq.; rate cap at 32-5-301; enacted via Initiative I-164
Verified against the statute and regulator on September 23, 2026. Laws change; confirm with the regulator before you borrow.

Bars place each APR cap on a 0 to 400% scale; the pin marks the cap. A striped bar means the statute sets no numeric cap.

The rules in full

Installment and personal loans

Rate cap
Consumer loans made by licensed consumer loan businesses are capped at 36% per year, all-in (the cap includes every fee), per Mont. Code Ann. 32-5-301, enacted by voter-approved Ballot Initiative I-164 (2010), effective January 1, 2011.
Fees
36% APR cap includes all fees; no separate fee stacking above that ceiling is permitted.
License
Consumer Loan license under the Montana Consumer Loan Act, Mont. Code Ann. 32-5-101 et seq., issued by the Division of Banking and Financial Institutions (part of the Montana Department of Administration).

Full detail for every loan type: Montana lending laws.

Rent and jobs in Montana

Typical rent and the jobless rate, to weigh before a loan payment.

Rent and unemployment in Montana
MeasureValueYear
Fair market rent, 2 bedroom (monthly)[6]$1,558FY2026
Unemployment rate[7]3.2%2026-08

Other options in Montana

Cheaper options to try first

Worth checking whatever your credit: these can cost less than a high-rate loan.

  • Credit union payday alternative loans (PALs), capped at 28% APR under NCUA rules (12 CFR 701.21).
  • Nonprofit credit counseling through the National Foundation for Credit Counseling.
  • A payment plan from the company you owe, if you ask before you miss a payment.
  • 211 for help with rent, utilities and food: call 211 or visit 211.org.

More cheaper options in Montana.

Other loan types allowed in Montana

See every loan type Montana law allows.

Personal loans in nearby states

Sources

  1. doa.mt.gov/BFID/mortgage-consumer-finance/faq. Retrieved September 23, 2026.
  2. Justia. law.justia.com/codes/montana/title-32/chapter-5/part-1/section-32-5-101. Retrieved September 23, 2026.
  3. ballotpedia.org/Montana_Loan_Interest_Rate_Limit,_I-164_(2010). Retrieved September 23, 2026.
  4. leg.mt.gov. Mont. Code Ann. 32-5-101 et seq.. Retrieved September 23, 2026.
  5. doa.mt.gov. Montana Division of Banking and Financial Institutions (DBFI). Retrieved September 23, 2026.
  6. National Low Income Housing Coalition. Out of Reach 2026: Montana. Retrieved September 23, 2026.
  7. U.S. Bureau of Labor Statistics. Local Area Unemployment Statistics (LAUS), All States, Seasonally Adjusted. Retrieved September 23, 2026.

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Important disclosures

APRs vary by lender and state in Montana. Each lender sets its own rates and terms and must show you the APR before you sign.

  • BadCreditMD is not a lender or broker and does not make loans or credit decisions. When you submit a request, a lending network partner shares it with third-party lenders, and those lenders or the partner may pay us a fee for each referral. The lenders decide whether to offer you a loan.
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  • Lenders set their own rates, fees and terms. Offers depend on your credit, income, state of residence and each lender's criteria.
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  • Submitting a request does not mean you will be approved or funded, or that you will receive any particular amount or rate.
  • Short-term loans are costly and are not a long-term financial solution. Borrow only what you can repay on time.
  • BadCreditMD publishes general information about loans and state rules. It is not legal or financial advice.
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  • Questions about a lender licensed in Montana? Contact the Montana Division of Banking and Financial Institutions (DBFI) or file a state complaint.
  • You can submit a complaint about any lender to the Consumer Financial Protection Bureau at consumerfinance.gov/complaint.