Montana Fringe Banking
| Payday Loans | Check Cashing | Title Loans | Pawnbroking |
|---|---|---|---|
| How Many? 90 |
How Many? Unknown |
How Many? 21 title lenders currently licensed under Consumer Loan Act; many more are unlicensed. |
How Many? 130, according to a national business-to-business marketing group. |
| Licensing: Department of Commerce |
Licensing: Unregulated. |
Licensing: Department of Commerce |
Licensing: Municipalities and counties |
| Fee caps: Deferred Deposit Act passed last year caps loan rates at 25 percent of face value of the loan. |
Fee caps: Unregulated. |
Fee caps: Licensure allows title outlets in Montana to avoid limits on interest rates. According to a state source, loans from unlicensed outlets are subject to the state usury law of roughly 15 percent APR. Many, however, are believed to be charging rates in excess of the law. |
Fee caps: 25 percent of amount of loan for 30-day period. |
Sources: Montana Department of Commerce; American Business Lists
Return to: A helping hand, or new age loan sharking?
