The Truth about payday and title loans in Montana
Get the facts....
Payday and title loans are small short term loans with high interest rates. A personal check is held with a payday loan until it is repaid. With a title loan the title to a vehicle is held.
- Payday lenders in Montana charge up to 650% Annual Percentage Rate (APR).
- The average Montana borrower flips a loan 8 times. *flipping-the lenders gives the borrower another loan immediately after paying off the first.
- The average Montana borrower pays $745 on a $232 loan.
- Only 9 of 107 payday lenders report Montana as company headquarters.
How does payday lending affect families in your community? Check out these stories from real families that have been caught in the predatory lending deby trap.
Alternative loans....
Virtually every Montana credit union offers small, short-term products on a case-by-case basis, and will work with you to meet your financial needs. Always contact your local credit union before considering a payday, title, or other predatory loan product.
For more information on Montana credit unions combating predatory lending, or for more information on credit unions in your area, visit:
or call Jeanne toll-free at 1-800-745-5546 ext. 131
How you can get involved ...
Do you have a story about payday lending? To share your story with MWV and help educate Montana about the effects of payday loans contact:
Montana Women Vote
2525 Palmer St, Suite 1
Missoula, MT 59808
(406) 543-3550 x213
email: Olivia@montanawomenvote.org
or fax them Attn: Montana Women Vote to 406-721-4584.
Paid for by Montana Women Vote, Jamie Stanton, Treasurer, 2525 Palmers St, #1, Missoula, MT 59808
