Billings at a glance
- Population: about 120,864, 1st by size in Montana of 127 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 117,150 people (US Census Bureau, 2020 Census count).
- 2020 to 2023 change: roughly 3.2% higher than at the 2020 Census (US Census Bureau).
- Rank among Montana places: 1st of the state's 127 Census places (US Census Bureau).
- Size percentile: larger than about 99% of the Census places in Montana (US Census Bureau).
- Coordinates: 45.7885 latitude, -108.5525 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: there is no larger Census place within 120 miles.
- Nearest smaller places: Laurel, MT (13 mi); Broadview, MT (27 mi); Joliet, MT (29 mi) (US Census Bureau estimates).
What a personal loan costs in Billings
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
Work out the payment you can comfortably carry each month first, then borrow no more than that figure supports.
Montana lending rules that apply in Billings
The Montana rate caps and licensing rules that reach Billings are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| Deferred deposit loan license requirement (MCA 31-1-705) | A person may not engage in or offer to engage in the business of making deferred deposit loans unless licensed by the department Source says: "A person may not engage in or offer to engage in the business of making deferred deposit loans unless licensed by the department." | Montana Legislative Services Division (Montana Code Annotated) as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | Greater of 15% or prime rate + 6 percentage points per year (written agreement); regulated lenders exempt Source says: "Parties may agree in writing to the payment of any rate of interest that does not exceed the greater of 15%" | Montana Legislative Services Division (Montana Code Annotated) as of 2026-09-16 |
| Payday lending status | Legal; deferred deposit lenders must be licensed; fee capped at 36% per annum Source says: "A licensee may not charge a fee for making or carrying each deferred deposit loan authorized by this part that exceeds 36% per annum" | Montana Legislative Services Division (Montana Code Annotated) as of 2026-09-16 |
| Small-loan / installment lender licensing | Consumer loan license required under the Montana Consumer Loan Act (32-5-101); licensing through NMLS Source says: "A consumer loan license is needed to engage in business as defined in the Montana Consumer Loan Act" | Montana Department of Administration, Division of Banking and Financial Institutions as of 2026-09-16 |
| State lending regulator | Montana Division of Banking and Financial Institutions (BFID), Department of Administration Source says: "The Montana Division of Banking and Financial Institutions (Division) does all of its licensing through the Nationwide Multistate Licensing System (NMLS)." | Montana Department of Administration, Division of Banking and Financial Institutions as of 2026-09-16 |
How to compare offers in Billings
A few practical steps will make the process in Billings less costly:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in Montana using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.