Medicine Lake at a glance
- Population: roughly 244 people; 97th of 127 places in Montana (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 246 residents (US Census Bureau, 2020 Census).
- 2020 to 2023 change: down roughly 0.8% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among Montana places: 97th of the state's 127 Census places (US Census Bureau).
- Size percentile: roughly 24% of places in Montana rank below it by population (US Census Bureau).
- Coordinates: it sits at 48.5022, -104.5017 in the US Census Bureau Gazetteer.
- Nearest larger cities: Plentywood, MT (19 mi); Culbertson, MT (25 mi); Bainville, MT (28 mi); Poplar, MT (42 mi); Williston, ND (45 mi); each population is a US Census Bureau estimate.
- Nearest smaller places: Froid, MT (11 mi); Grenora, ND (27 mi); Outlook, MT (30 mi) (US Census Bureau estimates).
What a personal loan costs in Medicine Lake
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Because interest accrues for longer, a longer term means a lower installment and a higher total cost — decide which matters more to you.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
Montana lending rules that apply in Medicine Lake
The Montana rate caps and licensing rules that reach Medicine Lake are listed below, each with its source and retrieval date.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Medicine Lake
These steps are the ones that most affect the offer you receive in Medicine Lake:
- 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.