Lima at a glance
- Population: roughly 217 people; 101st of 127 places in Montana (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 209 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: population rose about 3.8% (US Census Bureau Vintage 2023 estimate vs 2020 Census).
- Rank among Montana places: 101st of 127 by population (US Census Bureau, Vintage 2023).
- Size percentile: larger than about 20% of the Census places in Montana (US Census Bureau).
- Coordinates: 44.6383, -112.5918 (US Census Bureau Gazetteer).
- Nearest larger cities: Dubois, ID (37 mi); Dillon, MT (40 mi); Mud Lake, ID (55 mi); Virginia City, MT (56 mi); Sheridan, MT (60 mi) (Census populations, approximate straight-line distance).
- Nearest smaller places: Spencer, ID (27 mi); Leadore, ID (38 mi); Island Park, ID (62 mi) (US Census Bureau estimates).
What a personal loan costs in Lima
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
Montana lending rules that apply in Lima
The table lists the Montana rules that apply to a loan made in Lima, each with the regulator that published it.
| 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 Lima
A few practical steps will make the process in Lima 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.